Stocks declined Tuesday as belief is growing on Wall Street the Federal Reserve likely will keep interest rates higher for longer.
These stocks were making moves Tuesday:
Amazon.com
(ticker: AMZN) stock was down 4% after the Federal Trade Commission said it is suing the online retailer and cloud firm. The agency charges Amazon is a “monopolist” that strategically prevents competition with its dominant online marketplace.
Ford Motor
(F) said it was pausing a $3.5 billion electric-vehicle battery plant. The auto maker told Barron’s in an emailed statement that it was a construction pause.
“We haven’t made any final decision about the planned investment there,” Ford said in the statement. “There are a number of considerations. We want to be confident about our ability to competitively operate the plant.” Ford announced plans for the plant in February. It was scheduled to open in 2026. Ford stock was down 1.2%.The auto maker, along with
General Motors
(GM) and
Stellantis
(STLA), has been facing a strike by the United Auto Workers.
United Natural Foods
stock (UNFI) tumbled 27% after the grocer pivoted to a loss in its fourth fiscal quarter and issued disappointing guidance.
Fisker
stock (FSR) was up 9.8% after the electric-vehicle maker said it has built 5,000 Fisker Ocean SUVs and expects to boost deliveries of the vehicle to 300 a day later this year.
Rivian Automotive
stock (RIVN) gained 5.4% after the EV maker was named a “fresh pick” at Baird ahead of delivery numbers. “We see Q3 deliveries as a near-term catalyst and expect sentiment to improve as Rivan continues to realize cost benefits from an improving supply chain and the use of in-house components,” analyst Ben Kallo wrote.
Cintas
stock (CTAS) was down 5.3% even after the uniform and restaurant supplies maker posted better-than-expected fiscal first quarter earnings and lifted its annual guidance.
Ferguson
stock (FERG) was 4.7% higher after the plumbing and HVAC distributor’s fiscal fourth-quarter adjusted earnings beat Wall Street estimates.
Sirius XM Holdings
stock (SIRI) was 3.2% lower after
Liberty Media
(LSXMA) proposed a deal to split off its shares of the satellite-radio company into a new, publicly traded subsidiary that would then merge with Sirius XM.
DraftKings
stock (DKNG) was upgraded to Overweight from Neutral by J.P. Morgan, and the firm raised its price target on shares of the sports-betting company to $37 from $26. The stock was 2.1% higher.
Costco Wholesale
(COST) is scheduled to report fiscal fourth-quarter earnings after the closing bell Tuesday. Analysts expect Costco to post adjusted earnings of $4.79 a share on sales of $77.7 billion. Costco stock was 1% lower.
Write to Joe Woelfel at [email protected] and Emily Dattilo at [email protected]
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