Here are some of the biggest movers on Thursday as stocks U.S. stocks extend a rally.
Stock gainers:
- U.S.-listed shares of JD.com Inc. JD, +7.82% were rising 7% in morning trading after the company disclosed plans to pursue separate Hong Kong listings for two business units. Alibaba Group Holding Ltd. BABA, +3.46% shares were ahead more than 3% after Bloomberg News reported that the company has started to prepare for a Hong Kong initial public offering of its Cainiao logistics business.
- Philip Morris International Inc.‘s PM, +2.01% stock was ahead about 2% after JPMorgan Chase & Co. upgraded the tobacco company’s stock to overweight from neutral and hiked its price target to $116 a share from $109 a share.
- EVgo Inc.‘s EVGO, +22.09% stock was rocketing 27%, after the EV-charging infrastructure company saw its revenue grow almost fourfold as it topped expectations.
- Concentrix Corp. CNXC, -1.45% shares were off 6% following news the customer experience solutions and technology provider will buy Webhelp in a deal valued at $4.8 billion including debt.
- Juniper Networks Inc. JNPR, +2.01% shares were rising more than 1% after Evercore ISI turned bullish on the networking name, cheering the company’s operating leverage.
- Shares of Paycom Software Inc. PAYC, +3.65% were ahead 4% and shares of Paylocity Holding Corp. PCTY, +2.47% were up 3% after DA Davidson analyst Robert Simmons upgraded both names to buy from neutral, writing of “limited downside risk to estimates outside of a severe recession.” Paycom’s stock was leading S&P 500 SPX, +0.57% gainers.
Stock decliners:
- Shares of RH RH, -3.29%, which operates furniture retailer Restoration Hardware, fell 2% after the company logged a decline in profit and sales in the latest quarter, reflecting ongoing challenges stemming from a slower economy.
- Bed Bath & Beyond Inc.‘s BBBY, -26.23% stock was plunging 16% after the retailer announced an at-the-market offering to sell up to $300 million in stock and also delivered downbeat preliminary results for its latest quarter.
- Shares of VirnetX Holding Corp. VHC, -17.06% were falling 10% in morning action after the company declared a special cash dividend of $1 a share and signaled that it was “close to a final outcome in our litigation with Apple.” The shares had originally been up sharply premarket following that announcement.
- Roku Inc. ROKU, -3.58% shares were off 3% in morning trading after the streaming company said it would lay off 200 employees and exit some office facilities.
- Shares of PacWest Bancorp PACW, -4.36% were declining more than 3% in Thursday’s action after the name was announced to be moving to the S&P SmallCap 600 from the S&P MidCap 400. Shares of other regional banks including Western Alliance Bancorp WAL, -0.44% and First Republic Bank FRC, -4.00% were falling as well.
