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Shares of C3.ai fell sharply for a second day.
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The Nasdaq fell on Wednesday as colder-than-expected economic data fueled concerns about the overall health of the economy.
These stocks made notable moves on Wednesday:
C3.ai (ticker: AI) fell 15% on Wednesday after closing more than 26% on Tuesday after short seller Kerrisdale Capital published a letter to the auditors of the artificial intelligence software company alleging a series of accounting irregularities, including that it has been exaggerating revenue and margins. C3.ai denied any wrongdoing and said that Kerrisdale was misrepresenting its financial reports.
Western Alliance Bank (WAL) fell 12% after telling investors that its total deposits at the end of the quarter were $47.6 billion compared with $53.6 billion as of December 31. Shares initially fell more than 19% after the regional bank issued a trading update without providing an exact deposit. balance.
albermarle (ALB) fell 6.1% after the lithium giant’s shares were downgraded to Underperform from Neutral on BofA.
tesla
(TSLA) fell 3.7% as investor confidence in the EV industry faltered following comments from companies during the week about constraining EV supply and demand. news that
ford engine
(F) was losing half of the EV purchase tax credit for two of its EVs and was also hurting the shares of EV manufacturers and traditional automakers with EV divisions. Ford fell 2.2%,
general motors
(GM) decreased 1.8%,
lucid group
(LCID) fell 2.5%, and
rivian automotive
(RIVN) was down 4.9%.
just good foods
(SMPL), the parent company of natural foods brands Atkins and Quest, reported fiscal second-quarter earnings and sales that beat analysts’ estimates, but said full-year gross margin would decline more than expected due to higher supply chain costs. The stock fell 4.8%.
First Citizens Bancshares
(FCNCA) shares rose 4.2% after a UBS analyst doubled the regional bank’s upgrade to Buy from Sell on confidence in what’s to come after the Silicon Valley Bank purchase.
Actions of johnson and johnson (JNJ) rose 4.5% after the healthcare giant said it proposed to pay at least $8.9 billion to settle claims that its talcum powder causes cancer. J&J also said that its subsidiary, LTL Management, which was set up to handle the litigation, would again file for bankruptcy and fund itself with $8.9 billion over 25 years to cover the talc liabilities. J&J has not admitted to any wrongdoing.
Conagra Brands
(CAG) shares rose 1.8% after the processed food maker reported sales and profit for its fiscal third quarter that beat Wall Street estimates after raising prices to offset inflationary pressures. The company also raised its full-year earnings outlook.
fedex
(FDX) rose 1.5% after announcing that it will increase its annual dividend by 10%, or 44 cents per share, to $5.04 per share. FedEx also said it was consolidating all of its operating companies into “one organization,” meaning that FedEx Express, FedEx Ground and FedEx Services will come together and operate as one unit.
Email Joe Woelfel at joseph.woelfel@barrons.com and Angela Palumbo at angela.palumbo@dowjones.com
