Coinbase, AT&T, E.l.f. Beauty, 3M, Big Lots, Best Buy, NIO, and More Stock Market Movers
Stocks traded solidly higher after economic data released Tuesday pointed to a weakening economy, raising investors’ hopes that the Federal Reserve was nearing the end of its rates-hiking campaign.
(COIN), the crypto broker, was rising 14%. A federal appeals court said Tuesday the Securities and Exchange Commission acted arbitrarily when it denied Grayscale Investments’ attempts to convert its
(GBTC) into an exchange-traded fund.
(T) was up 2.9% to $14.63, while
(VZ) gained 2.9% to $34.51. Shares of both telecommunications giants were upgraded to Buy from Neutral at
Citi
.
‘s price target was left unchanged at $17, while the price target of Verizon stock was increased to $40 from $39.
(ELF) was rising 9.3% after the cosmetics company announced the acquisition of skincare brand Naturium for $355 million in cash and stock.
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(MMM) agreed to a $6 billion settlement to resolve claims it sold faulty combat earplugs to the U.S. military. The Wall Street Journal had reported over the weekend that 3M and plaintiffs attorneys were nearing a settlement of $5.5 billion. 3M shares were rising 1.9% after closing Monday with a gain of 5.2%.
(
) reported second-quarter results that were worse than expected and U.S.-listed shares of the Chinese electric-vehicle maker fell 4.7%.
(BIG) was up 31% after the retailer reported a narrower-than-expected adjusted second-quarter loss.
(BBY), the consumer electronics chain, reported fiscal second-quarter adjusted earnings that beat analysts’ estimates and the company said it expected demand for consumer electronics to pick up.
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gained 5.4%.
(CTLT) shares rose 6% after the drug manufacturer reached an agreement with activist investor Elliott Investment to appoint four new independent board members. The company also issued a solid revenue outlook for fiscal 2024.
(ORCL) was up 3.2% to $120.62 after analysts at UBS raised the rating on shares of the software company to Buy from Neutral and lifted the stock price target to $140 from $120.
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(PDD), the parent company of e-commerce sites Pinduoduo and Temu, reported second-quarter adjusted earnings that topped analysts’ estimates and the stock jumped 16%.
Write to Joe Woelfel at [email protected]
Read More:Coinbase, AT&T, E.l.f. Beauty, 3M, Big Lots, Best Buy, NIO, and More Stock Market Movers
