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Midday movers: UBS, Kellanova rise; Starbucks slips

Investing.com
·2-min read

(Updated - August 14, 2024 11:37 AM EDT)

Investing.com -- U.S. stock futures rose Wednesday following the release of the latest consumer prices data that showed inflation eased in-line with expectations.

Here are some of the biggest U.S. stock movers today:

Intel (NASDAQ:INTC) stock fell 2% after a regulatory filing showed the chipmaker sold its 1.18 million share stake in Arm Holdings (NASDAQ:ARM), up 2.8%, in the second quarter, after saying earlier this month that it would cut more than 15% of its workforce and suspend its dividend amid a pullback in spending.

Kellanova (K) stock rose 8% after it entered into a definitive agreement under which Mars has agreed to acquire Kellanova for $83.50 per share in cash.

Peloton (NASDAQ:PTON) stock fell 3.5% after the exercise equipment maker announced a partnership with Google's (NASDAQ:GOOGL) Fitbit (NYSE:FIT) to give its premium users access to its fitness content, starting early September.

Starbucks (NASDAQ:SBUX) stock fell 4%, handing back some of the previous session’s hefty gains after the coffee chain named Chipotle's (NYSE:CMG)'s Brian Niccol as its new CEO, replacing Laxman Narasimhan, who was at the helm for close to a year and a half.

UBS (UBS) stock rose 5% after the Swiss banking giant reported an impressive second-quarter performance, detailing a net profit of $1.14 billion, comfortably surpassing forecasts.

Cardinal Health (NYSE:CAH) (CAH) stock rose 5.5% after the health care services company raised its 2025 fiscal year guidance after strong 2024 results.

Tencent Holdings (OTC:TCEHY) stock was in focus after the world's largest video game company and operator of the WeChat messaging platform reported an 8% rise in second-quarter revenue, driven by a recovery in its gaming business.

Medtronic (NYSE:MDT) (MDT) stock fell 1.6% after analysts downgraded its stance on the medical device company to ‘hold’ from buy’, citing a difficult growth outlook.


Additional reporting by Louis Juricic

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