These Big Cap Stocks Are Moving the Most Today: From 3M to Virgin Galactic and More.
June 26, 2023
Stock futures fell on Friday, indicating a rougher start for Wall Street as investors fretted that increased interest rates might lead to a recession.
These are Big cap stocks that were primed to move. Friday:
3M (MMM) climbed 3.9% after the firm announced it would resolve disputes over forever chemicals in drinking water with public water suppliers nationwide. The arrangement is worth $10.3 billion and will be paid over 13 years. 3M said it would take charge of the amount in the second quarter.
Virgin Galactic (SPCE) shares plunged 15% after the space tourism business announced it would fund up to $400 million by selling ordinary shares. The offering comes on the heels of successfully completing a $300 million “at the market” offering.
Big cap stocks CarMax (KMX) big cap stocks were up 9% after fiscal first-quarter profits, handily above expectations.
GSK (GSK) American depositary receipts climbed 5.5% after the British pharmaceutical firm announced a settlement in the first lawsuit slated to go to trial over the company’s best selling heartburn treatment Zantac. A guy claimed the drug was to blame for his cancer. The complaint, which was brought in state court in California, will be dismissed. GSK stated in a statement that the settlement did not accept any wrongdoing.
Smith & Wesson Brands (SWBI) rose 5.7% in premarket trade after the weapons manufacturer posted fiscal fourth-quarter results and sales that were above forecasts and a 20% increase in its quarterly dividend.
According to persons familiar with the situation, Ford Motor (F) is planning for another round of layoffs in the coming weeks. According to the sources, the layoffs would mostly affect paid staff in the United States and will affect personnel on Ford’s gas-engine side of the company, as well as its electric-vehicle and software divisions. According to the Journal, the job layoffs might be disclosed as soon as next week. Ford’s stock decreased 0.4%.