FedEx, Adobe, Boeing and more

FedEx has received its first five of an order for 500 electric light commercial vehicles (eLCVs) from BrightDrop.

Courtesy: Fedex

Find out which companies are making headlines in the midday business.

FedEx – Shares of the delivery giant fell about 22% after the company pre-announced disappointing last quarter results, citing weak global shipping volumes, and several Wall Street analysts downgraded the stock. CEO Raj Subramaniam said he expects the economy to enter a “global recession” on CNBC’s “Mad Money” on Thursday. FedEx dragged peers UPS and XPO Logistics down about 4.8% and 6.8%, respectively.

International Paper Co. – Shares fell more than 11% after Jefferies downgraded the holding stock to underperforming as the paper services industry struggles with a glut of containerboard and demand for decrease.

Uber – The ride-sharing service saw its shares drop about 4% after saying it was investigating a cybersecurity incident. A hacker has taken control of Uber’s internal systems after compromising an employee’s Slack account, according to The New York Times.

General Electric – Shares in the industrial conglomerate fell more than 4% after its chief financial officer said on Thursday that the company was still struggling with supply chain issues, which are affecting its ability to deliver products to its customers. clients. This, in turn, puts pressure on GE’s cash flow.

NCR – The technology provider for banks, retailers and restaurants saw its shares hit a new 52-week low today after falling just under 23%. NCR’s board of directors announced that the company would be split into two independent, publicly traded companies.

Additional storage space – Shares fell about 2%. Earlier today, the company announced a $590 million deal to acquire rival Storage Express.

Apple – The tech giant was down about 2% amid Friday’s selloff, even as KeyBank said Friday that Apple shares are still a good buy.

Tesla – Shares of the electric vehicle maker fell about 1.5% despite Morgan Stanley saying on Friday that the company would likely benefit from the Cut Inflation Act.

Snowflake – Shares of the cloud computing company fell more than 5% as growth stocks led Friday’s selloff. The drop came even as Needham launched Snowflake coverage with a buy rating, as the Wall Street firm sees potential new uses for its platform.

CrowdStrike – Although MKM called the cybersecurity company a buy and said it was in a “league of its own”, the stock fell more than 4% as it was hit by the sell-off.

Netflix – Citi raised the stalwart streaming platform’s price target to $305 from $275 while calling it the best avenue for on-demand video services. The shares gained 1%.

Amazon – The e-commerce titan fell 3% amid a massive sell-off. UBS said it was “satisfied” with the growth in retail sales and the company’s profit margins.

Adobe – Adobe stock built on Thursday’s declines, falling 4.5% after a series of downgrades by Wall Street analysts. Bank of America downgraded the tech stock to neutral pending further clarity on Adobe’s acquisition of Figma.

Baidu – U.S.-traded shares of the Chinese internet search provider fell more than 4% despite UBS calling it an “attractive” risk-reward buy. This follows a week of declines in the company’s stock value.

FirstEnergy – Shares jumped 1.5% following the announcement of the retirement of FirstEnergy CEO Steve Strah, with Chairman John W. Somerhalder II to replace him on an interim basis as the board conducts a CEO search.

Boeing – The aerospace company known for its commercial jets lost more than 4%. The company said on Friday it plans to sell some of its 737 Max planes destined for China.

– CNBC’s Samantha Subin, Tanaya Macheel, Yun Li, Michelle Fox and Sarah Min contributed report.

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