Check out the companies making headlines in midday trading.
Instacart — Instacart shares fell more than 5% one day after going public on the Nasdaq. The grocery deliver company’s stock debuted at $42 on Tuesday, 40% above its $30 offering price.
Steelcase — The furniture stock soared more than 26% after posting second-quarter earnings that topped Wall Street’s expectations and offered strong full-year and third-quarter earnings guidance as more companies return to work. Excluding items, Steelcase posted earnings of 31 cents per share on revenue of $854.6 million.
Klaviyo — Klaviyo shares jumped more than 23% after the marketing automation company surged to $36.75 after its New York Stock Exchange initial public offering. The company priced 19.2 million shares late Tuesday at $30 per share, valuing the company at roughly $9 billion.
Bausch Health Companies — Bausch Health Companies surged more than 10% after Jefferies upgraded the drugmaker to a buy from hold, saying that a looming legal win could lead shares to more than double.
Stellantis — Shares rose about 3% after sales in Europe of brands such as Peugeot and Opel surged more than 6% in August. In the U.S., the Chrysler-Jeep parent warned that the United Auto Workers strike could result in more than 350 layoffs.
Pinterest — Shares added 4%, continuing their rally from Tuesday after management said it expects year-over-year revenue growth to accelerate after a slowdown the last two years. Citi and D.A. Davidson upgraded Pinterest to buy and increased their price targets on Wednesday to reflect the announcement.
General Mills — Shares of the Cheerios and Yoplait maker were down a fraction after beating analyst expectations for its fiscal first-quarter earnings results. The firm’s revenue came in at $4.9 billion, versus the $4.88 billion forecast by analysts polled by LSEG, formerly known as Refinitiv.
Coty — Shares popped 5.9% after the cosmetics maker raised its full-year outlook for 2024, due to strong momentum in beauty demand, particularly in its prestige fragrances category. Coty said it anticipates like-for-like sales to grow 8% and 10% next year, compared to prior guidance of 6% to 8%.
Zebra Technologies — Shares of Zebra Technologies shed more than 4% after Morgan Stanley downgraded the company to underweight from equal weight, citing expectations for a slower recovery in demand.
Textron — Textron shares jumped nearly 5% after siging an agreement with Berkshire Hathaway-owned NetJets. As part of the deal, NetJets may purchase up to 1,500 additional Cessna Citation business jets over the next 15 years.
Chewy — Shares of the e-commerce pet food company slid more than 4% after Oppenheimer downgraded it to perform from outperform. The investment firm said signs of weakness in the pet category signaled a more challenging environment for Chewy in the coming quarters.
On Holding — The shoe stock rose 1.4% after Needham initiated coverage with a buy rating. The firm said On Holding is one of the fastest-growing stories in retail and at the early stage of its business cycle.
Lululemon — The athleisure clothing company rose more than 2% after Needham initiated coverage with a buy rating, saying it expects double-digit top-line growth as accelerating technical innovation drives demand.
Azul — The Latin American airline rose 12.5% following an upgrade to buy from neutral at Goldman Sachs, which said Azul has an “undemanding valuation.”
Build-A-Bear Workshop — The stuffed animal retailer jumped 7% after D.A. Davidson initiated coverage on the stock at a buy. The firm called Build-A-Bear an “iconic” company and an underappreciated small-cap growth idea.
First Citizens BancShares — Shares climbed 2.6% after JPMorgan initiated coverage of First Citizens BancShares at overweight, saying it’s set to benefit from the assets it bought from failed Silicon Valley Bank.
— CNBC’s Alex Harring, Hakyung Kim, Jesse Pound, Michelle Fox, Sarah Min, Yun Li and Lisa Kailai Han contributed reporting.
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