Monday, 2 October 2023


Instacart, AutoZone, Target and more By

Midday movers: Instacart, AutoZone, Target and more

© Reuters. — U.S. were falling on Tuesday as investors await the start of the crucial two-day Federal Reserve meeting, which could set the tone for weeks to come.

Here are some of the biggest U.S. stock movers today:

  • Instacart (NASDAQ:) shares jumped more than 31% in their Nasdaq debut after the grocery delivery app’s IPO was priced at $30 per share, the top of its indicated price range.

  • AutoZone (NYSE:) stock fell 1.5% after the auto parts retailer announced disappointing domestic commercial results, overshadowing international strength.

  • Tesla (NASDAQ:) stock rose 0.2% after the WSJ reported that the EV manufacturer was in talks with Saudi Arabia to set up a manufacturing facility in the kingdom.

  • Target (NYSE:) stock rose 0.7% after the retailer said it will hire nearly 100,000 employees for the holiday season and offer deep discounts starting October, as it braces for a competitive shopping period.

  • Starbucks (NASDAQ:) fell 2.2% after TD Cowen downgraded the coffee chain to ‘market perform’ from ‘outperform’, citing likely lower consumer spending in China.

  • Block (NYSE:) stock fell 2.4% after Alyssa Henry, the CEO of the fintech’s unit Square, is set to leave the company after more than nine years.

  • Dell (NYSE:) stock rose 1.2% after Daiwa Securities upgraded the PC maker to ‘outperform’ from ‘neutral’, citing its strong second quarter numbers as well as growing AI sales.

  • CVS Health (NYSE:) stock rose 1% after Evercore ISI upgraded the drugstore operator to ‘outperform; from ‘in line’, as it sees “operational issues improving and an attractive current valuation.”

  • Boston Scientific (NYSE:) stock dipped 0.1% after the medical devices manufacturer agreed to buy Relievant Medsystems, a medical tech company, for $850 million upfront as well as milestone payments.

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