At midday trading, several companies are making headlines. Overstock.com saw a 17.3% rise in its shares after winning the auction for Bed Bath & Beyond's digital assets and intellectual property, including its brand name. On the other hand, Spirit AeroSystems' stock dropped 9.4% following the announcement that its workers will strike at its Wichita, Kansas, factory, with Boeing's stock also falling 3.1%. The drop resulted from Spirit AeroSystems producing fuselages for 737 Max and other Boeing aircrafts. Accenture's stock went down 1.9% after trimming the top end of its revenue expectations for the fiscal year. Meanwhile, the Olive Garden parent, Darden Restaurants, experienced a 2.6% drop. Although they reported earnings of $2.58 per share on revenue of $2.77 billion, which beat analysts' forecast of $2.54, the full-year earnings guidance range included the consensus estimate of analysts polled by FactSet. Anheuser-Busch InBev saw a 2% surge after Deutsche Bank upgraded the company to a buy from a hold rating. Also, Tesla's stock rose 2% after Morgan Stanley downgraded it to an equal weight rating from overweight, while Root advanced 34.1% following Embedded Insurance offering a takeover bid at $19.34 per share. Moreover, Sotera Health rose 17.3% after settling a lawsuit over ethylene oxide in Illinois, but Alcoa's stock went down 4.3% due to Morgan Stanley's downgrade to underweight from equal weight. Amazon's stock increased 4.3% thanks to JPMorgan Chase's reiteration of its overweight rating and Loop's buy rating and raised price target, while Dow slipped 0.9% on Bank of America's downgrade to underperform from neutral. Lastly, Expedia and TripAdvisor gained 2.2% and 4.7%, respectively, after B. Riley initiated coverage on each stock as buy.
At midday trading, Overstock.com saw an increase of 17.3% in its shares after emerging triumphant in the auction for Bed Bath & Beyond's digital assets and IP, including the brand name. Meanwhile, Spirit AeroSystems' stock fell 9.4% after its Wichita, Kansas, factory workers announced they will strike as of Saturday, with Boeing's stock declining 3.1%, given the fact that Spirit AeroSystems produces fuselages for 737 Max and other Boeing aircrafts. Accenture's stock also dropped 1.9% upon reducing the top end of its revenue expectations for the fiscal year. Olive Garden parent Darden Restaurants' shares plummeted 2.6%, although they reported earnings of $2.58 per share on revenue of $2.77 billion, which surpassed analysts' forecast of $2.54. Anheuser-Busch InBev experienced a 2% surge due to Deutsche Bank upgrading the brewer to a buy from a hold. Tesla finished the choppy session 2% higher after Morgan Stanley downgraded it to an equal weight rating from overweight, and Root soared 34.1% with Embedded Insurance offering a takeover bid of $19.34 per share. Sotera Health rose 17.3% due to settling a lawsuit over ethylene oxide in Illinois, while Alcoa's stock went down 4.3% because of Morgan Stanley's downgrade to underweight from equal weight. Amazon advanced 4.3% following JPMorgan Chase's reiteration of its overweight rating and Loop's buy rating and increased price target. Dow fell 0.9% on Bank of America's downgrade to underperform from neutral. Lastly, Expedia and TripAdvisor respectively rose 2.2% and 4.7% as B. Riley started coverage of each stock with a buy rating.
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