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Stocks tumbled mid-day after a somewhat dovish Fed statement was followed up with hawkish commentary from Fed Chairman Powell suggesting the Fed is nowhere near done raising rates although smaller hikes are likely in the future. The Nasdaq took the biggest hit, falling 3.4% as the Fed raised another 75 bps to put the fed funds rate at 4%. Amid the carnage, several rumors swirled around Wall Street. Below we highlight a couple:
Garrett Motion (NASDAQ:GTX) gained 10% intra-day on reports from Bloomberg News the company is exploring strategic options including a sale. The company is working with an adviser on a possible sale. Nothing is imminent.
Cano Health (NYSE:CANO) gained 8% today as CVS Health Corp (NYSE:CVS) hinted it may still be looking at acquiring the company, which counters recent talk it has backed out of the bidding for the primary care provider. On its earnings call today, CVS CEO Karen Sue Lynch said, “We will continue to evaluate our options on primary care. And as I said, we believe that we need to do M&A and we continue to evaluate those options in the marketplace.”
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