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Wednesday, May 29, 2024

Apple, Human Rights Watch, Taiwan Semiconductor Manufacturing Company, Birkenstock, and others



Welcome to our midday market roundup! We are here to share the latest news on the companies making the biggest moves today. Let’s jump right in.

First up, Apple! The iPad maker’s shares jumped nearly 3%, leading a rebound in the Nasdaq Composite. This rally came after Bank of America upgraded Apple to buy from neutral, citing a stronger multiyear iPhone upgrade cycle and higher growth in services as Apple better monetizes its installed base of customers.

Next, we have Humana. Unfortunately, shares tumbled 11.8% after the health insurance company reported higher-than-expected medical costs in the fourth quarter. This news is also expected to weigh on its 2024 forecast. In addition, Humana believes the emerging trends are affecting the industry more broadly, leading to declines in shares of UnitedHealth and CVS Health as well.

On a brighter note, MDC Holdings, the homebuilder, soared more than 18% after Japanese homebuilder Sekisui House reached a $4.95 billion deal to buy MDC. This is welcome news for the housing market.

Taiwan Semiconductor Manufacturing, a semiconductor company, also saw a pop in its U.S.-listed shares, rising more than 7% on the back of a fourth-quarter profit and revenue beat. The company also expects 2024 to be a “healthy growth year,” leading to gains in shares of some of its major customers such as Nvidia, Apple, Qualcomm, and Advanced Micro Devices.

Hertz, the rental car company, saw its stock jump by 7.5% after being upgraded to overweight by Morgan Stanley. The investment bank expressed optimism about the company’s decision to sell about 20,000 electric vehicles from its fleet, seeing it as a potential boost for the stock.

Unfortunately, Spirit Airlines continued to face difficulties, with shares tanking another 30% as fallout from the budget airline’s blocked proposed merger with JetBlue continued to weigh on the stock. The company was also downgraded by Citi to sell from neutral.

Moving on to the earnings side, Fastenal, the distribution giant, saw its shares jump 6% after exceeding Wall Street expectations for the fourth quarter. Similarly, First Horizon, the regional bank, added nearly 4% after beating earnings expectations in its fourth quarter.

Conversely, Discover Financial Services and Birkenstock saw declines in their shares after reporting mixed results. Discover Financial Services’ shares slipped nearly 11% after missing earnings estimates, while the German shoe company shed 9.3% after warning that its full-year earnings will come under pressure as it pursues a global expansion.

In the tech sector, KeyCorp and Microchip Technology also faced challenges, with both companies seeing declines in their shares after reporting their earnings.

On the energy front, Kinder Morgan shares slid 2% after the natural gas pipeline operator reported lower-than-expected fourth-quarter revenue, while Plug Power, the fuel cell company, saw its shares drop 15% after receiving a less-than-optimistic outlook from Morgan Stanley.

Finally, Grab Holdings, the Singapore-based ride-hailing and food delivery app, saw its shares rise 3% after being upgraded by JPMorgan.

And that’s a wrap for our midday market roundup! Stay tuned for more updates as the day unfolds.

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