2023-06-07 12:02:37 ET
Major market averages were seeking direction during Wednesday's midday session ahead of CPI data and the Fed's policy meeting next week.
Tracking individual stocks, Stitch Fix ( NASDAQ: SFIX ) shares rose and Casey's General Stores ( NASDAQ: CASY ) shares fell following the release of their quarterly earnings results.
Meanwhile, Coinbase Global ( NASDAQ: COIN ) stock rose as Cathie Wood's funds expanded their stake in the cryptocurrency exchange.
In other news, Affirm Holdings ( NASDAQ: AFRM ) shares surged after it announced a deal with Amazon Pay, while Ionis Pharmaceuticals ( NASDAQ: IONS ) stock dropped on a convertible bond offering.
Gainers
- Stitch Fix ( SFIX ) stock surged more than 34% after topping consensus in Q3 . The company also updated cost-cutting strategies, such as decreasing distribution centers from five to three and considering exiting the UK market.
- Coinbase Global ( COIN ) stock recovered 3% as investor Cathie Wood added more than 400K shares across three actively managed ETFs, after the cryptocurrency exchange's shares plunged on an SEC lawsuit. ARK Innovation ETF ( ARKK ) added ~329.8K Coinbase ( COIN ) shares, Ark Next Generation Internet ETF ( ARKW ) picked up nearly 53.9K shares, and ARK Fintech Innovation ETF ( ARKF ) bought close to 35.7K shares.
- Affirm Holdings ( AFRM ) shares advanced ~16% after the company revealed that Amazon Pay merchants in the United States can now add Affirm's Adaptive Checkout as a payment option at checkout. Adaptive Checkout offers biweekly and monthly pay-over-time options side-by-side at checkout.
Decliners
- Casey's General Stores ( CASY ) shares fell as much as 5% after its fiscal Q4 earnings underperformed . For fiscal year 2024, the company expects inside same-store sales to increase 3% to 5% and to improve inside margin to approximately 40% to 41%.
- Ionis Pharmaceuticals ( IONS ) stock decreased about 6% after the company launched a private offering of $500M of senior convertible notes due 2028.
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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- The Real Bear Market: Everyone Is Falling For Money Illusion
- S&P, Dow, Nasdaq futures continue cautious trading
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Hot Stocks: SFIX rises on earnings; AFRM gains on Amazon Pay sync; COIN rises; CASY, IONS fall