Stocks were rising modestly Friday following the
S&P 500
‘s 1.6% drop on Thursday, its worst day since March, as investors reacted to signals from the Federal Reserve that it could keep interest rates higher for longer.
These stocks were making moves Friday:
Ford
(ticker: F) rose 3.3%,
General Motors
(GM) gained 0.7%, and
Stellantis
(STLA) inched 1.1% higher after United Auto Workers President Shawn Fain said Friday the union’s strike would expand to all General Motors and
Stellantis
parts distribution facilities if a deal wasn’t reached by 12 p.m. Eastern. Fain said the union was making progress with Ford and its facilities wouldn’t be targeted.
Microsoft’s
(MSFT) $75 billion acquisition of
Activision Blizzard
(ATVI) drew closer to being cleared after the U.K.’s antitrust authority said a new restructured deal substantially addresses its concerns over cloud gaming.
Microsoft
shares rose 0.1%, while
Activision
jumped 1.7%.
American depositary receipts of
Alibaba
(BABA) were rising 5%, and
JD.com
(JD) gained 2.7%. A Bloomberg report said China was considering relaxing rules that cap foreign ownership in domestic publicly traded companies.
VinFast Auto
(VFS), the Vietnamese electric-vehicle maker, reported a second-quarter loss of $526.7 million, which was 8% narrower than the year-earlier period. The company said it delivered 9,535 vehicles in the second quarter, up from 1,789 a year earlier. The stock fell 3%.
Wayfair
(W) was rising 2.3% to $61.95 after shares of the online furniture retailer were upgraded to Market Perform from Underperform at Bernstein, and the price target was raised to $65 from $60.
Deere
(DE) fell 2.2% after the agricultural equipment giant was downgraded to Hold from Buy at Canaccord.
Amazon.com
(AMZN) rose 1.6% after the online giant said Friday that it intends to add advertising to Prime Video next year.
United States Steel
(X) rose 1.3% after a report from Bloomberg said
Stelco Holdings,
Canada’s biggest steelmaker, was pursuing a bid for the American steel producer. U.S. Steel rejected a takeover offer from
Cleveland-Cliffs
(CLF) in mid-August.
Scholastic
(SCHL) was sinking 14% after the children’s book publisher reported an adjusted loss in the first quarter of $2.20 a share, much wider than analysts’ estimates that called for a loss of $1.35. Revenue of $228.5 million fell from $262.9 million a year earlier and missed forecasts of $268.8 million.
Scholastic
said it typically reports a loss in the first quarter when schools aren’t in session.
Write to Joe Woelfel at [email protected]
Read the full article here
