Stocks making the biggest moves midday: FedEx, Adobe, Boeing and more

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FedEx received its first five of an order of 500 electric Light Commercial Vehicles (eLCVs) from BrightDrop.
Courtesy: Fedex

Check out the companies making headlines in midday trading.

FedEx – Shares of the delivery giant slid about 22% after the company preannounced disappointing results for the recent quarter, citing weakness in global shipment volumes, and several Wall Street analysts downgraded the stock. CEO Raj Subramaniam said he expects the economy to enter a “worldwide recession” on CNBC’s “Mad Money” Thursday. FedEx dragged its peers UPS and XPO Logistics down about 4.8% and 6.8%, respectively.

International Paper Co. – Shares dropped more than 11% after Jefferies downgraded the stock from hold to underperforming as the paper services industry struggles with a glut of containerboard and sliding demand.

Uber – The ride-sharing service saw shares fall about 4% after it said it’s investigating a cybersecurity incident. A hacker had reportedly gained control of Uber’s internal systems after compromising an employee’s Slack account, according to the New York Times.

General Electric – Shares of the industrial conglomerate sank more than 4% after its chief financial officer said Thursday the company is still dealing with supply chain issues, which is affecting its ability to deliver products to its customers. That, in turn, is putting pressure on GE’s cash flow.

NCR – The technology provider for banks, retailers and restaurants saw shares hit a new 52-week low today after falling just under 23%. NCR’s board of directors announced the company would split into two independent publicly traded companies.

Extra Space Storage – Shares fell about 2%. Earlier in the day, the company announced a $590 million deal to acquire rival Storage Express.

Apple – The technology giant was down around 2% amid Friday’s sell-off, even as KeyBank said Friday that Apple shares are still a good buy.

Tesla – Shares for the electric vehicle maker fell around 1.5% despite Morgan Stanley saying Friday that the company would likely benefit from the Inflation Reduction Act.

Snowflake – Shares of the cloud computing company dropped more than 5% as growth stocks led Friday’s sell-off. The decline came even as Needham initiated coverage of Snowflake with a buy rating, as the Wall Street firm sees potential new uses for its platform.

CrowdStrike – Though MKM called the cybersecurity company a buy and said it is in a “league of its own,” the stock was down more than 4% as it got hit by the sell-off.

Netflix – Citi raised the price target for the stalwart streaming platform to $305 from $275 while calling it the best avenue for on-demand video services. Shares gained 1%.

Amazon – The e-commerce titan was down 3% amid a major sell-off. UBS said it felt “good” about the company’s retail growth and profit margins.

Adobe – Adobe’s stock built on Thursday’s declines, sinking 4.5% after a slew of downgrades from Wall Street analysts. Bank of America downgraded the technology stock to neutral as it awaits further clarity on Adobe’s Figma acquisition.

Baidu – U.S-traded shares for the Chinese internet search provider fell more than 4% despite UBS rating it a buy with an “attractive” risk/reward ratio. This follows a week of declines for the company’s share value.

FirstEnergy — Shares jumped 1.5% following an announcement that FirstEnergy CEO Steve Strah is retiring, with board chair John W. Somerhalder II to replace him on an interim basis as the board conducts a CEO search.

Boeing – The aerospace company known for its commercial planes was down more than 4%. The company said Friday it plans to sell some of its 737 Max planes earmarked for China.

— CNBC’s Samantha Subin, Tanaya Macheel, Yun Li, Michelle Fox and Sarah Min contributed reporting.

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