FedEx received the first five of an order for 500 electric light commercial vehicles (eLCVs) from BrightDrop.
Courtesy: Fedex
Take a look at the companies making headlines in midday trading.
FedEx: Shares of the delivery giant fell about 21.4% after the company reported disappointing results for the latest quarter, citing weakness in global shipment volumes, and several Wall Street analysts downgraded the stock. CEO Raj Subramaniam said he expects the economy to enter a “global recession” on CNBC’s “Mad Money” Thursday. FedEx dragged peers UPS and XPO Logistics down about 8.3% and 4.7%, respectively.
International Paper Co. – Shares fell more than 11% after Jefferies downgraded the stock from hold to underperform as the paper services industry struggles with an excess of containerboard and reduced demand.
Uber: The ride-sharing service saw shares fall about 3.6% after it said it was investigating a cybersecurity incident. According to the New York Times, a hacker had gained control of Uber’s internal systems after compromising an employee’s Slack account.
General Electric – Shares of the industrial conglomerate sank about 3.7% after its chief financial officer said on Thursday that the company is still dealing with supply chain issues, which is affecting its ability to deliver products to their customers. That, in turn, is putting pressure on GE’s cash flow.
NCR – The technology provider for banks, retailers and restaurants saw shares hit a new 52-week low today after falling more than 20%. NCR’s board of directors announced that the company would be split into two independent publicly traded companies.
Extra Space Storage: Shares fell about 1.3%. Earlier in the day, the company announced a $590 million deal to acquire rival Storage Express.
Apple: The tech giant fell about 1.1% amid Friday’s selloff, although KeyBank said Friday that Apple shares remain a good buy.
Tesla – Shares of the electric vehicle maker fell about 0.1% even as Morgan Stanley said on Friday that the company will likely benefit from the Inflation Reduction Act.
Snowflake: Shares of the cloud computing company fell more than 6% as growth stocks led Friday’s selloff. The downgrade came despite Needham initiating coverage of Snowflake with a buy rating, as the Wall Street firm sees potential new uses for its platform.
CrowdStrike: While MKM called the cybersecurity company a buy and said it was in a “league of its own,” the stock fell more than 4% when hit by the selloff.
Netflix: Citi raised its price target on the streaming platform to $305 from $275, even as it called it the best avenue for video-on-demand services. Shares gained just over 2%.
Amazon: The e-commerce titan fell about 2.1% amid a major sell-off. UBS said it felt “good” about the company’s retail growth and profit margins.
Adobe: Shares of Adobe built on Thursday’s declines, sinking a little more than 3% after a series of downgrades from Wall Street analysts. Bank of America downgraded the tech stock to neutral as it awaits more clarity on Adobe’s acquisition of Figma.
Baidu: U.S.-listed shares of the Chinese Internet search provider fell about 2.8 percent despite UBS rating it as a buy with an “attractive” risk/reward ratio. This after a week of falls in the value of the company’s shares.
FirstEnergy: Shares rose 1.9% after an announcement that FirstEnergy CEO Steve Strah is retiring, and that Chairman John W. Somerhalder II will replace him on an interim basis while the board conducts a CEO search.
Boeing: The aerospace company known for its commercial jets fell 3.7%. The company said Friday it plans to sell some of its 737 Max planes destined for China.
— CNBC’s Samantha Subin, Tanaya Macheel, Yun Li, Michelle Fox and Sarah Min provide reports
