Coinbase and AT&T stocks rally, Nio and Hawaiian Electric shares fall and other stocks on the move

By MarketWatch

Best Buy leads S&P 500 gainers after upbeat earnings, while Nio's stock falls after results disappoint

Here are some of the bigger and more-active movers on Tuesday:

Stock gainers

Best Buy Co. shares (BBY) got a near-6% boost, enough to lead the S&P 500 index's SPX gainers, after the consumer electronics retailer reported better-than-expected second-quarter results, and repeated its call that demand for technology products will bottom this year.

Shares of cryptocurrency exchange Coinbase Global Inc. (COIN) charged up 13% after a federal appeals court ordered the U.S. Securities and Exchange Commission to vacate its rejection of Grayscale Investments' proposed bitcoin exchange-traded fund.

Shares of AT&T Inc.(T) and Verizon Communications Inc.(VZ) each rose more than 2%, as Citi upgraded both telecommunications companies to buy/high-risk from neutral.

Oracle Corp. shares (ORCL) hiked up 3% after the enterprise software company was upgraded at UBS, which cited the company's "underappreciated edge" over its rivals due to its graphics-processing-unit capacity at a time of supply shortages, as well as its Oracle Cloud Infrastructure architecture.

3M Co.'s stock (MMM) tacked on more than 2% after the consumer, industrial and health care-products company agreed to pay up to $6 billion to settle claims that it allegedly sold faulty Combat Arms earplugs to the U.S. military.

The U.S.-listed shares of PDD Holdings Inc. (PDD) after the China-based mobile marketplace company reported second-quarter results that beat expectations by a wide margin, as a "positive shift" in consumer sentiment led to a rise in demand.

Big Lots Inc.'s stock BIG rocketed 29% after the discount home essentials retailer reported a narrower-than-expected second-quarter loss and revenue that topped forecasts.

Catalent Inc. shares (CTLT) climbed more than 5% after the maker of products used by drug makers and consumer health companies announced a cooperation agreement with activist investor Elliott Investment Management LP, as it will appoint four new independent directors.

Stock decliners

Shares of Nio Inc. (NIO) shed nearly 4% after the China-based maker of electric vehicles reported second-quarter results that missed expectations, but provided an upbeat outlook for the current quarter.

Hawaiian Electric Industries Inc.'s stock (HE) slumped 5%, to pullback following Monday's record 45% surge when it denied being responsible for deadly wildfires.

Shares of Joann Inc. (JOAN) tumbled 12% after the arts-and-crafts retailer posted second-quarter sales that were above analysts' consensus, but reported a much-wider-than-expected loss.

Emergent BioSolutions Inc. shares (EBS) took a 6% hit, enough to pace the New York Stock Exchange's decliners, after Benchmark analyst Robert Wasserman downgraded the maker of products that address public health threats to hold from buy, in the wake of disappointing quarterly results and full-year outlook.

-MarketWatch

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08-29-23 1229ET

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