Movers: Diamondback Energy, El Pollo Loco, Konwbe4, PepsiCo, Philips, United Airlines

Barry Adams
12 Oct, 2022
New York City

Stocks on Wall Street traded higher after the release of the wholesale inflation index and ahead of the consumer inflation data on Thursday. 

The S&P 500 index gained 0.3% to 3,597.16 and the Nasdaq Composite index increased 0.2% to 10,448.43.

Diamondback Energy Inc increased 1.4% to $141.35 after the company agreed to acquire FireBird Energy for $1.6 billion in cash and stock. 

The company said it has agreed to purchase all leasehold interest in 75,000 contiguous acres and related assets of FireBird in exchange for 5.86 million shares of its common stock and $775 million cash.

El Pollo Loco, Inc increased 14.2% to $10.38 after the company announced a special dividend of $1.50 a share and stock repurchase program of $20 million. 

The special dividend is payable on November 9, 2022 to shareholders of record at the close of business on October 24, 2022.

Knowbe4 Inc increased 12.6% to $24.32 on the report that the company is close to finalizing a deal with Vista Equity to go private for $4.5 billion. 

The news was first reported by the Wall Street Journal. 

PepsiCo, Inc gained 3.8% to $169.0 after the snack and beverage maker reported revenue in the third quarter increased 8% to $21.97 billion and net income rose 22% to $2.7 billion. 

The better-than-expected increase in sales was driven mostly by price increase in snacks business of as much as 20% and 2% decline in volume and flat volumes in its beverage unit and about 4% rise in prices.

Koninklijke Philips NV dropped 11.7% to $13.19 after the Dutch tech company said third quarter earnings are likely to drop as much as 60% and the company plans to take a one-time charge of $1.3 billion in its respiratory care unit.  

United Airlines Holdings Inc scaled higher 0.5% to $34.12 after the company said it plans to expand its transatlantic travel network to more cities in summer 2023. 

"In total, United will fly to 37 cities in Europe, Africa, India and the Middle East next summer, more destinations than all other U.S. airlines combined," the airline noted in a statement today.