Here are the day’s biggest movers:
Stock gainers:
Shares of Steelcase Inc.
SCS,
gained 27% after the office-furniture maker called for “significantly improved” profit as more companies order their employees back to the office.
Pinterest Inc.’s
PINS,
stock rose 4.7% after company executives said they expect revenue growth to pick up in 2024 after a slowdown in 2023 and 2022. The company also added former eBay Inc.
EBAY,
executive Scott Schenkel to its board and announced a slew of new ad tech tools at its investor day.
Textron Inc.’s stock
TXT,
rose 5% to lead S&P 500 gainers, after the aviation company announced an agreement with NetJets for up to 1,500 additional Cessna Citation business jets over the next 15 years.
Nio Inc.’s stock
NIO,
rose 3%, a day after they suffered their worst day in four years, and their third-worst day since going public in September 2018, in the wake of the China-based electric vehicle maker’s announcement of a $1 billion convertible bond offering.
Goldman Sachs Group Inc.’s stock
GS,
rose 0.4%, after the Wall Street Journal said the bank is in advanced talk with a group of investment firms, which includes KKR
KKR,
Sixth Street and Pacific Investment Management, on the sale of its GreenSky specialty loan unit.
Stock decliners:
Shares of Instacart
CART,
were down 4.5% following a debut in which they finished up 12%. A Needham analyst initiated coverage of the stock with a hold rating and said he sees various “structural headwinds against adoption,” after some survey respondents indicated enjoyment of in-store shopping and concerns about getting the right products.
Dollar General stock
DG,
fell 2%. JPMorgan slashed its rating on the retailer to underweight from neutral, and cut its price target to $116 from $132, following comments made by CFO Kelly Dilts at a conference the investment bank held in London. JPMorgan is now forecasting flat comparable-store sales growth, as Dollar General’s core low income customer is “acting recessionary today.”
Canopy Growth Corp.’s stock
CGC,
WEED,
slid 8.7%, after the Canadian cannabis company registered about 46 million shares for sale to the public. The filing comes two days after the company announced a private placement with institutional investors of up to $50 million to boost liquidity.
General Mills Inc.’s stock
GIS,
slid 0.3%, after the consumer-foods company posted slightly better-than-expected fiscal first-quarter earnings, but said the consumer is still wary in an uncertain economic climate.
Sharesof ARS Pharmaceuticals Inc.
SPRY,
tumbled 57%, after the biopharmaceutical company said the U.S. Food and Drug Administration issued a Complete Response Letter regarding the New Drug Application for its epinephrine nasal spray Neffy.
Seelos Therapeutics Inc.’s stock
SEEL,
tanked 75%, after the company reported promising results from a trial of a treatment for Acute Suicidal Ideation and Behavior (ASIB) in adults with Major Depressive Disorder (MDD) but said a too-small sample size means the study did not meet its primary endpoint.
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