When stock markets started showing signs of weakness in the last two days, this gave investors an excuse to sell KKR & Co. (KKR). KKR stock closed at $137.94, down 6.32% on Wednesday.
Shareholders may also be worried about KKR’s recent acquisitions. On Sept. 16, the firm acquired Hoken Minaoshi Hompo Group, a Japanese insurance distributor. KKR did not disclose the price paid. On Sept. 12, the firm planned to acquire NewDay’s portfolio of consumer credit receivables.
Axon Enterprise (AXON) dropped by 10.23% yesterday. Piper Sandler rated the stock with an Overweight rating after initiating coverage. The maker of Taser devices is undergoing a business transformation. It expanded product sales that included body cameras and in-car fleet systems. AXON stock traded in the $780 range just days ago, but closed at below $700.
In the copper and gold mining sector, Freeport-McMoRan (FCX) lost 16.95% of its value yesterday. The firm is guiding Q3 sales to fall by 4% for copper and 6% for gold. Gold is enjoying a rally not seen since 1979, so the outlook is a serious setback for FCX stock.
The firm suspended mining operations at the Grasberg Block Cave mine. A mud rush left workers and missing casualties.
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