Midday movers: UBS, Kellanova rise; Starbucks slips
Investing.com -- U.S. stock futures rose Wednesday following the release of the latest consumer prices data that showed inflation eased in-line with expectations.
Here are some of the biggest U.S. stock movers today:
Intel (NASDAQ: INTC) stock fell 2% after a regulatory filing showed the chipmaker sold its 1.18 million share stake in Arm Holdings (NASDAQ: ARM), up 2.8%, in the second quarter, after saying earlier this month that it would cut more than 15% of its workforce and suspend its dividend amid a pullback in spending.
Kellanova (NYSE: K) stock rose 8% after it entered into a definitive agreement under which Mars has agreed to acquire Kellanova for $83.50 per share in cash.
Peloton (NASDAQ: PTON) stock fell 3.5% after the exercise equipment maker announced a partnership with Google's (NASDAQ: GOOGL) Fitbit (NYSE: FIT) to give its premium users access to its fitness content, starting early September.
Starbucks (NASDAQ: SBUX) stock fell 4%, handing back some of the previous session’s hefty gains after the coffee chain named Chipotle's (NYSE: CMG)'s Brian Niccol as its new CEO, replacing Laxman Narasimhan, who was at the helm for close to a year and a half.
UBS (NYSE: UBS) stock rose 5% after the Swiss banking giant reported an impressive second-quarter performance, detailing a net profit of $1.14 billion, comfortably surpassing forecasts.
Cardinal Health (NYSE: CAH) stock rose 5.5% after the health care services company raised its 2025 fiscal year guidance after strong 2024 results.
Tencent Holdings (OTC: TCEHY) stock was in focus after the world's largest video game company and operator of the WeChat messaging platform reported an 8% rise in second-quarter revenue, driven by a recovery in its gaming business.
Medtronic (NYSE: MDT) stock fell 1.6% after Stifel downgraded its stance on the medical device company to ‘hold’ from buy’, citing a difficult growth outlook.
Additional reporting by Louis Juricic