Citigroup's stock dropped 2.3% after the company was told by U.S. banking regulators that it must address weaknesses in its management of financial data. These regulatory groups said that the issues could hinder Citigroup's ability to produce accurate reports during challenging times.
Shares of football club Manchester United surged 16% on Wednesday, touching a new 52-week high, after the team's owners said they were exploring strategic alternatives, including a possible sale.This is the second straight day of double-digit gains for Manchester United's stock.
Deere's shares soared 5.8% to a record high after the company posted better-than-expected profit and revenue for its fiscal fourth quarter. Deere attributed its strong performance to positive farm fundamentals and increased infrastructure investment.
Tesla's stock rose 5.6% after Citi upgraded it from "sell" to "neutral," citing a more balanced risk-reward outlook.
Credit Suisse shares fell 6.7% after the bank warned of $1.6 billion in quarterly losses due to customers withdrawing money. This comes as concerns about the company's financial health have been mounting earlier in the year. Shareholders approved a $4.2 billion capital raise to help the bank get back on its feet.
Nordstrom's stock dropped by more than 5% after the company announced that sales have been slowing down over the past few months. Nordstrom reaffirmed its profit outlook for the fiscal year, but beat top and bottom line estimates for its latest quarter.
Autodesk's shares dipped 5.6% after the company issued a weak financial outlook despite beating top and bottom-line expectations for its most recent quarter. The company said customers were wary of signing long-term contracts given the economic uncertainty.
Energy stocks were the worst performers in the first few hours of trading within the S&P 500, with big-name oil stocks traded down. Lagging oil stocks included SLB and Hess, which fell more than 4% each. ConocoPhillips also dipped 3%.
The stock of real estate trust Paramount Group lost 2.3% after Morgan Stanley downgraded it to equal weight from overweight. The downgrade was due to a more challenging capital market environment that could hurt the company in the medium term.
The apparel company Guess posted disappointing third-quarter earnings and a lower full-year outlook. The company attributed the disappointing performance to the challenging retail environment and the surging U.S. dollar. However, Guess said it expects to do well during the holiday season. The stock briefly fell by as much as 6.7% but was trading slightly higher around midday.
As a leading independent research provider, TradeAlgo keeps you connected from anywhere.