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United States Steel — Shares advanced more than 3% after Reuters reported the Committee on Foreign Investment in the United States granted a request to push back a review of Nippon Steel's bid for U.S. Steel until after the November election. General Mills — Shares were 1% lower after profit for the packaged foods company dropped 14% last quarter on lighter margins due to higher input costs. Intuitive Machines — Shares of the space exploration company surged more than 52% after it received a nearly $5 billion space network contract from NASA . ResMed - Shares slipped 2.7%, on light trading volume, following a downgrade at Wolfe Research to underperform from peer perform. Corp to overweight from equal weight , saying the risk-reward for the apparel company behind The North Face and Vans is attractive.
Persons: Mills, Eli Lilly's GLP, — CNBC's Michelle Fox, Sarah Min Organizations: United States Steel, Reuters, Foreign Investment, Nippon, U.S . Steel, Casella Waste, NASA, Wolfe Research, , Barclays upgra ded, Corp, Microsoft, BlackRock Locations: United States
Rivian Automotive — Shares of Rivian Automotive skyrocketed more than 40% after the electric vehicle company secured up to $5 billion in funding from Volkswagen Group. A so-called short squeeze added fuel to the gain as about 19% of the Rivian shares available for trading were sold short before this news, according to FactSet. Nvidia — The chip stock added more than 2%, building on a nearly 7% rebound during Tuesday's session. Aptiv — The automotive technology stock dropped 7% after Piper Sandler downgraded Aptiv to underweight from neutral and cut its price target. Robinhood — Shares added 3%.
Persons: Bosch, Mills, Aptiv, Piper Sandler, Campbell, Ken Goldman, Wolfe, Sarah Min, Lisa Han, Jesse Pound, Michelle Fox Organizations: Rivian Automotive, Volkswagen Group, FactSet, FedEx — FedEx, Whirlpool, Reuters, Southwest Airlines —, Nvidia, Citi Research, Rivian, Volkswagen, JPMorgan, United States Steel, BMO Capital Markets, U.S, Steel, Nippon Steel, Micron Technology Locations: Tuesday's
FedEx — Shares of the company moved more than 14% higher after topping Wall Street's fiscal fourth-quarter expectations . The shipping giant earned $5.41 per share, after adjustments, on $22.11 billion in revenue. Analysts polled by LSEG were expecting earnings of $5.35 per share and revenue of $22.07 billion. Aptiv — Shares of the automotive technology company plunged 10% following Piper Sandler's downgrade of the stock to underweight from neutral . Paychex posted adjusted earnings of $1.12 per share, which is above the $1.10 earnings per share that analysts polled by LSEG were expecting.
Persons: LSEG, Bosch, Piper, Mills, Paychex, Grindr, Campbell, , Alex Harring, Lisa Kailai Han, Scott Schnipper, Sarah Min, Michelle Fox Organizations: Volkswagen Group, FedEx —, Whirlpool —, Reuters, Rivian, MNC Capital Partners, JPMorgan, Campbell
CNBC's Jim Cramer on Friday guided investors through next week's most important happenings on Wall Street, saying to watch out for earnings from Walgreens as well as new data about consumer spending. The company could prove to be a significant windfall for Trump, Cramer said, who is facing hefty legal bills. Tuesday brings earnings from GameStop , and Cramer said he's expecting poor results. Cintas and Carnival report on Wednesday, and Cramer said he's optimistic about the former, but called the latter "a wild card." Cramer said he would like to hear Wentworth explain how he plans to return Walgreens to growth.
Persons: CNBC's Jim Cramer, Cramer, Donald Trump —, he's, McCormick, — Hormel, Mills —, Kimberly, Clark, Tim Wentworth, Wentworth Organizations: Walgreens, Trump Media, Corp, Trump, GameStop, Walgreens Boots Alliance, Federal Reserve
Pinterest — Shares climbed more than 3% during premarket trading after management said at the company's first investor day that it expects year-over-year revenue growth to accelerate following a slowdown in 2022 and 2023. General Mills — The Cheerios and Yoplait maker rose 1% during premarket trading after reporting fiscal first-quarter results that were slightly above Wall Street expectations and reiterating its outlook for fiscal 2024. Instacart — Shares of the grocery delivery company were down nearly 4% one day after its stock market debut. Coty — The cosmetics maker gained nearly 6% during premarket trading after raising its full-year outlook for 2024, citing momentum in fragrances at its prestige brands, including Burberry, Calvin Klein and Gucci. Bausch Health — The pharmaceutical stock gained more than 5% before the market open after Jefferies upgraded it to buy and raised its price target to $16.
