FedEx trucks at Indianapolis International Airport in Indianapolis, Indiana.
Kaiti Sullivan | Bloomberg | Getty Images
Check out the companies making the biggest moves midday Tuesday:
Illumina: Shares of the biotech company rose 2.52% after Illumina said it plans to appeal a European Commission decision barring the company’s acquisition of Grail. The decision follows last week’s ruling by a US Federal Trade Commission judge in favor of the deal.
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Digital World Acquisition Corp — Shares of the blank check acquisition firm, which agreed to merge with Donald Trump’s social media company Trump Media & Technology Group, fell 12.2%. The move came after a Reuters report that Digital World Acquisition failed to secure enough shareholder support for a one-year extension to close the deal.
Bed Bath & Beyond: Short stocks continued their losing streak, falling another 18.42%. On Tuesday, the home goods retailer named its account director as interim chief financial officer after his predecessor, Gustavo Arnal, died by suicide on Friday.
Alibaba: Shares of the Chinese e-commerce company fell 3.65% after China announced new Covid restrictions on its southern tech hub Shenzhen from Monday and Chengdu announced an extension of restrictions blocking A total of 33 Chinese cities are under full or partial lockdown as the country adheres to the zero-Covid policy.
FedEx: The transportation giant fell 2.18% after Citi downgraded FedEx to neutral from buy. The bank expects slower volume for FedEx and cited macro headwinds and challenges in the freight industry as reasons for the downgrade.
Rollins: Pest control stock rose more than 6% on an upgrade to outperform the sector by RBC Capital Markets. The investment firm said in a note that Rollins’ business model is “recession-proof.”
NextEra Energy: The utility’s shares rose 2.66% after Morgan Stanley upgraded NextEra to overweight from equal weight. The investment firm said the company would be “one of the biggest beneficiaries of the Inflation Reduction Act.”
Dropbox: Dropbox gained 1.46% after Bank of America initiated coverage on the stock with a buy rating. The company cited strong free cash flow for the call.
