Midday movers: FedEx, Cisco, Darden Restaurants and more
Investing.com — U.S. stocks were falling after the Federal Reserve’s hawkish stance in the wake of its latest policy-setting meeting raised concerns about further rate hikes hitting economic activity.
Here are some of the biggest U.S. stock movers today:
FedEx (NYSE:FDX) stock rose 4.7% after the delivery giant lifted its annual earnings guidance, with its quarterly bottom line helped by cost cuts that improved operating results, though that was partially offset by ongoing demand weakness.
Cisco (NASDAQ:CSCO) stock fell 4.2% after the digital communications company announced plans to acquire cybersecurity company Splunk (NASDAQ:SPLK), up 21%, in a cash deal with $28 billion.
Darden Restaurants (NYSE:DRI) stock fell 0.5% after the Olive Garden-owner maintained full-year sales and profit targets even though it beat quarterly estimates, helped by higher menu prices.
KB Home (NYSE:KBH) stock fell 2.4% despite the homebuilder posting a 3% rise in its quarterly revenue, helped by strong demand amid tight supply of homes. That said, the company cut its expected average selling price for the year, signaling difficulties ahead.
Broadcom (NASDAQ:AVGO) stock fell 1.2% after The Information reported Alphabet-owned Google (NASDAQ:GOOGL) executives had discussed dropping the company as a supplier of artificial intelligence chips as early as 2027.
Marvell (NASDAQ:MRVL) Technology stock fell 1.2% after a report by The Information stated that Google has been working to use the company as the supplier for networking chips used in its data centers.
Frontier Group (NASDAQ:ULCC) stock rose 1.9% after Citi downgraded the carrier to ‘neutral’ from ‘buy’, noting the company’s recent remarks about experiencing more pronounced seasonal weakness
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