Persons: Davidson, Mills —, Instacart, Coty, Calvin Klein, Gucci, Bausch, Goldman Sachs, , Yun Li, Tanaya Macheel, Pia Singh, Samantha Subin Organizations: Dollar, JPMorgan, Citi, D.A, Burberry, Bausch Health, Jefferies, Bloomberg
MINNEAPOLIS (AP) — What would Bob Ross think? Growing up in a small town, Nelson said he was introduced to art through Ross' show and loves his paintings. “This isn’t an institution that’s telling you that Bob Ross is great. It’s not some high-brow gallery telling you that Bob Ross is great. Nelson bought the painting last year and then gave it a “not for sale” price of $9.85 million, said publicist Megan Hoffman.
Persons: Bob Ross, Ross, ” Ryan Nelson, Nelson, ” Ross —, we’ve, Michelangelo, ” Ross, , ” Nelson, It’s, Ross ’, Megan Hoffman, Hoffman, Nelson isn't, “ Ryan, ” Hoffman, , he's Organizations: PBS Locations: MINNEAPOLIS, Minneapolis, perm, Falls Creek , Virginia
Klaviyo — Klaviyo shares jumped more than 9% after the marketing automation company surged to $36.75 after its New York Stock Exchange initial public offering. Stellantis — Shares rose about 1.7% after sales in Europe of brands such as Peugeot and Opel surged more than 6% in August. On Holding — The shoe stock rose finished lower ever after Needham initiated coverage with a buy rating. Lululemon — The athleisure clothing company rose nearly 2% after Needham initiated coverage with a buy rating, saying it expects double-digit top-line growth as accelerating technical innovation drives demand. Davidson initiated coverage on the stock at a buy.
Persons: Instacart, Steelcase, Jefferies, Davidson, Mills, Coty, Morgan Stanley, Chewy, Oppenheimer, Needham, Goldman Sachs, Azul, it's, , Alex Harring, Hakyung Kim, Jesse Pound, Michelle Fox, Sarah Min, Yun Li, Lisa Kailai Han Organizations: Nasdaq, New York Stock Exchange, Bausch Health, , Health, Peugeot, Opel, Chrysler, United Auto Workers, Citi, D.A, LSEG, Coty, Technologies, Textron — Textron, Berkshire Hathaway, Cessna Citation, Azul, JPMorgan, First, Bank Locations: Europe, U.S
Check out the companies making headlines in premarket trading. General Mills — Shares dropped 3.9% following mixed fiscal fourth-quarter results. The Betty Crocker and Cheerios owner beat Wall Street expectations on earnings, reporting $1.12 in adjusted earnings per share against a Refinitiv consensus estimate of $1.07 per share. The Wall Street bank said Pinterest is making the strategic move to outsource monetization to third-parties to overcome its attribution and scale challenges, including a partnership with Amazon. ZoomInfo — Shares of the software company added 3.9% in premarket trading after Needham initiated coverage of ZoomInfo with a buy rating.
Persons: Mills, Betty Crocker, Biden, Wells, Pinterest, Goldman Sachs, Morgan Stanley, Needham, ZoomInfo, Yun Li, Jesse Pound Organizations: Safeway, Nvidia, Street Journal, iShares Semiconductor, Amazon Locations: San Anselmo , California, China
Pinterest — Shares climbed more than 5% in midday trading. The Wall Street firm said it anticipated more subscribers and the potential discontinuation of its lowest-priced, ad-free plan, which is being tested in Canada. AeroVironment also said it anticipates full-year revenue of $630 million to $660 million, beating the $600 million expected by analysts. ZoomInfo also received positive coverage from Morgan Stanley, which reiterated an overweight rating on the stock. Snowflake — Shares added 5.5% after the data cloud company reiterated its full-year guidance during an investor day Tuesday.
