Apple fell 0.2%. The tech giant's stock price is down 5.7% so far in 2024. The stock price ended the first three trading days of the year lower. The last time the stock fell in the first four days of a calendar year was in 1982, according to Dow Jones Market Data. Two Wall Street companies lowered their stock prices this week.
Palantir Technologies fell 1.7% to $15.98. Jefferies analysts downgraded the company's stock from “hold” to “underperform” and lowered their price target from $18 to $13. They argued that the internal hype around artificial intelligence was overdone.
Shares of Agilon Health fell 33% as the provider of support services for family physicians lowered its profit and revenue outlook, citing rising medical costs. The company also lowered its medical profit margin guidance for the year ending December 31, 2023 from $455 million to $470 million to $340 million to $360 million.
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Medical Properties Trust fell 30% following the announcement by the real estate investment trust, the nation's largest hospital landlord. Tenant Steward Health Care System was $50 million behind in rent payments.. The company said it has hired a financial advisor to assist with “options to enable recovery of uncollected rent and unpaid loans.”
QuantumScape was down 7.1% a day after closing 43% higher.Volkswagen
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Battery company Powerco said Thursday about QuantumScape:
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The solid-state battery cells “significantly exceeded A sample test requirements and successfully completed more than 1,000 charge cycles,” citing technological advances that could enable cheaper, faster charging and longer range. It shows.
Peloton Interactive rose 10% after rising 14% on Thursday after the at-home exercise company announced it would partner with TikTok to build a fitness hub on the social media platform.
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Sales rose 2.2% after the beer and wine distributor reported third-quarter earnings of $3.19 per share, beating analysts' estimates of $3.01, but revenue of $2.4 billion 70 million, lower than expectations of $2.54 billion. The company also lowered its outlook for fiscal 2024, saying it now expects earnings per share to be in the range of $9.15 to $9.35, below its previous guidance of $9.60 to $9.80.
Analysts at Société Générale downgraded International Business Machines from hold to sell and maintained their price target at $143. Meanwhile, Jefferies analysts initiated coverage on the stock with a hold rating and a price target of $180. IBM stock fell 1% to $159.22.
Costco Wholesale said sales in December rose 9.9% from a year earlier to $26.2 billion, accelerating from November's 5.1% increase. Same-store sales increased 8.5%. Same-store sales increased 3.5% in November. The year-end sales season supported the significant growth. Shares of the membership retail chain rose 1.2%.
Email Joe Weelfel at joseph.woelfel@barrons.com.
