Market Updates
Movers: Adobe, Bed Bath & Beyond, Danaher, FedEx
Barry Adams
15 Sep, 2022
New York City
Adobe plunged 17% to $309.13 after the company announced a deal to acquire cloud-based software design company Figma Inc for $20 billion in cash and stock.
Bed Bath & Beyond increased 0.4% to $8.79 after the company said it plans to close 150 of its namesake stores of which over 50 are scheduled to be closed by the end of 2020.
The struggling retailer said it has secured more than $500 million in new secured financing and it plans to cut 20% of its supply chain and corporate staff.
Danaher Corp jumped 3% but closed up nearly unchanged at $281.91 after the medical technology and industrial products maker said it plans to separate its environment and science applications division as a separate company in the last quarter of 2023.
FedEx withdrew its fiscal 2023 earnings guidance released on June 23 after disappointing fiscal first quarter revenues and shipments.
The company also lowered its fiscal 2023 capital spending plan to to $6.3 billion from the previous estimate of $6.8 billion.
The company reaffirmed its previously announced plan to repurchase $1.5 billion of its common stock in fiscal 2023 of which $1.0 billion is expected in the fiscal second quarter.
The parcel delivery company said it plans to cut costs, delay hiring and close 90 offices and five corporate sites.
FedEx fell 15% to close at $204.87.
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