Tesla, Anheuser-Busch, Logitech shares rise, while AMC, iRobot, Virgin Galactic shares fall, and other stocks on the move

By MarketWatch

Tesla downgraded for a second straight day but its stock traded higher, while Boeing led the Dow's losers after Spirit AeroSystems suspends operations

Here are some of the bigger stock movers Thursday:

Stock gainers:

Tesla Inc.(TSLA) shares climbed 1.5%, reversing an earlier intraday loss of as much as 4.3%. The initial selloff followed a downgrade to equal weight from overweight at Morgan Stanley, which cited concerns over valuation and the expectation that the electric-vehicle giant will keep lowering prices amid increasing competition. On Wednesday, the stock suffered its worst one-day percentage decline in two months after a downgrade at Barclays, which also cited valuation concerns after the stock had more than doubled in the year to date.

Anheuser-Busch InBev's(ABI.BT) stock rose 2% after it was upgraded to buy from hold at Deutsche Bank, which said the beer maker was worth buying even if sales of Bud Light do not recover following consumer backlash to an April social-media campaign featuring trans activist Dylan Mulvaney.

Logitech International's(LOGN.EB) stock rose 2.1% after the Swiss maker of peripherals and software said its board of directors has approved a new share-buyback program of up to $1 billion The company's shares have seen pressure in recent days amid reports that one of its game controllers was used to steer the submersible that went missing while taking five people to see the wreck of the Titanic.

Shares of Overstock.com Inc. (OSTK) shot up nearly 20% after the online shopping site's successful bid to buy Bed Bath & Beyond's assets for $21.5 million.

NRG Energy Inc. (NRG) shares jumped 3.4 % to pace all S&P 500 gainers, after the energy utility boosted its stock-repurchase and cost-cutting programs in the wake of a report in the Wall Street Journal that activist investor Elliott Investment Management was looking to oust the company's chief executive officer.

ShiftPixy Inc.'s(PIXY) stock soared 56.4%, even though the gig-economy-focused workforce-management company, which harnesses artificial intelligence in its staffing technology, didn't release any news.

Root Inc. (ROOT) shares ran up 27.6%, a day after they rocketed 60%, after the Wall Street Journal reported, in a story that published just before Wednesday's closing bell, that Embedded Insurance has bid to buy the car-insurance company at a per-share price that represented a 221% premium to Tuesday's closing price.

Steelcase Inc.'s(SCS) stock jumped 7.7% after the office-furniture supplier reported fiscal first-quarter results that beat Wall Street expectations.

Shares of Oncolytics Biotech Inc. (ONC.T) soared 22% after the San Diego-based company said its pelareorep therapy has been selected for inclusion in an adaptive Phase 3 pancreatic cancer clinical trial.

Roivant Sciences Ltd.'s(ROIV) stock surged 16.2% after the company released new positive data from a study of its monoclonal antibody RVT-3101 in adults with ulcerative colitis.

Stock decliners:

Virgin Galactic Holdings Inc.(SPCE) shares fell 6.2%, continuing Wednesday's pullback from a four-month high. The space company's stock ended Wednesday's session down 5%, snapping a rally fueled by plans for Virgin Galactic's first commercial spaceflight.

Spirit AeroSystems Holdings Inc.(SPR)(ACN) shares dropped nearly 10 % after the aerospace company said it was suspending factory operations after unionized workers voted to strike. Shares of Boeing Co. (BA), which is Spirit's largest customer, lost 2.8% in sympathy, to pace the Dow Jones Industrial Average's decliners.

Roomba parent iRobot Corp.'s(IRBT) stock sank nearly 8% amid concerns the Federal Trade Commission's suit against Amazon.com Inc. may derail a planned deal. Amazon had announced in August 2022 plans to buy iRobot in a deal valued at $1.7 billion, including debt.

Accenture PLC(ACN) shares shed more than 2% after the management consultant reported fiscal third-quarter results that beat expectations but provided a downbeat outlook.

Rivian Automotive Inc.'s(RIVN) stock fell more than 3% after the EV maker said it had purchased a Swedish mapping and route-planning company to help its EV owners plan routes and find charging stations

AMC Entertainment Holdings Inc.'s (AMC) stock fell 8.7%, while AMC's Preferred Equity units rose 7.4%.

-MarketWatch

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06-22-23 1608ET

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