Even though the Federal Reserve’s decision on interest rates hung over Wall Street on Tuesday at lunchtime, there were still a few stocks that moved a lot because of news about those stocks.
Donald Trump’s Digital World Acquisition (NASDAQ:DWAC) increased in value when the former president announced a “big announcement” was on the way. Following the publication of the clinical data, Kymera Therapeutics (KYMR) saw growth elsewhere.
The attention was also split between a few analyst downgrades. QuantumScape and Best Buy (NYSE:BBY) went down after people said negative things about them.
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Decliners: DWAC Stock
In response to a pessimistic analyst remark, Best Buy (BBY) suffered a loss. Following Bank of America’s downgrading of the company to Underperform from Neutral in noon trade, shares of the electronics retailer fell 2%.
QuantumScape (NYSE:QS) was also under pressure after a bearish reversal, which was caused by a major analyst comment. Concerns over industry rivalry led Goldman Sachs to downgrade the battery manufacturer from Neutral to Sell on the company’s stock.
The company said that QuantumScape shares would perform worse than the rest of its coverage because of investors’ increased attention to EPS power and [free cash flow] in light of the challenging macroeconomic environment.
Gainers
Kymera Therapeutics (KYMR) climbed 15% in intraday trading, buoyed by clinical data that encouraged buying. The business released findings from a Phase 1 trial on its KT-474 medication in people with hidradenitis suppurativa/atopic dermatitis, generally known as eczema.
Three further products—KT-413, KT-333, and KT-253—were also updated by KYMR. For different types of cancer, all three are being developed.
A “big announcement” is expected to be made on Thursday, but in the meanwhile, shares of Digital World Acquisition (NASDAQ:DWAC), the SPAC responsible for bringing Donald Trump’s social media company public, increased by more than 6% at lunchtime trading.
The former president foreshadowed a forthcoming disclosure on the Truth Social app, one of the resources DWAC will make public. “THE USA REQUIRES A SUPERHERO!” The day after tomorrow, I’ll make a BIG announcement. Much obliged!”
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Author Jowi Kwasu 
