Stocks edged higher Wednesday after the three major stock market indexes posted their worst daily performances since June 2020 as U.S. inflation data was hotter than expected.
These stocks were on the move:
Nucor (ticker: NUE) was down 11.3% after the steel maker cut its estimates for the full year amid weakness in its steel-mills segment.
Twilio (TWLO) will cut about 11% of its workforce in an attempt to boost margins. Shares of the software developer jumped 10% Wednesday.
Shares of Nikola (NKLA) were 6.8% higher after an analyst at BTIG upgraded the rating of the hydrogen fuel-cell truck technology company to Buy from Hold.
Moderna (MRNA) stock jumped 6.2%. CEO Stephane Bancel said the company has talked with China about supplying Covid-19 vaccines to the country, but no decision has been made, according to a report from Reuters.
Starbucks (SBUX) rose 5.5% after the coffee chain’s chief financial officer said the company expects adjusted earnings per share to rise 15% to 20% in each of the next three fiscal years. Same-store sales were forecast to increase 7% to 9%.
Starbucks held an investor day on Tuesday.
Block (SQ) was double downgraded by an analyst at Evercore to Sell from Outperform. The stock fell 1.5% Wednesday.
SoFi Technologies (SOFI) was upgraded by a BofA Securities analyst to Buy from Neutral on Wednesday, before the return of student loan payments. The stock was up 5.7%.
Johnson & Johnson (JNJ) announced Wednesday its board approved a buyback of up to $5 billion of common stock. The healthcare giant also reaffirmed its earnings guidance for the full year. The stock was up 2.1%.
Shares of PayPal Holdings (PYPL) were 2.8% higher after an analyst from Raymond James upgraded the stock to Outperform from Market Perform.
Match Group (MTCH) was downgraded to Hold from Buy by an analyst at Loop Capital Markets. The stock was 1.9% lower Wednesday.
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