S&P 500’s Biggest Gains and Losses Today
1 hr 43 min in the past
Here are the S&P 500 shares that gained and misplaced essentially the most immediately:
Dow Falls on Apple Drop, Interest Rate Fears
2 hr 1 min in the past
Concerns about continued excessive rates of interest despatched the Dow Jones Industrial Average decrease for the second consecutive session, with the index giving up almost 0.6%, or about 199 factors.
Apple (AAPL) shares dropped 3.6% after the Wall Street Journal reported China banned central authorities officers from utilizing iPhones for work or bringing them to the workplace, a part of its efforts to scale back reliance on overseas know-how. Apple was additionally named a “gatekeeper” topic to enhanced regulatory necessities underneath a brand new European Union regulation.
Microsoft (MSFT) was additionally included within the EU’s listing of “gatekeepers,” sending its shares down 0.2%.
Aircraft maker Boeing (BA) dropped 2.1% as airways warned that increased gas costs would add to prices, prompting Southwest Airlines (LUV) to slender its unit income outlook for the present quarter and sending its shares decrease by 2.6%.
Verizon (VZ) shares dipped 0.4% after it agreed to pay a $4.1 million settlement to the U.S. Justice Department after allegations that it failed to satisfy cybersecurity requirements.
Salesforce (CRM) and Dow Inc. (DOW) gained 1.3%, whereas Walmart (WMT) rose 0.8%.
Intel (INTC) shares rose 0.7% a day after it introduced a take care of Tower Semiconductor (TSEM) that may see Tower make investments $300 million in Intel’s New Mexico manufacturing facility. Intel was pressured to scrap its acquisition of the Israeli chipmaker in August when it did not safe approval from Chinese regulators.
Chevron (CVX) shares gained 0.1% as crude oil costs resumed their climb after dipping barely this morning.
-Terry Lane
Mega Caps Drag on S&P 500, Nasdaq
2 hr 45 min in the past
The S&P 500’s eight largest holdings all fell Wednesday as buyers frightened rising oil costs might counter a number of the headway the Federal Reserve has made in its year-and-a-half-long effort to tame worth progress.
The tech-heavy Nasdaq 100 was damage much more, with its 10 largest constituents all dropping. Tech shares are significantly delicate to rising rates of interest, which scale back the worth of future earnings and restrict progress by elevating borrowing prices.
The shares main markets decrease immediately are:
Apple (AAPL): -4%
Microsoft (MSFT): -0.4%
Amazon (AMZN): -1.5%NVIDIA (NVDA): -3.4%
Meta Platforms (META): -0.6%
Alphabet (Class C shares; GOOG): -1%
Alphabet (Class A shares; GOOGL): -1%
Tesla (TSLA): -1.9%
Private Equity Firm Thoma Bravo Acquires NextGen Healthcare for $1.6 Billion
3 hr 31 min in the past
NextGen Healthcare Inc. (NXGN), an Atlanta, GA-based healthcare information supplier, has agreed to be acquired by non-public fairness agency Thoma Bravo in a deal valued at $1.6 billion.
Once accomplished, NextGen Healthcare, which has traded on the Nasdaq since 1982, will turn into a privately held firm. The firm’s shareholders will obtain $23.95 per share in money—a 46.4% premium to the inventory’s closing worth on August 22, simply earlier than information a few potential sale of the corporate turned public.
NextGen shares surged greater than 14% Wednesday. They’ve risen greater than 40% over the previous two weeks, and 30% because the begin of September.
-Mack Wilowski
YCharts
Midday Market Movers
3 hr 58 min in the past
Well beingEquity Inc. (HQY): Shares gained greater than 4% after the healthcare tech firm’s gross sales and earnings for essentially the most recent quarter beat Wall Street’s estimates. Earnings per share grew 60% year-over-year to $0.53.
DexCom Inc. (DXCM): Shares of the continual glucose monitor producer gained 7%, making it the S&P 500’s best-performing inventory noon. It was joined by fellow medical gadget makers Insulet Corp. (PODD) and Zimmer Biomet Holdings Inc. (ZBH), up 5% and 4%, respectively.
AMC Entertainment Holdings Inc. (AMC): Shares of the theater chain misplaced greater than 30% after it introduced its plan to promote as much as 40 million frequent shares. The firm transformed most well-liked shares to frequent shares and performed a reverse inventory break up final month.
