Investors were keeping a close eye on midday trading today, with several companies making headlines. Instacart saw its stock dip more than 5% one day after going public on the Nasdaq. The grocery delivery company's shares debuted at $42, 40% above its $30 offering price. Meanwhile, Steelcase stock surged over 26% as it posted second-quarter results that exceeded Wall Street predictions and issued positive full-year and third-quarter guidance. Klaviyo shares jumped over 23% to hit $36.75 after its New York Stock Exchange initial public offering. Bausch Health Companies saw a 10% surge as Jefferies upped it to a buy rating due to a potential legal win. Stellantis rose around 3% on news of increased sales in Europe and the United States, where the Chrysler-Jeep parent warned of possible lay-offs due to a strike. Pinterest made further gains of 4%, following an announcement from management of accelerating revenue growth in the next two years. General Mills saw its stock dip slightly even after it beat analyst expectations for its fiscal first-quarter earnings. Coty was up by almost 6% as it revised its full-year 2024 outlook with an anticipated 8-10% like-for-like sales growth. Meanwhile, Zebra Technologies shares declined over 4% after Morgan Stanley downgraded it to underweight, and Chewy shares dipped more than 4% after Oppenheimer lowered its rating to perform. On Holding and Lululemon both enjoyed increases of 1.4% and 2%, respectively, after they were initiated with buy ratings by Needham. Azul soared 12.5% on an upgrade to buy from neutral according to Goldman Sachs, while Build-A-Bear Workshop rose 7% when D.A. Davidson initiated coverage of it at a buy. First Citizens BancShares climbed 2.6% when JPMorgan initiated coverage of it at overweight.
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