Major Wall Street indices closed in the red on Wednesday despite an anticipated 50 basis points hike by the Federal Reserve as Chair Jerome Powell indicated the need for more data before the central bank could substantially alter its view on inflation. Federal Reserve officials also project hiking rates through next year and not making any cuts until 2024. The central bank sees itself hitting the terminal rate of 5.1% before it stops hiking – a level that is higher than the 4.6% mark it had forecasted in September. Meanwhile, here are the five stocks that are drawing investors’ attention today:
1. Tesla Inc TSLA: Tesla is looking forward to drilling for new water sources to supply an expansion of its electric vehicle plant near Berlin, reported Reuters citing local authorities and the water association. This is the latest move by the EV-maker to jump-start German bureaucracy, the report said. Shares of Tesla closed 2.58% lower on Wednesday.
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2. Amazon.com, Inc. AMZN: The company’s devices chief has expressed commitment to building the Alexa ecosystem despite job cuts. Senior Vice President Dave Limp told Bloomberg that engagement with Alexa grew and with an all-time high software engagement. However, he admitted that the devices group is still not profitable.
3. Novavax Inc NVAX: Shares of Novavax fell 10.62% in extended trading on Wednesday. The company proposed an underwritten public offering to sell up to $125 million of its common stock. It also announced an offering of $125 million of convertible senior notes due in 2027.
4. Lennar Corp LEN: Shares of Lennar closed 2.53% lower in extended trading on Wednesday. The company said its fourth-quarter revenue increased 21% year-over-year to $10.17 billion, which beat average analyst estimates of $10.1 billion. Deliveries jumped 13% year-over-year to 20,064 homes, but new orders decreased 15% to 13,200 homes.
5. Avidity Biosciences Inc RNA: Shares of Avidity closed 55.28% higher on Wednesday. The company announced positive data demonstrating the first-ever successful targeted delivery of RNA into muscle.
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