Midday Market Movements
Here’s a look at some companies making notable shifts today:
Micron Technology saw a drop of over 10%, marking its toughest day since early June, leading a wider downturn in tech stocks. Similarly, Marvell Technology decreased by 8%, while SanDisk fell 11%.
Accenture managed to rise nearly 2%. This comes after the consulting firm announced a major increase in its share buyback program, boosting it by $2 billion to over $7 billion—definitely a positive turn amid general market dip.
Flex experienced a decline of more than 2% following the news that Chief Operating Officer Kwan Tan sold 36,000 shares at an average price around $144.51, totaling nearly $5.2 million.
On a brighter note, IBM shares increased by over 4% after JPMorgan upgraded them to overweight. Analysts pointed out that the software’s performance has been improving, enhancing revenue and cash flow. An executive order from President Trump aimed at bolstering quantum computing in the U.S. also seemed to give IBM a boost.
Zeta Global, an AI marketing cloud company, announced a partnership with Palantir to enhance its data cloud on Palantir’s Foundry platform, leading to a 7% jump in Zeta’s stock. In contrast, Palantir’s shares dipped slightly.
Cerebras Systems, an AI chip maker, saw a nearly 2% drop ahead of its first quarterly results as a public company. Analysts from Morgan Stanley expressed optimism regarding its unique architecture, while acknowledging no major surprises are anticipated.
Carnival fell 6% after issuing disappointing projections for the third quarter. Expected adjusted earnings were around $1.35 per share, below the consensus of $1.42, with an adjusted EBITDA forecast of approximately $2.88 billion compared to the anticipated $3.04 billion.
ExxonMobil gained about 1% following a Supreme Court ruling to permit a lawsuit concerning assets taken during Fidel Castro’s regime in Cuba.
SpaceX saw its stock price increase nearly 6% after it had dipped below its debut price of $150, following a series of losses over the previous three trading sessions.
AMC Entertainment faced a dramatic 25% plunge in its stock price after revealing it had agreed to sell 95.3 million shares, valued at roughly $200 million, to certain institutional investors. The previous close was at $2.76.
Energy Fuel shares fell nearly 1% after announcing a definitive agreement to acquire the advanced magnetics company, VAC.
Primoris Services, a contracting and engineering firm, dropped 22% after reducing its guidance due to high costs and delays in renewable energy and the resignation of its COO.
Meanwhile, Edgewell Personal Care saw an increase of over 14% after reports emerged that the company rejected a $30 per share unsolicited takeover offer from private equity firm Yellow Wood Partners, deciding the offer was too low.
Lastly, Avis Budget Group rose 3% after announcing a $650 million cash settlement with Pentwater Capital.
