Alibaba, FedEx, Bed Bath & Beyond and more

FedEx trucks at the Indianapolis International Airport in Indianapolis, Indiana.

Caiti Sullivan | Bloomberg | Getty Images

See which companies make the biggest moves on Tuesday afternoon:

Illumina – Shares of the biotech company rose 2.52% after Illumina said it plans to appeal the European Commission’s decision barring Grail’s acquisition. The decision follows an FTC judge’s decision last week in favor of the deal.

Digital World Acquisition Corp. Shares in the blank acquisition company, which agreed to merge with Donald Trump’s social media company Trump Media & Technology Group, fell 12.2%. This step followed Reuters report that Digital World Acquisition was unable to garner enough shareholder support for a one-year extension to close the deal.

Bed Bath & Beyond – Lost stocks continued their losing streak, dropping another 18.42%. The home goods retailer on Tuesday appointed its chief accountant as interim chief financial officer after his predecessor, Gustavo Arnal, committed suicide on Friday.

Alibaba – Shares of the Chinese e-commerce company fell 3.65% after China announced new Covid restrictions at its southern technology hub in Shenzhen starting Monday and Chengdu announced an extension of lockdown restrictions. A total of 33 Chinese cities are in full or partial lockdown as the country adheres to a zero-spread Covid policy.

FedEx – Shares in the transportation giant fell 2.18% after Citi downgraded FedEx from Buy to Neutral. The bank expects FedEx volumes to slow down going forward and cited macroeconomic headwinds and problems in the freight industry as reasons for the downgrade.

Rollins – Pest control shares jumped more than 6% on the upgrade to outperform the sector, according to RBC Capital Markets. The investment firm says Rollins’ business model is “recession resistant.”

NextEra Energy – The utility company’s shares rose 2.66% after Morgan Stanley upgraded NextEra’s rating to higher from equal weight. The investment firm said the company would be “one of the largest beneficiaries of the Inflation Reduction Act.”

Dropbox – Dropbox added 1.46% after Bank of America initiated coverage of the stock with a buy rating. The firm cited strong free cash flow.

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