Stock fell Friday as investors worried that higher interest rates from central banks could lead to a global recession.
These stocks were poised to make moves Friday:
3M
(MMM) rose 2.3% after the company said it would settle claims over so-called forever chemicals in drinking water with public water providers across the country. The agreement has a value of $10.3 billion and will be payable over 13 years. 3M said it would record a charge for that amount in the second quarter.
Virgin Galactic
(SPCE) shares fell 16% after the space-tourism company said it would raise up to $400 million through the sale of common shares. The offering follows the successful completion of an “at the market” offering of $300 million.
Shares of
CarMax
(KMX), the used-car seller, were rising 8.5% after fiscal first-quarter earnings easily beat estimates.
Smith & Wesson Brands
(SWBI) gained 13.4% after the firearms maker reported fiscal fourth-quarter earnings and sales that beat expectations and raised its quarterly dividend by 20%.
Coverage of
SoFi Technologies
(SOFI) was initiated with a Sell rating and $5 price target at Compass Point. Shares of the financial services company declined 8.1% to $7.80.
Trupanion
(TRUP) gained 6.9% after rate hikes from the pet-insurance provider were approved by California and New York. A rates boost of 12% was approved in California while an increase of 18% was cleared in New York.
American depositary receipts of
GSK
(
GSK
) rose 3.5% after the British drug maker announced a settlement of the first case set to go to trial over the company’s blockbuster heartburn medication Zantac. A man had claimed the drug caused his cancer. The case, filed in California state court, will be dismissed. GSK said in a statement that it doesn’t admit any liability in the settlement .
Under Armour
(UAA) declined 2.8% to $7.15. Analysts at Wells Fargo downgraded the stock to Equal Weight from Overweight and lowered the price target on shares of the sportswear company to $8 from $12.
Ford Motor
(F) is preparing for another round of layoffs in the coming weeks, The Wall Street Journal reported, citing people familiar with the matter. The layoffs are expected to mostly include U.S. salaried workers, and will affect employees on Ford’s gas-engine side of the business, as well as its electric-vehicle and software division, the people said. The job cuts could be announced as early as next week, some of the people told the Journal. Shares of Ford fell 1.5%.
Write to Joe Woelfel at [email protected]
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