Stocks declined Tuesday as belief is growing on Wall Street that the Federal Reserve likely will keep interest rates higher for longer.
These stocks were making moves Tuesday:
Ford
(ticker: F) said it was pausing a $3.5 billion electric-vehicle battery plant. The auto maker told Barron’s in an emailed statement that it was a construction pause.
“We haven’t made any final decision about the planned investment there,” said a company spokesman in the statement. “There are a number of considerations. We want to be confident about our ability to competitively operate the plant.” Ford announced plans for the plant in February. It was scheduled to open in 2026. Ford shares fell 0.5%.
The auto maker, along with
General Motors
(GM) and
Stellantis
(STLA), has been facing a strike by the United Auto Workers.
United Natural Foods
(UNFI) was tumbling 24% after the grocer pivoted to a loss in its fourth fiscal quarter and issued disappointing guidance.
Fisker
(FSR) rose 18% after the electric-vehicle maker said it has built 5,000
Fisker
Ocean SUVs and expects to boost deliveries of the vehicle to 300 a day later this year.
Sirius XM Holdings
(SIRI) slid 4.1% after
Liberty Media
(LSXMA) proposed a deal to split off its shares of the satellite radio company into a new, publicly traded subsidiary, which would then merge with Sirius XM.
Ferguson
(FERG) gained 3.8% after the largest plumbing and HVAC distributor’s results in the U.S. flew past estimates for fourth-fiscal quarter adjusted earnings.
DraftKings
stock (DKNG) was upgraded to Overweight from Neutral at
J.P. Morgan
and the firm raised its price target on shares of the sports-betting company to $37 from $26. The stock rose 3.1% to $28.20.
Cosmetics company
Coty
(COTY) launched a stock offering of 33 million shares. The offer is being made in the U.S. and in Paris. Coty had said in May that it was considering a second stock listing in Paris as part of efforts to boost its European presence. Coty shares declined 1.5%.
Redfin
(RDFN) fell 1.2% even after the online real estate marketplace was upgraded to Hold from Underperform at Gordon Haskett.
Thor Industries
(THO), the recreational-vehicle maker, said it expected fiscal 2024 earnings of $6.25 to $7.25 a share on sales of $10.5 billion to $11 billion. Analysts had been forecasting earnings of $7.12 a share on sales of about $10.9 billion. Thor said “current mixed macroeconomic data and cautious dealer sentiment serve as a reminder that the retail environment, though showing signs of improvement over the course of the summer selling season, continues to be challenging.” The stock was rising 0.9%.
Costco Wholesale
(COST) is scheduled to report fiscal fourth-quarter earnings after the closing bell Tuesday. Analysts expect
Costco
to post adjusted earnings of $4.79 a share on sales of $77.7 billion. Costco shares dipped 0.4%.
Write to Joe Woelfel at [email protected]
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