Stocks on Wall Street were down in morning trading, at the end of a week that saw major central banks chart divergent courses as they confront inflation. Here’s what we’re watching in Friday’s action:
- Electric-vehicle startup Rivian plans to start construction next year on a second U.S. manufacturing facility in Georgia, placing a hefty bet on its ability to steadily increase sales in the coming years.
- FedEx posted a 14% increase in revenue for its fiscal second quarter, as higher shipping rates helped offset rising costs from labor shortages.
- Cerner shares jumped after The Wall Street Journal reported that Oracle is in talks to buy the electronic-medical-records company, according to people familiar with the matter. A deal could be worth around $30 billion.
Cerner’s stock got a premarket boost after it was reported that Oracle was in talks to acquire the company.
Photo: Kris Tripplaar/Sipa USA/Associated Press
- H&R Block sued Block, formerly Square, for trademark infringement. Square changed its name to Block earlier this month, a nod to CEO Jack Dorsey’s blockchain ambitions.
- JPMorgan clipped its price target for popular trading app maker Robinhood Markets to $17 from $26.
- Bakkt Holdings was slightly up in morning trading, but not enough to match the prior day’s 34% loss for the crypto stock. The shares have been subject to large swings since the company went public in October, including more than tripling Oct. 25 on news of a Mastercard partnership.
- Health authorities said the rate of a rare but serious blood-clotting disorder associated with the Johnson & Johnson Covid-19 vaccine is higher than previously detected.
- Office furniture maker Steelcase warned that supply chain disruptions and inflationary pressures had crimped some of its growth.
- Olive Garden parent Darden Restaurants reported earnings before the open, and said that its CEO Eugene Lee plans to retire in May but intends to stay on as chairman.
Chart of the Day
- Investors say Chinese authorities are likely to ease up somewhat on the embattled real-estate sector and to loosen monetary policy, helping support Chinese corporate borrowers more broadly.
Write to James Willhite at [email protected]
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