Instacart's stock slips after IPO, Dollar General shares hit by downgrade and other stocks on the move

By MarketWatch

Textron is leading S&P 500 gainers after an order for up to 1,500 Cessna business jets

Here are the day's biggest movers:

Stock gainers:

Shares of Steelcase Inc. (SCS) gained 27% after the office-furniture maker called for "significantly improved" profit as more companies order their employees back to the office.

Pinterest Inc.'s (PINS) stock rose 4.7% after company executives said they expect revenue growth to pick up in 2024 after a slowdown in 2023 and 2022. The company also added former eBay Inc. (EBAY) executive Scott Schenkel to its board and announced a slew of new ad tech tools at its investor day.

Textron Inc.'s stock (TXT) rose 5% to lead S&P 500 gainers, after the aviation company announced an agreement with NetJets for up to 1,500 additional Cessna Citation business jets over the next 15 years.

Nio Inc.'s stock (NIO) rose 3%, a day after they suffered their worst day in four years, and their third-worst day since going public in September 2018, in the wake of the China-based electric vehicle maker's announcement of a $1 billion convertible bond offering.

Goldman Sachs Group Inc.'s stock (GS) rose 0.4%, after the Wall Street Journal said the bank is in advanced talk with a group of investment firms, which includes KKR (KKR), Sixth Street and Pacific Investment Management, on the sale of its GreenSky specialty loan unit.

Stock decliners:

Shares of Instacart (CART) were down 4.5% following a debut in which they finished up 12%. A Needham analyst initiated coverage of the stock with a hold rating and said he sees various "structural headwinds against adoption," after some survey respondents indicated enjoyment of in-store shopping and concerns about getting the right products.

Dollar General stock (DG) fell 2%. JPMorgan slashed its rating on the retailer to underweight from neutral, and cut its price target to $116 from $132, following comments made by CFO Kelly Dilts at a conference the investment bank held in London. JPMorgan is now forecasting flat comparable-store sales growth, as Dollar General's core low income customer is "acting recessionary today."

Canopy Growth Corp.'s stock (CGC) (CA:WEED) slid 8.7%, after the Canadian cannabis company registered about 46 million shares for sale to the public. The filing comes two days after the company announced a private placement with institutional investors of up to $50 million to boost liquidity.

General Mills Inc.'s stock (GIS) slid 0.3%, after the consumer-foods company posted slightly better-than-expected fiscal first-quarter earnings, but said the consumer is still wary in an uncertain economic climate.

Sharesof ARS Pharmaceuticals Inc. (SPRY) tumbled 57%, after the biopharmaceutical company said the U.S. Food and Drug Administration issued a Complete Response Letter regarding the New Drug Application for its epinephrine nasal spray Neffy.

Seelos Therapeutics Inc.'s stock (SEEL) tanked 75%, after the company reported promising results from a trial of a treatment for Acute Suicidal Ideation and Behavior (ASIB) in adults with Major Depressive Disorder (MDD) but said a too-small sample size means the study did not meet its primary endpoint.

-MarketWatch

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09-20-23 1228ET

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