Stock Movers

On this edition of Stock Movers:

- StubHub (STUB) shares declined 6.4% in the ticketing platform’s debut after raising $800 million in an initial public offering. Shares of the New York-based company closed at $22 each on Wednesday, erasing an initial gain. The firm had sold 34 million shares Tuesday at $23.50, after offering them for $22 to $25 each. The trading gives StubHub a market value of about $8.1 billion based on the outstanding shares listed in its earlier filings.

- Workday (WDAY) shares rose today after Elliott Investment Management unveiled a $2 billion-plus investment in Workday Inc., sending its shares up as much as 10% Wednesday. The activist investor said Workday Chief Executive Officer Carl Eschenbach and his team have made “substantial progress” in recent years driving growth and customer retention, according to a statement Tuesday. Workday announced on its analyst day on Tuesday a $1.1 billion acquisition of artificial intelligence company Sana. It also said it is partnering with Databricks Inc., Salesforce Inc. and Snowflake Inc. to allow access of human resources and finance data on its platform. “We are pleased with our dialogue with the team and believe the plan announced at today’s financial analyst day represents a significant enhancement of Workday’s operating model and capital allocation framework,” Elliott said in the statement.

- Hologic (HOLX) shares soared today after Blackstone Inc. and TPG Inc. have revived their interest in acquiring medical device maker Hologic Inc., according to people familiar with the matter. The investment firms have re-engaged with Hologic’s board in recent weeks about a potential takeover of the company, the people said, asking not to named because the matter is private. Blackstone and TPG are in the process of conducting due diligence, they said.

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On this episode of Stock Movers:

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec.

- Workday (WDAY) shares rose today after Elliott Investment Management unveiled a $2 billion-plus investment in Workday Inc., sending its shares up as much as 10% Wednesday. The activist investor said Workday Chief Executive Officer Carl Eschenbach and his team have made “substantial progress” in recent years driving growth and customer retention, according to a statement Tuesday. Workday announced on its analyst day on Tuesday a $1.1 billion acquisition of artificial intelligence company Sana. It also said it is partnering with Databricks Inc., Salesforce Inc. and Snowflake Inc. to allow access of human resources and finance data on its platform. “We are pleased with our dialogue with the team and believe the plan announced at today’s financial analyst day represents a significant enhancement of Workday’s operating model and capital allocation framework,” Elliott said in the statement.

- Krispy Kreme (DNUT) shares rallied today after FBI Director Kash Patel commented on his purchases of Krispy Kreme Inc. and ON Semiconductor Corp. stocks during his testimony in Congress. Patel explained that he’s long liked to trade stocks and said that in this case he simply saw “good investment” opportunities in Krispy Kreme Inc. and ON Semiconductor Corp.

- Cracker Barrel Old Country Store Inc. (CBRL) shares fell today after the company offered sales guidance for the current fiscal year that missed expectations, suggesting the brand is still dealing with the fallout from its controversial logo change. Revenue in fiscal 2026, which ends next summer, is projected to be in a range of $3.35 billion to $3.45 billion, the company said in a statement Wednesday. Analysts are expecting sales of $3.52 billion in the period, according the average of estimates compiled by Bloomberg. The mid-point of Cracker Barrel’s range suggests sales will remain similar to the past two years, when growth has stagnated. The outlook assumes foot traffic at existing stores declines 4% to 7% in the coming year.

