• Acuity Brands Inc: Cowen and Company cuts target price to $225 from $250, on the back of market share losses and gross margins decline.
• Etsy Inc: Evercore ISI cuts target price to $95 from $130, in the wake of an expected decline in retail spending based on an online shopper survey.
• FedEx Corp: Berenberg cuts target price to $275 from $330, on rising cyclical risks and a weak macroeconomic outlook.
• General Mills Inc: Jefferies raises target price to $75 from $69, after the company announced robust fourthquarter results and a solid guidance, in line with expectations.
• Micron Technology Inc: Piper Sandler cuts target price to $50 from $70, citing a weak guidance announcement for the August quarter and elevated inventory levels at cloud customers.
Wall Street futures were in the red on recession concerns, setting for a dismal start to the second half of the year. European shares fell, with semiconductor stocks leading the slide. Japan’s Nikkei index ended lower for a third session. Oil prices surged as supply outages in Libya and expected shutdowns in Norway outweighed expectations of a waning demand. Gold prices declined, while the dollar strengthened.