Wall Street has struggled at the start of 2024.
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Stocks finished mixed on Thursday after equities largely marked losses, marking a five-day losing streak for the
Nasdaq Composite.
Bond yields rose on solid employment data and as investors scaled back expectations of interest-rate cuts from the Federal Reserve.
These stocks made moves on Thursday:
Walgreens Boots Alliance
dropped 5.1% after the drugstore chain reported fiscal first-quarter adjusted earnings that beat analysts’ estimates but slashed its quarterly dividend by 48%.
Mobileye Global
plummeted 25% after the maker of self-driving technology said it expects fiscal first-quarter revenue to fall about 50% from revenue of $458 million a year earlier.
Mobileye
said in a statement that it has “become aware of excess inventory at our customers.”
Intel
dipped 0.4%. It owns a stake of 88% in Mobileye. The stock had traded higher earlier after it named Justin Hotard as executive vice president and general manager of its data-center and artificial-intelligence group, effective Feb. 1. The chip maker said in a press release that Hotard will “play an integral role in driving the company’s mission to bring AI everywhere.” Hotard previously served as executive vice president and general manager of High-Performance Computing, AI and Labs at
Hewlett Packard Enterprise.
Apple
fell 1.2% after the tech giant received another downgrade from Wall Street. Analysts at Piper Sandler downgraded the stock to Neutral from Overweight and reduced their price target to $205 from $220. The analysts cited “valuation concerns and broader handset and macro weakness” in the first half of 2024.
Apple
was downgraded earlier in the week by
Barclays
to Underweight from Equal Weight.
APA Corp.
reached an agreement to acquire
Callon Petroleum
in an all-stock deal valued at about $4.5 billion, including debt.
Callon
shares rose 2.9% to $34.62, while
APA
declined 7.4%.
Peloton Interactive
rose 14% after forming an exclusive partnership with TikTok to create a workout hub on the short-form video hosting service.
Dyne Therapeutics,
the clinical stage muscle disease company, said it has begun an underwritten public offering of $175 million of common shares. The stock surged 31%. The shares rose 13% on Wednesday after the company released positive new data from trials of two investigational treatments for genetic muscle disorders.
Micron Technology
rose 0.6% to $82.71. Analysts at Piper Sandler upgraded shares of the chip maker to Overweight from Neutral and raised their price target to $95 from $70.
Enphase Energy
was downgraded to Sector Weight from Overweight at KeyBanc, with the analysts saying they believe “the timing of recovery in demand is uncertain due to a poorly quantifiable inventory glut
in the channel.” The stock declined 3.7% after falling 6.6% on Wednesday.
Sunrun
also was downgraded to Sector Weight from Overweight. KeyBanc cited a “recent valuation rebound” for the downgrade.
Sunrun
shares fell 7.5%.
Conagra Brands
fell 1.9% after fiscal second-quarter revenue and the company’s earnings outlook for 2024 missed analysts’ estimates.
MongoDB
was downgraded to Neutral from Buy at
UBS
and the price target was lowered to $410 from $475. Shares of the cloud-based database software provider fell 2.8% to $362.41.
Eli Lilly
fell 0.5% after the pharmaceutical company launched a website that improves access to treatments, including weight-loss drugs.
Write to Joe Woelfel at [email protected]
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