Bed Bath and Fox shares drop, Albemarle's stock rallies, and more stocks on the move

By Barbara Kollmeyer and Emily Bary

Foghorn Therapeutics shares slump after FDA cancer-drug pause, while C3.ai's stock moves lower after a downgrade

Here were some of the biggest stock movers in Monday's regular session, as the S&P 500 recorded small gains on the day.

Stocks gaining:

Shares of First Republic Bank(FRC) were up 12% to lead S&P 500 gainers ahead of the bank's first-quarter earnings report, which was due out after the close. Shares headed lower in after-hours action after the report, however.

Shares of Albemarle Corp.(ALB) rose nearly 6% Monday and recovered some of their losses that were sustained Friday after Chile unveiled a plan to nationalize lithium production.

Medtronic PLC's stock (MDT) was up more than 4% after Wells Fargo upgraded the name to overweight, writing that the company has an improving pipeline and "will benefit from an improvement in the underlying medtech markets."

Stocks losing:

Bed Bath & Beyond Inc. shares (BBBY) were slumped 36% after the home-goods retailer said Sunday that it had filed for Chapter 11 bankruptcy. The struggling company said it will focus on winding down operations, but also look for a buyer.

Shares of Fox Corp.(FOXA)(FOXA) were off about 3% after Fox News announced that it was parting ways with host Tucker Carlson.

C3.ai Inc.'s stock (AI) dove roughly 11% after Wolfe Research turned bearish on the enterprise AI software name.

Carrier Global Corp. shares (CARR) declined 7% to pace S&P 500 losers after The Wall Street Journal reported that the company was nearing a deal to purchase German industrial manufacturer Viessmann in a $10 billion-plus combination.

Shares of Eli Lilly & Co.(LLY) fell 0.5% after the drugmaker announced a deal to sell its Baqsimi hypoglycemia treatment for people with diabetes to Amphastar Pharmaceuticals Inc. (AMPH)for up to $1.075 billion in cash and potential milestone payments. Amphastar shares fell more than 6%.

Foghorn Therapeutics Inc.'s stock (FHTX) was slid about 8% after the biotech said the Food and Drug Administration had put a partial hold on a cancer-drug trial.

First Solar Inc. shares (FSLR) were fell more than 3% after Citi Research analyst Vikram Bagri cut his rating on the stock to sell from neutral, citing a "challenging" long-term outlook for the company.

-Barbara Kollmeyer

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04-24-23 1620ET

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