Stocks turned lower Wednesday, following hawkish comments from Federal Reserve officials and as investors digested the latest economic data.
The producer-price index declined more than economists expected in December. And Retail sales fell 1.1% month over month in December.
The stock market dropped, with the Dow Jones Industrial Average down 1.8%, the S&P 500 down 1.6%, and the Nasdaq Composite down 1.2%.
Here are stocks that were making moves Wednesday:
Chegg(ticker: CHGG) fell 17% after the online-education company was downgraded to Hold from Buy by analysts at Needham.
Bluebird Bio(BLUE) slipped 17% after the biotech announced a proposed public offering of 20 million shares.
Yeti(YETI) fell 7.5% after the maker of high-end coolers was downgraded to Market Perform from Outperform by analysts at Cowen.
J.B. Hunt Transport Services(JBHT) rose 5%. Shares of the trucking and logistics giant had fallen after it posted a fourth-quarter earnings miss, but rebounded.
“Collectively, adjusted results were better than feared and Intermodal profitability was intact in spite of lower loads,” Citigroup analyst Christian Wetherbee wrote in a report Wednesday. “Ultimately, better than feared results should be positive.”
Moderna(MRNA) gained 3.3% after the biotech company announced strong results from a large trial of its respiratory syncytial virus vaccine late on Tuesday. RSV is a common virus and, to date, no vaccine is approved to prevent it.
International Business Machines(IBM) slid 3.3% after the information technology company was downgraded to Equal Weight from Overweight by analysts at Morgan Stanley. Analyst Erik Woodring also lowered his target price to $148 from $152.
GoDaddy(GDDY) rose 3.1% on an upgrade to Outperform from In Line by analysts at Evercore ISI.
Charles Schwab(SCHW) slid 2.6% after the brokerage reported lower earnings than expected for its fourth quarter.
Tesla(TSLA) shares declined 2.1% after rallying Tuesday. The stock fell more than 6% on Friday after news of U.S. price cuts and has since more than rebounded.
