FedEx, Adobe, Boeing and others
FedEx has received the first five of an order for 500 electric light commercial vehicles (eLCVs) from BrightDrop.
Credit: Fedex
Check out the companies that make headlines in the afternoon trade.
FedEx – Shares in the delivery giant fell about 21.4% after the company pre-announced disappointing results for the latest quarter, citing a slowdown in global shipments, 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” program on Thursday. FedEx shares tipped those of its rivals UPS and XPO Logistics by about 8.3% and 4.7%, respectively.
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International Paper Co. – Shares fell more than 11% after Jefferies downgraded the stock from Hold to Unsatisfactory as the paper services industry grapples with excess containerboard and falling demand.
Uber – Shares of the sharing service fell about 3.6% after it said it was investigating a cybersecurity incident. A hacker reportedly gained control of Uber’s internal systems after employee’s Slack account compromisedreports the New York Times.
General Electric – Shares of the industrial conglomerate fell about 3.7% after its chief financial officer said Thursday that the company still dealing with supply chain issues, which affects its ability to deliver products to its customers. This, in turn, puts pressure on GE’s cash flow.
NCR, a technology provider for banks, retailers and restaurants, hit a new 52-week low today after falling just above 20%. The NCR Board of Directors announced that the company would split into two independent public companies.
Extra Space Storage – Shares fell about 1.3%. Earlier in the day the company announced $590 million deal to acquire competitor Storage Express.
Apple. The tech giant shed about 1.1% on Friday’s sell-off, despite KeyBank saying Friday that Apple shares are still a good buy.
Tesla – Shares in the electric car maker fell about 0.1% despite Morgan Stanley saying on Friday that the company is likely to benefit from the Inflation Reduction Act.
Snowflake – Shares of the cloud computing company tumbled more than 6% as growth shares led to a sell-off on Friday. The decline comes even after Needham initiated coverage of Snowflake with a buy recommendation as the Wall Street firm sees new potential uses for its platform.
CrowdStrike. Although MKM called the cybersecurity company a buy and said it was in a “league of its own,” the stock fell more than 4% due to the sell-off.
Netflix – Citi has raised its price target for the robust streaming platform to $305 from $275, calling it the best option for on-demand video services. Shares rose just over 2%.
Amazon. The e-commerce giant fell about 2.1% amid a major sell-off. UBS said it feels “good” about retail growth and the company’s profits.
Adobe – Shares of Adobe, which rose on Thursday’s decline, fell just over 3% after a series of downgrades by Wall Street analysts. Bank of America has downgraded technology stocks to neutral, awaiting further clarification regarding its acquisition of Adobe Figma.
Baidu – Shares of the Chinese Internet search engine traded in the US fell about 2.8%, despite being priced by UBS as a buy with an “attractive” risk-reward ratio. This follows a week of decline in the value of the company’s shares.
FirstEnergy – Shares jump 1.9% after the announcement that FirstEnergy CEO Steve Fear is retiring and Board Chairman John W. Somerhalder II will replace him on an interim basis as the board searches for a CEO.
Boeing. The aerospace company, known for its commercial aircraft, lost about 3.7%. On Friday, the company said it plans to sell some of its 737 Max aircraft destined for China.
– CNBC’s Samantha Subin, Tanaya Macheel, Yoon Lee, Michelle Fox, and Sara Min. made a report.
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