Persons: Wells, Mills, Betty Crocker, Oppenheimer, AeroVironment, ZoomInfo, Needham, Morgan Stanley, Goldman Sachs, Arcline, BancShares, , Alex Harring, Brian Evans, Jesse Pound, Michael Bloom Organizations: New York Stock Exchange, Norwegian Cruise, Royal, Refinitiv, Nvidia, Journal, Netflix, Joby, Reuters, KKR . First Locations: Norwegian, Royal Caribbean, China, Canada, Refinitiv, North Carolina
Michael Burgess — the Texas congressman endorsed Trump in March after being named to the former president's campaign's Texas leadership team. Eli Crane — the Arizona freshman tweeted his support for Trump's 2024 bid the night of his announcement. Barry Moore — the Alabama congressman endorsed Trump in a radio interview in December, citing the former president's "experience level." 3 House Republican endorsed Trump days before his widely expected 2024 announcement in November. Roger Williams — the Texas congressman endorsed Trump in March after being named to the former president's campaign's Texas leadership team.
Home Depot also provided a muted outlook for fiscal 2023 and expects sales growth to be approximately flat due to a tougher consumer backdrop and a pivot away from goods toward services. Nordson reported sales of $610.5 million in the period and earnings per share of $1.95, excluding items. The company reported quarterly earnings of $1.30 per share, excluding items. That result beat analysts' earnings expectations of $1.07 per share, according to FactSet. The updated outlook includes organic net sales growth of about 10% and adjusted diluted per-share earnings growth of 7% to 8% in constant currency.
Check out the companies making the biggest moves in premarket trading:Walmart — Walmart shares fell about 4% before the bell after sharing a cautious outlook for the year as consumers trade down and purchase fewer discretionary items. Home Depot — The retail stock dropped 4% in premarket trading after Home Depot's fourth-quarter report showed lighter-than-expected sales. Home Depot reported $3.30 in earnings per share on $35.83 billion of revenue. Vir Biotechnology — The immunology company jumped nearly 11% after being upgraded to buy from neutral by Goldman Sachs. HSBC cited strong reported revenue growth and lower reported operating expenses.
A sign is posted in front of the Gilead Sciences headquarters on April 29, 2020 in Foster City, California. Check out the companies making the biggest moves midday:General Mills — General Mills dropped 4.2%, despite reporting better-than-expected revenue and profit for the last quarter. Gilead Sciences — Gilead Sciences sank 2.4% after announcing its Kite unit would acquire biotech company Tmunity Therapeutics. Tesla – Shares of Tesla sank 5.3% after Evercore ISI lowered its price target on them, citing concerns as the stock failed to hold a key level. Arch Capital — The Bermuda-based insurance company rose 2.5%.
Major car makers are at high risk for exposure to forced Uyghur labor, according to new research. The alleged use of forced labor could disrupt efforts to ethically decarbonize the global supply chain. Other industries, like solar panel manufacturers, have recently been revealed to have similar ties to Uyghur labor. "We reject forced labor and all forms of modern slavery including human trafficking," said Volkswagen. A Honda spokesperson told Insider that it "expects our suppliers to follow our Global Sustainability Guidelines with respect to labor."
Stitch Fix — Stitch Fix was up about 12%, even after the company posted downbeat quarterly numbers. General Mills — Shares of the food producer jumped 7% after the company posted a better-than-expected quarterly profit. The company now sees adjusted EBITDA between $1.4 billion and $1.45 billion, below prior guidance of $1.475 billion and $1.575 billion. Sotera Health — Sotera Health shares dropped more than 7% after JPMorgan downgraded the company to underweight from overweight, citing risks from more than 700 outstanding trials. Coty — The stock rose 5.6% after the beauty company said it has a strategy to double skincare product sales by fiscal year 2025.
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