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On this episode of Stock Movers:

- Workday (WDAY) shares rise after Elliott Investment Management says the human-resources software company has made substantial progress in recent years, and called the plan announced at the event a significant enhancement of the company’s operating model and capital allocation framework. 
- Lyft (LYFT) shares rise after they announced their partnership with Waymo to offer robotaxi service in Nashville starting next year. Waymo will launch fully autonomous operations in Nashville in the coming months, with rides opening to the public next year through the Waymo app and then on Lyft's platform.
- Nvidia (NVDA) shares fall after the Financial Times reported that China’s internet regulator has told the country’s biggest technology companies to stop buying Nvidia artificial intelligence chips and terminate their existing orders. The Cyberspace Administration of China informed companies including ByteDance and Alibaba this week to terminate their testing and orders of the RTX Pro 6000. BBC reports that Nvidia CEO Jensen Huang is “disappointed” and that he would be "patient" in response

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On this episode of Stock Movers:
Nvidia (NVDA) shares fall after the Financial Times reported that China’s internet regulator has told the country’s biggest technology companies to stop buying Nvidia artificial intelligence chips and terminate their existing orders. The Cyberspace Administration of China informed companies including ByteDance and Alibaba this week to terminate their testing and orders of the RTX Pro 6000. BBC reports that Nvidia CEO Jensen Huang is “disappointed” and that he would be "patient" in response

General Mills (GIS) shares fall after 1Q adjusted EPS at 86 cents tops analyst estimates. Company cited a rise in cooking at home among value-conscious consumers struggling with inflation -- a lot of rice and beans. Sales in the important North America retail segment dropped 13% for the quarter to $2.6 billion, largely due to lower volume and divestiture of the yogurt business in that region

Eli Lilly (LLY) shares higher after Patients on Eli Lilly's experimental diabetes pill lost more weight and had better blood sugar control than those on an older, approved rival from Novo Nordisk. First head-to-head trial of the two drugs Patients given Eli Lilly's oral GLP-1 drug lost 8.2% of their body weight in 52 weeks versus 5.3% for Novo's drug. Doctors welcomed the results and say the tablet will make it possible to treat more patients because it’s easier to produce and to take, and may eventually be cheaper

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On this episode of Stock Movers:
- Nvidia (NVDA) is lower after China’s internet watchdog has instructed companies including Alibaba and ByteDance to terminate orders for Nvidia’s RTX Pro 6000D, the Financial Times reported. The Cyberspace Administration of China told companies to stop testing the chip and cancel existing orders, according to the FT.
- New Fortress Energy (NFE) shares are soaring, set to extend Tuesday’s record 45% rally, after billionaire Wes Edens’ firm finalized a seven-year deal worth $4 billion to supply liquefied natural gas to Puerto Rico.
- Workday (WDAY) shares are rising in the wake of an analyst day event that prompted at least two upgrades. In addition, Elliott Investment Management says the human-resources software company has made substantial progress in recent years, and called the plan announced at the event a significant enhancement of the company’s operating model and capital allocation framework.

See omnystudio.com/listener for privacy information.

On this episode of Stock Movers:
- Nvidia (NVDA) is lower after China’s internet watchdog has instructed companies including Alibaba and ByteDance to terminate orders for Nvidia’s RTX Pro 6000D, the Financial Times reported. The Cyberspace Administration of China told companies to stop testing the chip and cancel existing orders, according to the FT.
- Baidu (BIDU) jumped in Hong Kong as optimism over its AI chip potential grows. The stock soared after Arete Research Services LLP lifted its rating on Baidu's American depositary receipts to buy from sell. Baidu's chip venture has the potential to more than offset the drag from its struggling online advertising business, according to Arete analysts.
- Eli Lilly (LLY) is down on news Novo Nordisk A/S is working on a strategy to make obesity treatment more personalized and wants to offer options for every kind of patient.

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On this episode of Stock Movers:

- Novo Nordisk received an upgrade to buy from hold at Berenberg, which switches its preferences within the obesity sector to make the Danish company its top pick instead of Eli Lilly.

- Morgan Stanley upgraded Centrica's stock to an overweight, or buy, rating. Their analyst made Centrica the new top pick within UK utilities. The shares aren’t even fully valuing its existing business, let alone potential upside from deals including Sizewell C and the Grain LNG terminal, a note said.

- Inditex gained to outperform peers as UBS raised the recommendation on the Zara owner to buy from neutral. Analysts at UBS said they felt confident in its long term growth following a strong start to the autumn-winter season.

