Top midday movers: KMX, ACN, PTON, JEF show significant stock fluctuations.


Trimble, a technology services provider, saw a 6.4% increase in its stock price after the announcement that AGCO Corporation will acquire an 85% stake in Trimble’s agribusiness for $2 billion in cash. This acquisition will help the tractor and seeding equipment firm expand its precision agriculture portfolio. DigitalBridge, a digital infrastructure company, experienced a 5.8% jump in its stock price following an upgrade from JPMorgan. Jefferies Financial Group, a financial services stock, rose more than 2% despite third-quarter profits being impacted by a slowdown in deal-making. Jefferies expressed optimism that investment banking activity will rebound. Duolingo’s stock gained 4.5% after receiving a buy rating from UBS, which cited the language-learning company as a “best-in-class brand.” Host Hotels & Resorts saw a 3.8% increase in its stock price as Wolfe Research initiated coverage with an outperform rating and a $22 price target. Conversely, Workday’s shares plummeted 8.6% after the company lowered its long-term subscription growth target.

Accenture, an IT and consulting firm, experienced a nearly 5% drop in its stock price after reporting mixed results for its fiscal fourth quarter. Micron, a chipmaker, saw a 2.7% decrease in its shares due to a weaker-than-expected earnings forecast. Peloton’s stock rose by 7% following the announcement of a five-year strategic partnership with Lululemon. CarMax, a used-car retailer, faced a 9.5% decline in its shares as demand for used cars weakened, resulting in lower earnings and revenue compared to the previous year. Concentrix, a consumer experience tech company, saw a 10% gain in its stock price after increasing its quarterly dividend and reporting adjusted earnings and revenue that slightly missed analyst expectations.

In summary, Trimble’s stock rose on the news of AGCO Corporation’s acquisition of its agribusiness, while DigitalBridge received an upgrade from JPMorgan. Jefferies Financial Group remained optimistic despite a profit slowdown, Duolingo gained a buy rating from UBS, and Host Hotels & Resorts saw positive coverage from Wolfe Research. On the other hand, Workday’s lowered growth target negatively impacted its shares. Additionally, Accenture reported mixed results, Micron’s earnings forecast fell short, and Peloton announced a strategic partnership with Lululemon. Finally, CarMax faced declining demand for used cars, and Concentrix increased its dividend but missed analyst expectations.

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