Midday movers: FedEx, Alphabet, and more

Investing.com -- Main U.S. indexes were slightly higher on Wednesday as investors paused for breath after a multi-week rally based on optimism of interest rate cuts from the Federal Reserve next year.

Here are some of the biggest U.S. stock movers today:​

FedEx (NYSE: FDX) stock slumped over 11% after the delivery giant slashed its full-year revenue guidance and posted weaker-than-anticipated quarterly profit, warning customer demand will face strong headwinds.

General Mills (NYSE: GIS) stock fell 2.6% after the food processing company slashed its full-year forecast, seeing a “slower-than-expected volume recovery in the second quarter amid a continued challenging consumer landscape.”

Steelcase (NYSE: SCS) stock climbed 11% after reporting EPS that topped consensus, although it reported disappointing guidance for the final quarter of the year.

Alphabet (NASDAQ: GOOGL) stock rose 3% following a report that said the tech giant’s Google plans to reorganize a big part of its 30,000-person ad sales unit. Shares hit a 52-week high.

Aon (NYSE: AON) stock fell 5% after the management consulting firm announced plans to buy insurance broker NFP in a cash and stock deal valued at $13.4 billion.

Lowe’s (NYSE: LOW) stock fell 1% after Stifel downgraded its stance on the home improvement retailer to ‘hold’ from ‘buy’, citing a “more cautious approach to FY24.”

Discover Financial Services (NYSE: DFS) stock rose 1.4% after Citi upgraded the company to ‘buy’ from ‘neutral’, citing among other reasons the reinstatement of regular share repurchases and the sale of its student loan portfolio/business.

Spirit Aerosystems (NYSE: SPR) stock rose 1.5% after Morgan Stanley upgraded the aerostructure manufacturer to ‘equal weight’ from ‘underweight’, citing the incorporation of recent capital raises and a change in market sentiment.

Paramount Global (NASDAQ: PARA) stock rose 1.3% after Wells Fargo upgraded the entertainment giant to ‘equal weight’ from ‘underweight’. Separately, a report from Bloomberg said Paramount is in talks to sell Black Entertainment Television to a management-led investor group.

Costco Wholesale (NASDAQ: COST) shares declined 1.6% after Northcoast Research downgraded shares to ‘neutral’ from 'buy' with a price target of $620. The downgrade was tied to valuation.

Micron Technology (Nasdaq: MU) stock declined 1.6% ahead of the release of its fiscal first quarter results today after the market closes.

By Louis Juricic and Peter Nurse

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