Stocks fell Tuesday as the Federal Reserve started its two-day monetary policy meeting. Wall Street largely expects the central bank to hold interest rates steady.
U.S.-listed shares of
(
) were down 11% after the Chinese electric-vehicle maker said it plans to raise $1 billion by issuing convertible senior notes. NIO said it plans to use a portion of the proceeds from the offering to pare its debt, with the remainder “mainly to further strengthen its balance sheet position as well as for general corporate purposes.”
(BHC) dropped 8.3% after the pharmaceutical company said its chief financial officer has resigned from his role and will be leaving Oct. 13.
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(X) issued fiscal third-quarter guidance that was better than expected. Shares of the steel maker rose 3.2%.
forecast adjusted earnings of $1.10 to $1.15 a share, beating analysts’ estimates of $1.01. The steel producer said the guidance reflects the anticipated impact of the strike by the United Auto Workers.
(SQ) declined 3% after it was announced that Alyssa Henry, the head of the company’s Square payments platform, would be stepping down Oct. 2. Henry has been with Block for more than nine years. Jack Dorsey, who leads the overall Block business, will assume Henry’s role, the company said in a filing Monday.
(AZO) fell 2% after the automotive replacement parts maker easily beat earnings and sales estimates for its fiscal fourth quarter but sales in the company’s domestic commercial division came up short.
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(HBI) jumped 1.9% after the consumer goods company said it is evaluating strategic options for its Champion business, including a potential sale.
(CVS) was upgraded to Outperform from In Line at Evercore ISI and the price target was raised to $83 from $81. CVS shares rose 1.8% to $71.99.
Royal Caribbean (RCL) gained 2.8% after being upgraded to Buy from Hold at
Truist
.
(CCL) gained 1.5% after the cruise line company was upgraded to Hold from Sell at Truist.
(RKLB) declined 8.2% after the space company said it “experienced an issue” during the launch of its 41st mission. “Following lift-off from Launch Complex 1, the rocket successfully completed a first stage burn and stage separation as planned, before an issue was experienced at around T+ 2 minutes and 30 seconds into flight, resulting in the end of the mission,”
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said in a statement. The company’s next mission, scheduled before the end of the third quarter, will be postponed, Rocket Lab added.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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