Midday movers: Best Buy, 3M, Salesforce and more
Investing.com -- U.S. stocks are rising as investors await a deluge of economic data this week, including inflation numbers and gross domestic product and culminating with Friday's monthly employment report.
Here are some of the biggest U.S. stock movers for Aug. 29.
Best Buy (NYSE:BBY) stock rose 5.6% after the electronics retailer reported a smaller-than-expected drop in quarterly comparable sales, as deeper discounts encouraged consumers to shop.
Shoe Carnival (NASDAQ:SCVL) stock fell 1.8% after the footwear retailer cut its revenue guidance for the full year to $1.2 billion at the midpoint from $1.24B, citing a “challenging economic backdrop.”
3M Company (NYSE:MMM) stock rose 1.9% after the industrial giant agreed to pay $6B to settle nearly 260,000 lawsuits accusing it of selling defective combat earplugs that caused hearing loss in thousands of current and former U.S. military service members.
Salesforce (NYSE:CRM) stock fell 0.1% after JPMorgan removed the business software maker from its U.S. analyst focus list.
Verizon (NYSE:VZ) stock rose 2.6% and AT&T (NYSE:T) stock climbed 2.7% after Citigroup upgraded both telecom giants to ‘buy’ from ‘neutral’, saying they support their dividend yields.
Oracle (NYSE:ORCL) stock rose 3.2% after UBS upgraded the tech company to ‘buy’ from ‘neutral’, saying it can jump another 20% as its AI story has “plenty of room” to run.
Catalent (NYSE:CTLT) stock rose 6.3% after the contract drug manufacturer confirmed it has reached a settlement with activist investor Elliot Investment Management, agreeing to add four new directors to its board and to conduct a "strategic review." It added it was delaying its annual report.
Nio (NYSE:NIO) ADRS fell 4.7% after the Chinese EV maker posted a widening of quarterly losses as it missed revenue expectations for the fourth straight quarter.
-- Peter Nurse contributed to this report.
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