Stock Market

Stocks making the biggest moves midday: Instacart, Steelcase, Klaviyo and more

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Check out the companies making headlines in midday trading.

Instacart — Instacart shares fell more than 5% one day after going public on the Nasdaq. The grocery deliver company’s stock debuted at $42 on Tuesday, 40% above its $30 offering price.

Steelcase — The furniture stock soared more than 26% after posting second-quarter earnings that topped Wall Street’s expectations and offered strong full-year and third-quarter earnings guidance as more companies return to work. Excluding items, Steelcase posted earnings of 31 cents per share on revenue of $854.6 million.

Klaviyo — Klaviyo shares jumped more than 23% after the marketing automation company surged to $36.75 after its New York Stock Exchange initial public offering. The company priced 19.2 million shares late Tuesday at $30 per share, valuing the company at roughly $9 billion.

Bausch Health Companies — Bausch Health Companies surged more than 10% after Jefferies upgraded the drugmaker to a buy from hold, saying that a looming legal win could lead shares to more than double.

Stellantis — Shares rose about 3% after sales in Europe of brands such as Peugeot and Opel surged more than 6% in August. In the U.S., the Chrysler-Jeep parent warned that the United Auto Workers strike could result in more than 350 layoffs.

Pinterest — Shares added 4%, continuing their rally from Tuesday after management said it expects year-over-year revenue growth to accelerate after a slowdown the last two years. Citi and D.A. Davidson upgraded Pinterest to buy and increased their price targets on Wednesday to reflect the announcement.

General Mills — Shares of the Cheerios and Yoplait maker were down a fraction after beating analyst expectations for its fiscal first-quarter earnings results. The firm’s revenue came in at $4.9 billion, versus the $4.88 billion forecast by analysts polled by LSEG, formerly known as Refinitiv.

Coty — Shares popped 5.9% after the cosmetics maker raised its full-year outlook for 2024, due to strong momentum in beauty demand, particularly in its prestige fragrances category. Coty said it anticipates like-for-like sales to grow 8% and 10% next year, compared to prior guidance of 6% to 8%.

Zebra Technologies — Shares of Zebra Technologies shed more than 4% after Morgan Stanley downgraded the company to underweight from equal weight, citing expectations for a slower recovery in demand.

Textron — Textron shares jumped nearly 5% after siging an agreement with Berkshire Hathaway-owned NetJets. As part of the deal, NetJets may purchase up to 1,500 additional Cessna Citation business jets over the next 15 years.

Chewy — Shares of the e-commerce pet food company slid more than 4% after Oppenheimer downgraded it to perform from outperform. The investment firm said signs of weakness in the pet category signaled a more challenging environment for Chewy in the coming quarters.

On Holding — The shoe stock rose 1.4% after Needham initiated coverage with a buy rating. The firm said On Holding is one of the fastest-growing stories in retail and at the early stage of its business cycle.

Lululemon — The athleisure clothing company rose more than 2% after Needham initiated coverage with a buy rating, saying it expects double-digit top-line growth as accelerating technical innovation drives demand.

Azul — The Latin American airline rose 12.5% following an upgrade to buy from neutral at Goldman Sachs, which said Azul has an “undemanding valuation.”

Build-A-Bear Workshop — The stuffed animal retailer jumped 7% after D.A. Davidson initiated coverage on the stock at a buy. The firm called Build-A-Bear an “iconic” company and an underappreciated small-cap growth idea.

First Citizens BancShares — Shares climbed 2.6% after JPMorgan initiated coverage of First Citizens BancShares at overweight, saying it’s set to benefit from the assets it bought from failed Silicon Valley Bank.

CNBC’s Alex Harring, Hakyung Kim, Jesse Pound, Michelle Fox, Sarah Min, Yun Li and Lisa Kailai Han contributed reporting.

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