:max_bytes(150000):strip_icc()/GettyImages-2153247552-540609cd2d024ffdb1565e7752cbb680.jpg?w=1024&resize=1024,1024&ssl=1 "Top Stock Movers Now: Kellanova, Allstate, Alphabet, Starbucks, and More")
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Key Takeaways
- U.S. equities were higher at midday as the latest report on consumer prices showed the annual inflation rate cooled to 2.9% in July, down from June and beating expectations for a 3% increase.
- Kellanova shares surged on news the company behind Pop-Tarts and Pringles has agreed to be bought by candy maker Mars for $36 billion.
- A report that the U.S. Department of Justice may consider breaking up Google sent shares of parent Alphabet lower.
U.S. equities were higher at midday Wednesday as a report on consumer prices showed the annual inflation rate cooled to 2.9% in July, down from June and beating expectations for a 3% increase.
Kellanova (K) shares surged as the company behind Pop-Tarts and Pringles agreed to be purchased by M&Ms maker Mars for $36 billion.
Shares of Allstate (ALL) rose after the insurance provider sold its Employer Voluntary Benefits business to privately owned StanCorp Financial Group for $2.0 billion.
Cardinal Health (CAH) shares advanced when the provider of healthcare services and products reported better-than-anticipated results and boosted its guidance on strong drug sales.
Brinker International (EAT) shares tumbled after the parent of Chili's and Maggiano's restaurant chains posted less-than-anticipated second quarter profit and full-year outlook as expenses increased.
A report that the Justice Department may consider breaking up Google sent shares of parent Alphabet (GOOGL) lower.
After their huge runup yesterday, shares of Starbucks (SBUX) fell as investors cashed in on the jump prompted by the announcement that the company had hired Chipotle Mexican Grill (CMG) Chief Executive Officer (CEO) Brian Niccol to take over the coffee giant. After selling off on the news, Chipotle shares were down again today.
Oil and gold futures declined. The yield on the 10-year Treasury note was down. The U.S. dollar gained on the pound, but lost ground to the euro. Prices for most major cryptocurrencies fell.
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