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Discover the latest market movers during midday trading.
Instacart — Following its recent debut on the Nasdaq, Instacart shares declined by nearly 11%. The grocery delivery company’s stock started trading at $42, a 40% increase above its offering price of $30.
Steelcase — Steelcase’s stock surged over 19% following the release of its better-than-expected second-quarter earnings and strong guidance for the full year and third quarter. As more companies return to work, Steelcase reported earnings of 31 cents per share, excluding items, with a revenue of $854.6 million.
Klaviyo — Klaviyo shares jumped more than 9% after the marketing automation company rose to $36.75 on the New York Stock Exchange. With its initial public offering, Klaviyo priced 19.2 million shares at $30 per share, valuing the company at approximately $9 billion.
Bausch Health Companies — Jefferies upgraded Bausch Health Companies to a buy from hold, leading to an 8% surge in the drugmaker’s stock. The upgrade was driven by the expectation of a significant legal victory that could cause the stock to double in value.
Stellantis — Sales in Europe for brands such as Peugeot and Opel saw a surge of over 6% in August, resulting in a 1.7% increase in Stellantis’ shares. However, the Chrysler-Jeep parent company issued a warning in the United States, stating that the ongoing United Auto Workers strike may lead to more than 350 layoffs.
Pinterest — Following management’s announcement that it expects revenue growth to accelerate after two years of slowdown, Pinterest shares increased by 3.1%. Citi and D.A. Davidson upgraded Pinterest to a buy and raised their price targets in response to the news.
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