FedEx trucks at Indianapolis International Airport in Indianapolis, Indiana.
Kaiti Sullivan | Bloomberg | Getty Images
Check out the companies making the biggest moves midday Tuesday:
Illumina – Shares of the biotechnology company rose 3.5% after Illumina announced plans to appeal a European Commission ruling banning the company’s acquisition of Grail. The move follows a ruling last week by a U.S. Federal Trade Commission judge in favor of the deal.
Digital World Acquisition Corp – Shares of the blank check acquisition company, which agreed to merge with Donald Trump’s social media company, Trump Media & Technology Group, fell nearly 15%. The move follows a Reuters report that Digital World Acquisition failed to garner enough shareholder support for a one-year extension to complete the deal.
Bed Bath & Beyond – The dejected stock continued its losing streak, dropping another 16.7%. On Tuesday, the home goods retailer named its chief accounts officer as interim chief financial officer after his predecessor, Gustavo Arnal, took his own life on Friday.
Alibaba – Shares of the Chinese e-commerce company fell 3.7% after China announced new Covid restrictions at its southern technology hub in Shenzhen from Monday, and Chengdu announced an extension of restrictions on lockdown. A total of 33 Chinese cities are under full or partial lockdown as the country sticks to its zero-Covid policy.
FedEx – The shipping giant slid 2.5% after Citi downgraded FedEx to neutral long. The bank forecast a slowdown in volumes ahead for FedEx and cited headwinds and macroeconomic challenges in the freight industry among the reasons for the downgrade.
Rollins – The pest control stock jumped more than 5.3% on an upgrade to outperform sector performance by RBC Capital Markets. The investment firm said in a note that Rollins’ business model is “recession-proof.”
NextEra Energy – Shares of the utility company rose 3% after Morgan Stanley put NextEra overweight from equal weight. The investment firm said the company would be “one of the biggest beneficiaries of the Cut Inflation Act.”
Dropbox — Dropbox gained 2.6% after Bank of America kicked off stock coverage with a buy rating. The company cited strong free cash flow for the call.