© Reuters.
By Liz Moyer
Investing.com — U.S. stocks tumbled on Friday after new data showed inflation running hotter than it has since 1981. Here are the midday movers for June 10:
- DocuSign Inc (NASDAQ:) shares swooned, dropping 24% after weaker-than-expected . The business soared during the remote-work phase of the pandemic, but investors are worried about the outlook as workers return to offices and demand for mortgages cools. Several Wall Street analysts also cut their ratings or price targets on the stock.
- Stitch Fix (NASDAQ:) shares fell nearly 16% after the company reported and a weaker than expected outlook, saying it would cut 15% of its salaried workers in an effort to resize for growth. The subscription styling service lost 200,000 active users in the 12 months through the latest quarter.
- Netflix Inc (NASDAQ:)shares fell 4% after Goldman Sachs (NYSE:) cut them to sell from neutral, citing pressure from rising competition and a possible recession that could affect results.
- State Street Corp (NYSE:) shares fell 4.5% after the Boston-based financial company denied rumors it was looking to make a bid for Credit Suisse (NYSE:).
- Illumina Inc (NASDAQ:) shares dropped nearly 10% after the gene-based therapy maker said its chief financial officer was moving to a new job at Quest Diagnostics (NYSE:).
- Spirit Airlines Inc (NYSE:) shares rose 2% after JPMorgan upgraded it to overweight from neutral. It has a good chance of completing a merger, the analyst said, leaning toward the offer from JetBlue (NASDAQ:). Spirit delayed a shareholder meeting from today to later this month to decide on the bid from Frontier Group (NASDAQ:).
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