Midday movers: GM, Workday, Phillips 66
(Updated - November 29, 2023 12:22 PM EST)
Investing.com -- Main U.S. indexes traded higher Wednesday, boosted by dovish comments from a top Fed official, raising hopes that the U.S. central bank has completed its series of rate increases.
Here are some of the biggest U.S. stock movers today:
General Motors (NYSE:GM) stock rose 10% after the auto giant reinstated its 2023 guidance, plans to boost its dividend by 33% and announced a $10 billion accelerated share buyback.
Dollar Tree (NASDAQ:DLTR) stock climbed 3% despite missing expectations with its quarterly earnings and sales, citing “softer demand from low-income households.”
Foot Locker (NYSE:FL) stock soared over 19% after the athletic apparel retailer reported better-than-expected earnings and a shallower than anticipated slide in sales in the third quarter, although the athletic apparel retailer narrowed its full-year earnings guidance due to "ongoing consumer uncertainty."
CrowdStrike (NASDAQ:CRWD) stock rose 9.6% after the cybersecurity company raised its annual guidance after reporting third-quarter results that topped expectations as a ramp-up in cybersecurity subscription revenue boosted performance.
Workday (NASDAQ:WDAY) stock rose 12% after the financial and corporate software company beat third-quarter expectations and raised its full-year subscription revenue guidance.
Farfetch (NYSE:FTCH) stock fell 48% after Richemont said it would not inject any cash into the online luxury retailer, following a report that the latter was exploring going private.
Las Vegas Sands (NYSE:LVS) stock fell 4% after the casino operator announced its largest shareholder, Miriam Adelson, is selling $2 billion of her shares to purchase a sports franchise.
NetApp (NASDAQ:NTAP) stock rose 15% after the intelligent data infrastructure company raised its annual profit forecast on resilient demand for its cloud-based data solutions.
GameStop (NYSE:GME) stock rose over 25% with the distressed video game retailer seemingly once more in demand, as indicated by the surging volume of options trading.
KKR (KKR) stock rose 6.75% after the private equity firm said it would buy a remaining 37% stake in Global Atlantic Financial Group that it does not already own for $2.7 billion in an all-cash deal.
Phillips 66 (NYSE:PSX) climbed 3.6% after Elliott Investment Management announced a position worth $1 billion. Elliott outlined a path to remedy its underperformance and improve execution. Elliott sees approximately 75% upside to the current stock price.
Hewlett Packard Enterprise (NYSE:HPE) shares gained 8% after the company topped quarterly earnings estimates.
Jabil (JBL) shares plunged more than 14% in early Wednesday trade after the company updated its guidance. The company noted a softening demand.
Petco Health and Wellness (WOOF) shares plunged 25% after the company reported earnings for its latest quarter, missing consensus expectations.
Cigna (NYSE:CI) shares declined 3% following a WSJ report that said the company is in talks for a stock and cash merger with Humana (NYSE:HUM)
Additional reporting by Louis Juricic
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