MPW - Hot Stocks: PAYX rises on earnings; MPW climb on property divestiture; NIO XPEV and RIVN soar; URBN FL and ROST dips on UBS downgrade

2023-03-29 12:23:15 ET

Fears about the banking sector have subsided, allowing major market indices to recover from a down session on Tuesday.

Electrical Vehicle stocks such as Rivian Automotive ( NASDAQ: RIVN ), XPeng ( NYSE: XPEV ) and Nio ( NYSE: NIO ) rose after the United States inked a deal with Japan for critical minerals used in EV.

Meanwhile, Paychex ( NASDAQ: PAYX ) rose after reporting strong third-quarter earnings, and Medical Properties Trust ( NYSE: MPW ) rose after agreeing to sell Healthscope in Australia to HMC Capital.

Among the decliners are apparel and home goods retailers Urban Outfitters ( NASDAQ: URBN ), Foot Locker ( NYSE: FL ), and Ross Stores ( NASDAQ: ROST ), which were downgraded to sell from neutral by UBS.

Gainers

Rivian Automotive ( RIVN ) gained 8% , XPeng ( XPEV ) gained 9.5% , and Nio ( NIO ) gained 5% after the United States signed a deal with Japan for critical minerals in EV batteries. The agreement with Tokyo will not levy export duties on EV battery minerals, allowing the new subsidy to be sourced without the need for lengthy negotiations on broader trade issues.

Paychex ( PAYX ) climbed 5% after upbeat Q3 earnings and strong outlook. "We continue to monitor the situation and believe that our existing client funds held, cash, cash equivalents, and investment balances will be sufficient to meet all client fund obligations," stated the CEO.

Medical Properties Trust ( MPW ) soared ~5% after it agreed to sell Healthscope in Australia to HMC Capital for A$1.2B ($803.1M).

Decliners

Retailers stock Urban Outfitters ( URBN ) slipped 4% , Foot Locker ( FL ) down about 0.3% and Ross Stores ( ROST ) -1.4% after after UBS downgraded retail stocks due to slow consumer spending, reducing earnings prospects, stated that it sees at least 23% downside to its price targets for each of the companies.

To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section .

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