Movers & Shakers: CSX shares come off the rails while Peloton goes up a gear, and other early Friday movers

by | Jul 21, 2023 | Stock Market

Here are some of the biggest movers of the day: Stock gainers: Digital World Acquisition Corp.  
the special purpose acquisition company (SPAC) looking to take Donald Trump’s Truth Social media company public, soared 20% in premarket trades after the SPAC reached a settlement with the Securities and Exchange Commission over fraud charges. 

RedHill Biopharma Ltd.‘s
stock rallied 10% in premarket trades after the company said it has received a further $1.7 million in U.S. government funding for its partner, Apogee, to develop a treatment for gastrointestinal acute radiation syndrome.  Peloton Interactive
stock topped a gently upbeat leaderboard early Friday, gaining nearly 4% on decent premarket volume. The fitness group is due to publish earnings next month as management strives to revive the former lockdown darling. Harley-Davidson Inc.
jumped 3% after D.A. Davidson upgraded it to buy from neutral ahead of its second-quarter financial update on July 27. Stock decliners: CSX Corp.
shares fell nearly 4% in premarket trading Friday after the railroad operator reported second-quarter sales that missed expectations, dragged by lower fuel and coal prices and weaker shipping volumes. PPG Industries Inc. 
paint and coatings maker,  was down more than 2%. The company reported second-quarter results that beat Wall Street’s estimates, and it raised its full-year profit forecast. But management warned of continued “tepid” industrial production and lower home sales. Sirius XM Holdings
were down about 8%. The stock jumped 42% on Thursday on an apparent combination of short covering, an unwinding of a spread trade involving Liberty SiriusXM, and possible buying related to a rebalancing of the Nasdaq 100 index.

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