Friday, September 22, 2023
Homemarket insiderMidday movers: UPS, Best Buy, Twitter & More

Midday movers: UPS, Best Buy, Twitter & More

Take a look at some of Friday's midday movers:

United Parcel Service moved lower after warning that its quarterly profit would come in below street estimates, citing a shorter holiday season, a last-minute surge in online shopping, and cold weather. FedEx fell in sympathy.

Best Buy Co. hit a seven-month low on the heels of disappointing holiday results. Goldman Sachs and UBS downgraded the electronic retailer to neutral from buy.

Twitter moved higher after Stifel Nicolaus began coverage with a buy rating and $75 price target.

Royal Dutch Shell lost ground after warning that fourth-quarter results will come in lower than expected because of lower production, higher costs and problems with its refining business.

CHC Group moved lower after the helicopter operator's IPO raised $310 million, below expectations.

EP Energy also fell after the oil-and gas-producer's IPO raised $704 million, below expectations.

RSP Permian moved higher after the shale oil driller and oil producer's IPO raised $390 million, within the expected range.

Anheuser-Busch InBev slid after Reuters reported the company is in advanced discussions to buy South Korea's Oriental Brewery for more than $4.5 billion.

Medtronic moved higher after the FDA approved its minimally invasive system for replacing diseased heart valves in patients too frail to endure open heart surgery.

Rite Aid traded higher after Credit Suisse said the company could be an attractive takeover target for Express Scripts Holdings. Cleveland Research was also positive on Rite Aid, citing its generic business.

Skyworks Solutions gained ground after the chip maker reported a 44 percent jump in first-quarter profits, boosted by increased demand for its analog chips. It also forecast second-quarter profit above estimates.

NII Holdings rose after it said it would offer Apple's iPhone 5S and 5C to its customers in Brazil.

Illumina moved higher after unveiling a strategic road map for market expansion in next-generation sequencing.

Silver Spring Networks tumbled as the company's projected fourth-quarter and full-year profits came in below street expectations. Silver Springs helps utilities upgrade their power-grid infrastructure.

fell after Macquarie downgraded the stock to underperform from neutral with a price target of $57 a share.

moved lower after reporting fourth-quarter earnings that matched street estimates.

lost ground after the trucking company said its fourth-quarter business was hurt by higher costs, lower business volumes and bad weather .

fell after Jefferies downgraded the stock to hold from buy with a price target of $85 a share, from $107.

slumped after British Airways said it will return three aircraft to the company's 49 percent owned UK subsidiary in April.

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—By CNBC's Rich Fisherman.

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