The United Auto Workers expanded its strike to 38 General Motors and Stellantis parts distribution facilities.
Dreamstime
Stocks fell Friday, as investors reacted to signals from the Federal Reserve that it could keep interest rates higher for longer.
These stocks made moves Friday:
Ford
(ticker: F) rose 1.9%,
General Motors
(GM) slipped 0.4%, and
Stellantis
(STLA) gained 0.1% after the United Auto Workers expanded its strike to 38 General Motors and
Stellantis
parts distribution facilities while keeping a more limited work outage at Ford, which has been making progress in negotiations with the union, the UAW said.
Microsoft’s
(MSFT) $75 billion acquisition of
Activision Blizzard
(ATVI) drew closer to being cleared after the U.K.’s antitrust authority said a new restructured deal substantially addresses its concerns over cloud gaming.
Microsoft
shares dropped 0.8%, while
Activision
jumped 1.7%.
American depositary receipts of
Alibaba
(BABA) rose 5%,
JD.com
(JD) gained 2%, and
PDD Holdings
(PDD) climbed 4.1%. A Bloomberg report said China was considering relaxing rules that cap foreign ownership in domestic publicly traded companies.
Squarespace
(SQSP) jumped 4.2% to $28.66 after the e-commerce platform was initiated with a Buy rating at
UBS
and a $40 price target.
Scholastic
(SCHL) sank 13% after the children’s book publisher reported an adjusted loss in the first quarter of $2.20 a share—much wider than analysts’ estimates, which called for a loss of $1.35. Revenue of $228.5 million fell from $262.9 million a year earlier and missed forecasts of $268.8 million.
Scholastic
said it typically reports a loss in the first quarter when schools aren’t in session.
Seagen
(SGEN) shares rose 3.5% after the biotech company announced positive results from a Phase 3 trial for a bladder cancer treatment combination.
United States Steel
(X) rose 2.5% after a report from Bloomberg said
Stelco Holdings,
Canada’s biggest steelmaker, was pursuing a bid for the American steel producer. U.S. Steel rejected a takeover offer from
Cleveland-Cliffs
(CLF) in mid-August.
Deere
(DE) fell 1.8% after the agricultural equipment giant was downgraded to Hold from Buy at Canaccord.
VinFast Auto
(VFS), the Vietnamese electric-vehicle maker, reported a second-quarter loss of $526.7 million, which was 8% narrower than the year-earlier period. The company said it delivered 9,535 vehicles in the second quarter, up from 1,789 a year earlier. The stock declined 0.8%.
Amazon.com
(AMZN) fell 0.2% after the online giant said Friday that it intends to add advertising to Prime Video next year.
Wayfair
(W) finished down 2% to $59.34 after shares of the online furniture retailer were upgraded to Market Perform from Underperform at Bernstein, and the price target was raised to $65 from $60.
Write to Joe Woelfel at [email protected]
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