Icahn Enterprises shares jump on loan agreement and other stocks on the move
By MarketWatch
FMC slides on revenue warning and Meta pops as Threads exceeds 100 million sign-ups
Here are some of the biggest movers of the day:
Stock gainers:
Icahn Enterprises L.P.'s stock (IEP) jumped 11% after it confirmed a Wall Street Journal report that Carl Icahn and banks have finalized amended loan agreements that untie his personal loans from the trading price of his company's shares.
Meta Platforms Inc.'s stock (META) rose 1.4% after the Facebook parent's new Twitter rival Threads passed 100 million sign-ups in less than a week.
Fisker Inc. (FSR) reversed early losses to trade up 2.5%, after the electric-vehicle maker announced plans to sell $340 million in convertible bonds, with the potential for the amount offered to double to $680 million.
Biogen Inc.'s stock (BIIB) rose 2% after Jefferies said the company, which last week received a milestone U.S. Food and Drug Administration approval for Alzheimer's treatment Leqembi, "remain an under-owned turnaround story," and the stock should benefit as sales gradually ramp up.
Citigroup Inc.'s stock (C) rose 1% after the bank launched its CitiDirect platform for its Citi Commercial Bank (CCB) clients, as part of the megabank's overall "significant strategic investment" to meet global needs of these clients with a "single-entry point digital platform.
Cava Group Inc.'s stock rose 8%, after the lockup following the Mediterranean-style fast-casual restaurant chain's IPO expired, allowing the first analyst research notes to be published. At least four of the banks that were underwriters on the deal -- JPMorgan, Jefferies, Stifel and William Blair -- initiated coverage with buy ratings.
Stock decliners:
FMC Corp.'s stock (FMC) dropped 5.2% toward the lowest price seen since November 2021 after the agriculture sciences company slashed its revenue outlook, citing "abrupt and unprecedented" cuts in channel inventory by customers.
Alibaba shares (9988.HK) fell 1%. The Chinese internet giant said it has not decided whether to participate in Ant Group's buying up to 8% of its equity back at a price valuing the financial services firm at 567.1 billion yuan, or $78.5 billion.
Northern Trust stock (NTRS) fell 3%. UBS downgraded the bank to neutral from buy, as part of a broader note in which trust banks earnings estimates were lowered on worries over a decline in deposits. UBS said on Northern Trust in particular, it's facing increased expense pressure and is less likely to pursue stock buybacks than peers.
-MarketWatch
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
07-10-23 1008ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Best- and Worst-Performing Stocks of Q2 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations