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Shares were mostly on an uptrend on Thursday.
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Stocks were mostly bullish on Thursday after several global central banks announced rate hikes. Federal Reserve Chairman Jerome Powell told lawmakers Thursday and Wednesday that the Federal Reserve is likely to raise interest rates again this year.
These stocks made moves on Thursday:
Tesla (TSLA) gained 0.7% to $261.36 after the electric vehicle maker’s shares fell 5.5% in the previous session. On Thursday, Morgan Stanley downgraded the stock to “Equal Weight” from “Overweight.” Shares were downgraded to “hold” from “buy” by analysts at Barclays on Wednesday.
Method Electronics (MEI) reported fourth-quarter earnings that came in below Wall Street expectations. The stock fell 9.3%.
Overstock.com (OSTK) rose 16% after Bed Bath & Beyond agreed to sell its intellectual property assets to the online shopping site for $21.5 million. Overstock.com submitted its bid for the assets of Bed Bath & Beyond last week.
Spirit AeroSystems (SPR) fell 8.4% as the Boeing (BA) supplier announced it would halt factory production after the company’s union workers voted to go on strike. Boeing fell 2.3%.
iRobot (IRBT) tumbled 8% after a report said Amazon.com’s (AMZN) agreement to buy the smart vacuum cleaner company is subject to a full EU antitrust investigation.
Commercial Metals (CMC) reported third-quarter earnings and sales that beat analyst estimates. The stock gained 7.5%.
FactSet Research Systems (FDS) fell 6.2% and was the worst performer on the S&P 500 after the financial information provider said it expects fiscal 2023 revenue at the low end of its guidance.
NRG Energy (NRG) rose 4.8% after the energy producer stepped up its share buyback plan and announced efforts to cut costs. NRG said it is working with an independent recruitment firm to bring expertise to its board.
Activist investor Elliott Investment Management is trying to oust NRG Energy’s chief executive officer, the Wall Street Journal reported, citing people familiar with the matter. Elliott is in talks with potential candidates to succeed CEO Mauricio Gutierrez and other top executives, the people told the journal. An NRG spokeswoman told Barron’s that the company’s board fully supports Gutierrez and the management team’s strategy.
Alcoa (AA) fell 4.4% after a Morgan Stanley analyst downgraded the aluminum products maker’s shares to underweight from equal weight.
DigitalOcean (DOCN) fell 4.9% after shares of the cloud infrastructure company were downgraded to underweight from neutral by Piper Sandler.
Accenture (ACN) fell 2.9% after the company lowered its growth outlook for fiscal 2023.
Darden Restaurants (DRI) fell 2.2% after the owner of Olive Garden and LongHorn Steakhouse reported same-store sales growth below Wall Street estimates.
Logitech International (LOGI) rose 1.8% after the computer peripherals maker’s board approved a new share buyback program worth up to $1 billion. Logitech’s shares fell 2.7% on Wednesday after reports said one of its gamepads was used to control the missing submersible Titanic.
Anheuser-Busch InBev (BUD) rose 1.8% after a Deutsche Bank analyst upgraded shares of the Bud Light maker to a buy from a hold.
Write to Joe Woelfel at [email protected] and Angela Palumbo at [email protected]