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On this edition of Stock Movers:

- Hershey (HSY) shares climbed today after Goldman Sachs wrote in a note saying the chocolate maker's market-share trends are improving, and there are incremental tailwinds ahead for the chocolate and confectionery company, Goldman Sachs writes in note as double-upgrades to buy. Analyst Leah Jordan says Hershey has historically had strong pricing power linked to its iconic portfolio, and recent announcements on pricing are expected to drive outsized growth in FY26. Cost pressures from tariffs and price of cocoa are well understood and now reflected in expectations, which leaves a more compelling risk profile. Previous negative view on the company had been mainly based on market-share losses in US, but trends are showing some signs of improvement.

- Hims & Hers Health (HIMS) shares slid today after the FDA sent a warning letter to the telehealth platform, saying the company’s claims about compounded semaglutide products on their website are false or misleading.

- Warner Bros. Discovery (WBD) shares fell as TD Cowen downgraded to hold from buy after the stock rallied even as Paramount is still to make an official offer. Analyst Douglas Creutz says the stock has surged “well beyond our $14 price target following last week’s unsubstantiated report that Paramount Skydance may be considering a bid for the company” “While PSKY may come in with a $20+ bid, we don’t love the risk-reward here given the potential for WBD shares to quickly round-trip to $11-$12 if the bid doesn’t materialize”. Downgrade reflects “the speculative nature of the current rally and the elevated risk profile at these levels”.

See omnystudio.com/listener for privacy information.

On this episode of Stock Movers:

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec.

- Oracle (ORCL) shares rose today. TikTok’s American operations would be acquired by an investor consortium that includes Oracle Corp., Andreessen Horowitz and private equity firm Silver Lake Management LLC under a framework deal that US President Donald Trump is set to discuss with Chinese President Xi Jinping later this week. The tentative agreement, unveiled on Monday by senior US and Chinese officials after two days of talks in Madrid, would create a US-based version of the popular social media app with Oracle, Andreessen and Silver Lake all holding stakes in the new venture, according to people familiar with the matter. Under the deal, ByteDance Ltd.’s stake in TikTok would be reduced to below 20% to satisfy a US national security law passed in 2024 requiring the Beijing-based company to divest or face a ban in the American market. If completed, with the blessing of Trump and Xi, the transaction would allow the video-sharing platform to keep operating in the US and remove a sticking point in US-China relations.

- Ralph Lauren (RL) shares dropped today after the apparel company sees revenue growth remaining similar to recent rates over the next three years. The New York-based retailer is projecting sales to grow at a mid-single-digit percentage annually through fiscal 2028, according to a statement Tuesday. That’s roughly in-line with estimates from analysts compiled by Bloomberg. But it’s also slower growth than the company has posted in recent quarters.

- The New York Times (NYT) shares are down today. President Trump filed a $15 billion defamation suit against the Times and Penguin Random House LLC, accusing the paper of serving as a “mouthpiece” for the Democrats.

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On this edition of Stock Movers:

- Oracle (ORCL) shares climbed today on news that negotiations over the future of TikTok are progressing, relieving some uncertainty around one of the software company’s key customers. TikTok has been in limbo since the US decided to ban the app unless its Chinese owner divested it. President Donald Trump is scheduled to speak with Chinese President Xi Jinping on Friday after leaders from the two countries said a framework to keep the US app running was reached. Also, the Wall Street Journal reports that TikTok’s U.S. business would be controlled by an investor consortium including Oracle, Silver Lake and Andreessen Horowitz under a framework the U.S. and China are finalizing.

- United Airlines (UAL) shares are down at the moment. However, Chief Executive Scott Kirby says improving travel demand going into the fall indicates the economy is stronger than statistics show. Airline demand is a “good, real time indicator” of what’s going on in the country, Kirby said at an event Tuesday near Newark airport.

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