Albemarle Corp. (ALB): Shares fell 6% two days after the mining large raised its supply to amass Australian lithium miner Liontown Resources in a deal that values the corporate at $4.3 billion.
SolarEdge Technologies Inc. (SEDG): Shares of the photo voltaic vitality firm slipped 4% after analysts at Morgan Stanley lowered their worth goal to $240 from $334. Other photo voltaic shares adopted, with Enphase Energy Inc. (ENPH) down 4% and First Solar (FSLR) falling 3%.
Roku Rises on Impending Layoffs and Higher Guidance
4 hr 29 min in the past
Roku Inc. (ROKU) shares had been up greater than 2% noon Wednesday after the corporate stated it will lay off 10% of its employees as part of a broader cost-cutting technique.
The projected cost of severance and advantages to laid-off employees is $45 million to $65 million. Roku anticipates a cost of $160 million to $200 million associated to breaking workplace leases and one other $55 million to $65 million associated to content material taken off the platform.
Nonetheless, Roku raised its third-quarter income steering to a variety of $835 million and $875 million from its earlier estimate of $815 million.
Shares of the corporate jumped 8% early Wednesday earlier than paring its features.
-Vivian Medithi
Top Analyst Calls Today
5 hr 24 min in the past
AeroVironment Inc. (AVAV): Baird upgraded the drone maker to outperform after the corporate reported earnings of $1 per share in essentially the most recent quarter, topping analysts’ estimates of 26 cents a share. The firm additionally raised its full-year gross sales outlook, which is totally lined by its order backlog.
Constellation Brands Inc. (STZ): TD Cowen upgraded the alcoholic beverage maker to outperform and raised its worth goal to $300 from $240, citing progress in its beer phase.
Toast Inc. (TOST): UBS upgraded the restaurant tech firm to purchase and raised its worth goal by 25% to $30. Analysts forecast a 30% enhance in gross revenue within the subsequent two years as eating places proceed to embrace built-in software program options.
First Solar Inc. (FSLR): Morgan Stanley upgraded the photo voltaic firm to equalweight from underweight and raised its worth goal to $206 from $180, citing its substantial order backlog.
Block Inc. (SQ): UBS downgraded the fintech firm to impartial from purchase and lowered its worth goal to $65 from $102. Analysts see revenue and cost quantity progress slowing within the second half of this yr and 2024 as shoppers pull again on discretionary spending.
GitLab Shares Rise After Surprise Profit on IT Security
5 hr 53 min in the past
Shares of GitLab (GTLB) jumped greater than 2% Wednesday after the tech agency posted a stunning quarterly revenue on hovering gross sales of its info know-how (IT) safety platform.
GitLab reported fiscal 2024 second-quarter earnings per share (EPS) of 1 cent. Analysts had been anticipating a loss. Revenue was up 38% to $139.6 million, additionally greater than anticipated.
The firm anticipates current-quarter income of between $140 million and $141 million, beating estimates.
GitLab shares have rallied after hitting an all-time low in May. They’re up about 15% for the yr.
-Bill McColl
YCharts.
Airline Stocks Sink on Warnings of Higher Fuel Costs
6 hr 36 min in the past
Shares of U.S. airways took a nosedive Wednesday after three main carriers warned an surprising leap in jet gas costs this quarter might hit earnings.
United Airlines (UAL), Alaska Air Group (ALK), and Southwest Airlines (LUV) all raised their estimates of common gas prices within the present quarter. United expects to pay a median of $2.95 to $3.05 a gallon of gas, up from its earlier estimate of $2.80. Alaska expects gas prices to common between $3.15 and $3.25, additionally up from $2.80. Southwest Airlines raised its forecast by 15 cents to between $2.70 and $2.80 per gallon.
Southwest additionally lowered its working income outlook, whereas Alaska Air trimmed its margin forecast.
Airline shares sank on the revisions with the U.S. Global Jets ETF (JETS) dropping greater than 1% Wednesday morning. Southwest and Hawaiian Holdings Inc. (HA) each misplaced 3%, and JetBlue Airways Corp. (JBLU) dropped 4%.
EU Says Apple and Amazon Among Big Tech ‘Gatekeepers’ Subject to New Regulations
7 hr 24 min in the past
The European Commission (EC) on Wednesday designated six tech giants as “gatekeepers” underneath its Digital Markets Act (DMA), one in every of its most complete efforts but to rein in large tech.
