Stock Market News
Midday Movers: FedEx, NCR, Uber Technologies and More
2022.09.16 13:53
Midday Movers: FedEx, NCR, Uber Technologies and More
U.S. stocks tumbled on Friday on fears of a global economic slowdown. Here are the midday movers for Sept. 16:
- FedEx Corporation (NYSE:) shares dropped 22% after it warned on earnings, blaming a drop in global package volume, especially in China. It will cut costs, including closing FedEx store locations and freezing hiring.
- NCR Corp (NYSE:) shares tumbled 23% after the company said it would split itself in two rather than sell itself. The new companies will focus on ATMs and digital commerce products, respectively.
- Uber Technologies Inc (NYSE:) shares fell nearly 5% after the ride-hailing company said it experienced a cybersecurity attack and was in touch with law enforcement.
- General Electric Company (NYSE:) shares dropped 4% after it said supply chain issues were cutting into its projected cash flow.
- Adobe Systems Incorporated (NASDAQ:) shares continued to sell off on Friday after a 16% drop Thursday. The stock was down 4% as analysts questioned whether its $20 billion plan to buy software company Figma was too high a price.
