Stocks traded lower Wednesday, while the dollar jumped to a one-week high against its global peers, as investors adopted a cautious stance on risk amid concerns over the pace of Delta-variant infections and their impact on the broader economic recovery.
Here are some of the market's biggest gainers for Wednesday:
1. General Mills | Increase 4%
Shares of General Mills, (GIS Get General Mills, Inc. (GIS) Report rose after the maker of Cheerios cereal and Betty Crocker cake mix revised its fiscal year 2022 outlook and said it expects organic net sales and adjusted earnings to be at the higher end of its prior estimates.
2. Citrix Systems | Increase 3.7%
Citrix (CTXS Get Citrix Systems, Inc. Report shares advanced after activist investor Elliott Management, which holds more than 10% of the software company, said it would like to work with Citrix to improve its valuation and lagging stock price, the Wall Street Journal reported.
3. Kadmon | Increase 72%
Shares of Kadmon (KDMN Get Kadmon Holdings, Inc. Report soared after the French pharmaceutical titan Sanofi (SNY Get Sanofi Sponsored ADR Report agreed to buy the New York biotech company for $1.9 billion. Kadmon holders will receive $9.50 a share cash. The boards of Sanofi and Kadmon approved the terms.
4. ICU Medical | Increase 36%
ICU Medical (ICUI Get ICU Medical, Inc. Report shares surged after the medical instruments and supplies company said it had agreed to acquire Smiths Group's medical division for up to $2.8 billion after the suitor trumped a previous offer from Trulli Bidco. The companies expect the transaction to occur in the first half of 2022.
5. Global Payments | Increase 6.5%
Shares of Global Payments (GPN Get Global Payments Inc. (GPN) Report rose after the payment technology company announced a deal with Virgin Money, a banking and financial services brand founded by Richard Branson. The companies said they are working to launch a new connected payment offering.
