Yahoo Finance is tracking Starbucks, IBM, H&R Block, JPMorgan, Bank of America and Citigroup in intraday trading on Wednesday.
Starbucks (SBUX) – Wedbush Securities downgraded the Seattle coffee giant to neutral from outperform, while maintaining its stock price target at $65 a share. Analyst Nick Seytan cited concerns about the stock’s current valuation and says the company’s three month rally is based off of high expectations for second-quarter comparable sales. The stock is up about 11.4% since March 15.
Bank of America (BAC), JPMorgan (JPM), Citigroup (C) – The financial sector is in focus ahead of the Federal Reserve’s decision on rates this afternoon. The central bank is widely expected to increase interest rates above 1% for the first time since 2008. Banks stocks are lower ahead of the announcement, weighed down by weak economic data. The surprisingly sluggish reports on consumer prices and retail sales could make the Fed more cautious about future rate hikes.
IBM (IBM) – The blue chip tech giant is teaming up with BMW on its new connected car. The carmaker will use IBM’s cloud platform, Bluemix, which includes Watson IoT for data analysis. The car data system will gather and store information, which will be shared with third parties if vehicle owners opt in. Last year, IBM announced a similar deal with General Motors.
H&R Block (HRB) – Shares are rallying after the company topped adjusted earnings and sales estimates for its fiscal fourth quarter. The tax preparer posted adjusted earnings per share of $3.76 on revenue of $3 billion. H&R Block also announced that it raised its dividend to 24 cents a share.
For more on Wednesday’s big stock movers, check out the Final Round, live at 4 p.m. ET, right here on Yahoo Finance.