Five U.S. corporations together with Apple (AAPL), Amazon (AMZN), Meta Platforms (META), Microsoft (MSFT), and Alphabet (GOOGL), in addition to one Chinese firm, TikTok proprietor ByteDance, have been designated as gatekeepers underneath the DMA, which got here into impact this yr. They will every have six months to totally adjust to the obligations of the brand new regulation.
Failure to conform might result in fines of as much as 10% of the corporate’s whole worldwide turnover, or 20% within the occasion of repeated violations. The EC may mandate {that a} gatekeeper dump a business or components of it, or stop them from buying one other agency.
Shares of all 5 U.S. corporations had been down Wednesday. Still, the tech giants have had a red-hot yr—all have handily outdone the S&P 500’s 16% year-to-date return.
-Mack Wilowski
Chip Designer Arm Locks Apple As A Customer Until After 2040
7 hr 54 min in the past
Arm Holdings has locked in Apple (AAPL) as a buyer past 2040 by way of a long-term settlement, the British chip design firm revealed Wednesday in a regulatory submitting associated to its preliminary public providing (IPO).
The firm filed Tuesday for its IPO, which is predicted to worth the corporate at as much as $52 billion and web it practically $5 billion in proceeds. If the debut lives as much as expectations, will probably be the largest IPO of the yr up to now and the Nasdaq’s third-largest ever.
Arm designs chips that energy about 99% of the world’s smartphones and final yr the corporate shipped about 30 billion chips to 260 corporations throughout the globe.
-Fatima Attarwala
Stocks Making the Biggest Moves Premarket
9 hr 21 min in the past
Gainers:
Roku Inc. (ROKU): Shares of the streaming firm gained greater than 9% after it raised its gross sales and earnings outlook for the present quarter whereas additionally saying it will minimize 10% of employees in an effort to regulate prices.
Gitlab Inc. (GTLB): Shares of the software program growth platform rose greater than 5% after it topped analysts’ income estimates for essentially the most recent quarter and supplied higher-than-expected current-quarter steering.
Toast Inc. (TOST): The restaurant cost tech agency’s inventory gained greater than 4% after it introduced co-founder and chief working officer Aman Narang will take over from present chief govt officer Chris Comparato on Jan. 1, 2024.
Losers:
Enbridge Inc. (ENB): Shares of the oil and fuel distributor misplaced 7% after it supplied to purchase a number of pure fuel distribution belongings from Dominion Energy (D) for $9.4 billion. Shares of Dominion slipped greater than 2% premarket.
Asana Inc. (ASAN): Shares fell 4% regardless that the challenge administration software program supplier beat Wall Street’s prime and backside line estimates for final quarter and modestly raised the low finish of its present quarter steering.
Southwest Airlines Co. (LUV): The airline ’s shares misplaced almost 4% after it narrowed its income outlook for the present quarter and warned of higher-than-expected gas prices. Most main U.S. airways had been additionally decrease in premarket buying and selling.
5 Things to Know Before Markets Open
9 hr 43 min in the past
Here’s what buyers have to know to start out their day:
The FTC is reportedly set to file an antitrust lawsuit in opposition to Amazon (AMZN) later this month after Amazon officers failed to supply concessions to the regulatory company at a key assembly in August.
The European Union has listed a number of tech giants, together with Apple, Microsoft, and Google-parent Alphabet, as “gatekeepers” underneath its Digital Markets Act, subjecting the businesses to a brand new algorithm designed to open up extra competitors.
With the backing of SoftBank Group, C&S Wholesale Grocers is reportedly close to a deal to amass shops that Kroger (KR) and Albertsons Companies (ACI) try to promote with a view to meet the regulatory necessities for his or her proposed $25 billion merger.
GitLab (GTLB) shares jumped greater than 5% in pre-market buying and selling after the software program growth platform outperformed analyst estimates in its quarterly earnings report on the energy of its synthetic intelligence (AI) powered DevSecOps platform.
Investors will get a take a look at the Federal Reserve’s latest information on financial situations when it releases the quarterly Beige Book immediately at 2 p.m. ET, forward of its subsequent assembly in two weeks.
-Terry Lane
Stock Futures Fall for a Second Day
10 hr 13 min in the past
Futures contracts linked to the Dow Jones Industrial Average had been down 0.2% in premarket buying and selling Wednesday.
S&P 500 futures had been additionally 0.2% decrease.
Nasdaq 100 E-mini contracts slumped 0.3%.
