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Friday, December 8, 2023
HomeFinance NewsTop midday movers: KMX, ACN, PTON, JEF dominate stock market with strong...

Top midday movers: KMX, ACN, PTON, JEF dominate stock market with strong performance.

Trimble, a technology services provider, saw a 6.4% surge in its stock after AGCO Corporation announced its plan to acquire an 85% stake in Trimble’s agribusiness for $2 billion in cash. This acquisition will enable AGCO to expand its precision agriculture portfolio. DigitalBridge, a digital infrastructure company, experienced a 5.8% increase in its shares after JPMorgan upgraded the company to overweight from neutral, stating that the company has completed its business transformation successfully. Jefferies Financial Group, despite a slowdown in deal-making impacting its third-quarter profits, saw its stock rise by over 2%. The company remains optimistic that investment banking activity will pick up. Duolingo, a language-learning platform, witnessed a 4.5% gain in its shares after UBS initiated coverage of the company, giving it a buy rating and praising its strong brand.

Host Hotels & Resorts, a real estate investment trust, saw a 3.8% increase in its shares after Wolfe Research initiated coverage of the company with an outperform rating and a $22 price target. In contrast, cloud services company Workday experienced an 8.6% drop in its stock as it lowered its long-term subscription growth target. Accenture, an IT and consulting firm, witnessed a nearly 5% decline in its shares following mixed results for its fiscal fourth quarter. Micron, a chipmaker, saw its shares fall by 2.7% after posting a weaker-than-expected earnings forecast. On the other hand, Peloton’s shares rose by 7% after announcing a five-year strategic partnership with Lululemon. Finally, CarMax, a used-car retailer, experienced a 9.5% decrease in its shares as demand for used cars weakened, resulting in lower earnings and revenue in its fiscal second quarter. Concentrix, a consumer experience tech company, saw its shares rise by 10% after announcing a 10% increase in its quarterly dividend and releasing strong financial results.

Overall, companies like Trimble, DigitalBridge, and Jefferies Financial Group experienced positive stock movements due to favorable announcements and upgrades, while others like Workday and CarMax faced setbacks due to adjusted targets and weakening demand for their products.

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