Stocks making the biggest moves midday: Walgreens Boots Alliance, Levi Strauss, International Paper and more
What caused International Paper's stock to fall nearly 8%?
International Paper's stock fell nearly 8% due to the news that Suzano, a Brazilian pulp producer, is no longer pursuing a potential acquisition of the company1. Suzano stated that it believes it had reached the maximum price for the transaction to generate value without receiving any response from International Paper.
Why did Walgreens Boots Alliance stock plummet over 24.5%?
Walgreens Boots Alliance stock plummeted over 24.5% due to reporting third-quarter earnings results that missed Wall Street's expectations. The company also announced a cut to its full-year adjusted profit outlook and said it would close stores that are underperforming as a way to cut costs5.
What reasons did Levi Strauss provide for its 17.1% stock drop?
Levi Strauss's stock dropped by 17.1% due to lower-than-expected revenue in the second fiscal quarter, which came in at $1.44 billion, slightly below the consensus forecast of $1.45 billion from analysts polled by LSEG. The company also reported a 17% drop in quarterly adjusted profit due to a stronger dollar, higher marketing costs, and investments in its online business2.