Yahoo Finance Midday movers: Ford Motor, Activision Blizzard, Citigroup and more
Investing.com -- U.S. stocks are rebounding, pulled higher by the tech sector, as investors continue to digest the Federal Reserve's message that interest rates will stay higher for longer.
Here are some of the biggest U.S. stock movers today:
Ford (NYSE:F) shares are up 2.5% as the United Auto Workers said the two were making progress in contract negotiations to end a strike, but the UAW expanded its strikes against rival auto makers General Motors Company (NYSE:GM) and Stellantis NV (NYSE:STLA). GM shares fell 0.2%, and Stellantis was up 0.4%.
Activision Blizzard (NASDAQ:ATVI) stock rose 1.7% after the U.K. competition regulator indicated that Microsoft's (NASDAQ:MSFT) revised proposal to buy the games maker, including the divestment of cloud rights for existing games, including the popular “Call of Duty”, to Ubisoft (EPA:UBIP), could be approved.
Citigroup (NYSE:C) stock fell 0.7% following a Reuters report, citing an internal memo, stating that the lender has warned U.K.-based employees of the likelihood of redundancies affecting hundreds of jobs in the country.
Alibaba (NYSE:BABA) ADRs rose 4.9% following a report the Chinese conglomerate's logistics arm Cainiao is planning to file for a Hong Kong IPO as soon as next week.
Roku (NASDAQ:ROKU) stock fell 0.6% after CFRA upgraded its stance on the video streaming company to ‘hold’ from ‘sell’, citing TV viewing shifts from linear networks to streaming.
Wayfair (NYSE:W) stock rose 1.4% after Bernstein upgraded the home goods retailer to ‘market perform’ from ‘underperform’, citing improving revenue growth and margin commentary.
Charter Communications (NASDAQ:CHTR) stock rose 0.3% after Wells Fargo upgraded the cable services provider to ‘overweight’ from ‘equal weight’, citing the possibility of increasing stock repurchases.
Ralph Lauren (NYSE:RL) stock rose 0.2% after Raymond James initiated coverage of the clothing retailer with an ‘outperform’ rating, citing significant improvements in enhancing its brand, optimizing wholesale distribution, strengthening its direct-to-consumer business and boosting gross profit margins.
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