The S&P 500 and Nasdaq snapped three-day losing streaks on Thursday as investors parsed through further commentary from Federal Reserve Chairman Jerome Powell.
These stocks made moves Thursday:
Tesla
(ticker: TSLA) gained 2% to $264.61 after shares of the electric-vehicle maker tumbled 5.5% in the previous session. On Thursday, Morgan Stanley downgraded the stock to Equal Weight from Overweight. Shares were downgraded to Hold from Buy from analysts at Barclays on Wednesday.
Methode Electronics
(
MEI
) reported fourth-quarter earnings below Wall Street expectations. The stock fell 9.4%.
Overstock.com
(OSTK) jumped 17% after
Bed Bath & Beyond
agreed to sell its intellectual property assets to the online shopping site for $21.5 million.
Overstock.com
made its bid for Bed Bath & Beyond’s assets last week.
Spirit AeroSystems
(SPR) fell 9.5% as the
Boeing
(BA) supplier said it would suspend factory production after union workers at the company voted to strike.
Boeing
fell 3%.
iRobot
(IRBT) tumbled 8.3% after a report said
Amazon.com
‘s (AMZN) agreement to buy the smart vacuum company faces a full-scale EU antitrust investigation.
Commercial Metals (CMC) reported third-quarter earnings and revenue that beat analysts’ estimates. The stock gained 8.8%.
FactSet Research Systems
(FDS) dropped 4.5% after the financial information provider said it expects revenue for fiscal 2023 at the lower end of its guidance.
NRG Energy
(NRG) climbed 3% after the energy producer boosted its stock buyback plan and announced efforts to cut costs. NRG said it was working with an independent search firm to bring expertise to its board.
Activist investor Elliott Investment Management is seeking to oust the chief executive of
NRG Energy,
The Wall Street Journal reported, citing people familiar with the matter. Elliott is in talks with potential candidates to replace CEO Mauricio Gutierrez as well as other top executives, the people told the Journal. An NRG spokeswoman told Barron’s that the company’s board fully supports Gutierrez and the management team’s strategy.
Alcoa
(AA) fell 4.3% after an analyst at Morgan Stanley downgraded shares of the aluminum products maker to Underweight from Equal Weight.
DigitalOcean (DOCN) declined 5.7% after shares of the cloud infrastructure company were downgraded to Underweight from Neutral at
Piper Sandler.
Accenture
(ACN) fell 1.8% after the company cut its growth outlook for fiscal 2023.
Darden Restaurants
(DRI) fell 2.6% after the owner of Olive Garden and LongHorn Steakhouse reported same-store sales growth below Wall Street estimates.
Logitech International
(LOGI) rose 2.2% after the board of the computer peripherals maker approved a new stock buyback program of up to $1 billion. Shares of Logitech fell 2.7% on Wednesday following reports that said one of its gamepads was used to steer the missing Titanic submersible.
Anheuser-Busch InBev
(BUD) was up 2% after a Deutsche Bank analyst upgraded shares of the maker of Bud Light to Buy from Hold.
Write to Joe Woelfel at joseph.woelfel@barrons.com and Angela Palumbo at angela.palumbo@dowjones.com
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