Technology services provider Trimble saw its stock jump about 6.4% following the announcement that AGCO Corporation will acquire an 85% stake in Trimble’s agribusiness for $2 billion in cash. AGCO, a tractor and seeding equipment firm, aims to expand its precision agriculture portfolio through this joint venture. Meanwhile, digital infrastructure company DigitalBridge experienced a 5.8% surge in its share price as JPMorgan upgraded the company to overweight from neutral, stating that DigitalBridge has completed the transformation of its business. Jefferies Financial Group also saw a rise of more than 2% in its stock, despite its third-quarter profits being impacted by a slowdown in deal-making. The company’s CEO expressed optimism about a return in investment banking activity.
Language learning platform Duolingo witnessed a 4.5% increase in its shares after UBS initiated coverage of the company with a buy rating, highlighting its strong brand reputation. Real estate investment trust Host Hotels & Resorts saw its shares rise by 3.8% after Wolfe Research assigned an outperform rating to the company. However, cloud services company Workday faced an 8.6% decline after lowering its long-term subscription growth target to a range of 17% to 19%, down from the previous target of 20%. IT and consulting firm Accenture saw its shares fall nearly 5% following mixed results for its fiscal fourth quarter, including earnings and cash from operations that came in below expectations. Micron, the chipmaker, experienced a 2.7% decrease in its stock price after the company provided a weaker-than-anticipated earnings forecast.
In other news, exercise equipment company Peloton’s shares rose by 7% after announcing a five-year strategic partnership with athletic apparel brand Lululemon. The partnership includes the availability of Peloton’s content on Lululemon’s exercise app and Lululemon becoming Peloton’s primary athletic apparel partner. Used-car retailer CarMax’s shares dropped by 9.5% as its fiscal second-quarter earnings and revenue decreased compared to the previous year. CarMax attributed this decline to weakening demand for used cars and a decrease in vehicle purchases. Concentrix, a consumer experience tech company, saw a 10% increase in its shares after announcing a 10% hike in its quarterly dividend and posting strong quarterly adjusted earnings and revenue figures, slightly below analysts’ estimates.