After starting the first two trading days of 2024 with a loss, the stock was mostly up on Thursday. Bond yields were rising as strong employment data and investors dialed back expectations for the Federal Reserve to cut interest rates.
Walgreens Boots Alliance fell 8.1% after the drugstore chain cut its quarterly dividend by 48% even though it reported fiscal first-quarter adjusted earnings that beat analysts' expectations.
Mobileye Global fell 24% after the self-driving technology maker said it expected first-quarter revenue to fall about 50% from $458 million a year earlier. Mobileye said in a statement that it “became aware of customer excess inventory.”
Intel fell 0.5%. It owns 88% of Mobileye's shares. Shares were on the rise after the company appointed Justin Hotard as executive vice president and general manager of its data center and artificial intelligence group, effective February 1. The chipmaker said in a press release that Hotard “will play an integral role.” Contribute to furthering the company's mission to bring AI everywhere. Mr. Hotard previously served as Vice President and General Manager of High Performance Computing, AI, and Research at Hewlett Packard Enterprise.
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Apple fell 1.2% after the tech giant received another downgrade from Wall Street. Piper Sandler analysts downgraded the stock from overweight to neutral and lowered their price target from $220 to $205. Analysts cited “valuation concerns, broad terminal and macro weakness” for the first half of 2024. Apple was downgraded from equal weight to underweight by Barclays earlier in the week.
APA Corporation has reached an agreement to acquire Caron Petroleum in an all-stock transaction valued at approximately $4.5 billion, including debt. Caron stock rose 3.7% to $34.89, while APA fell 6.9%.
Peloton Interactive rose 9.2% after forming an exclusive partnership with TikTok to build a workout hub on the short-form video hosting service.
Dyne Therapeutics
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The clinical-stage muscle disease company announced that it has begun an underwritten public offering of $175 million in common stock. The stock price soared 30%. Shares rose 13% on Wednesday after the company announced new positive data. Testing two investigational treatments for inherited muscle diseases.
Micron Technology rose 1.2% to $83.27. Piper Sandler analysts upgraded the chip maker's stock from neutral to overweight and raised their price target from $70 to $95.
Enphase Energy was downgraded from Overweight to Sector Weight by KeyBank, with analysts saying they believe “the timing of demand recovery is uncertain due to insufficient quantification of inventory overhang.”
within the channel. ” The stock fell 3.4% after falling 6.6% on Wednesday. Sunrun was also downgraded from overweight to sector weight. KeyBank cited “recent valuation recovery” as the reason for the downgrade. Sunrun stock fell 6.2%.
Conagra Brands fell 2.2% after its fiscal second quarter sales and 2024 profit outlook fell short of analysts' expectations.
MongoDB has been downgraded from 'Purchase Price' to 'Neutral'.
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UBS and price target were lowered from $475 to $410. Shares of the cloud-based database software provider fell 1.6% to $367.18.
Eli Lilly rose 1.6% after the drugmaker launched a website to improve access to weight-loss drugs and other treatments.
Email Joe Weelfel at joseph.woelfel@barrons.com.
