Macy’s Receives $5.8 Billion Buyout Offer
Shares of Macy’s surged by 21% after the company received a buyout offer of $5.8 billion from two investment firms, according to sources. This news also caused other department store chains like Nordstrom and Kohl’s to experience gains of over 5%.
Cigna Group Abandons Acquisition Attempt
Cigna Group reportedly decided to abandon its attempt to acquire competitor Humana due to a failure to agree on the price. As a result, Cigna shares rose by 16%, while Humana shares slid by 1.6%.
Shake Shack Announces CEO Retirement
Shake Shack saw its shares jump by 7.4% following the announcement that CEO Randy Garutti will retire from his position in 2024.
Broadcom Stock Rises After Positive Coverage
Broadcom’s stock increased by 8.8% after Citi resumed coverage with a buy rating, citing strength from the VMware acquisition. The Wall Street firm predicts that Broadcom’s AI business will offset any correction in the semi business.
Eli Lilly Stock Drops After Weight Loss Drug Study
The pharma stock Eli Lilly experienced a drop of over 3% after a study published in the Journal of the American Medical Association revealed that patients who stopped taking weight loss drug tirzepatide regained weight over time. However, Eli Lilly argued that participants who took the placebo regained even more weight, suggesting that tirzepatide still leads to sustained weight loss compared to the placebo.
Snap Receives Upgrade from Wells Fargo
Shares of Snap rose by more than 4.6% after Wells Fargo upgraded the stock to overweight from equal weight. The bank believes that Snap’s efforts to rebuild its ad platform will have a positive impact on the stock.
DoorDash Joins Nasdaq-100 Index
DoorDash’s stock received a boost, rising by 2.2%, after the announcement that it will be included in the Nasdaq-100 index. This inclusion could increase the company’s profile and trading volume as passive and active fund managers using the index as a benchmark are required to buy all of its constituents.
Nike Upgraded by Citi
Citi upgraded Nike to buy from neutral, causing shares of the shoe and apparel company to rise by 2.6%. The bank believes that Nike’s strategy for controlling costs will help it exceed Wall Street earnings estimates in its upcoming quarterly report.
Best Buy Receives Upgrade from Jefferies
Shares of Best Buy increased by 2.2% after Jefferies upgraded the retail giant to buy from hold. The firm expects the “replacement cycle” for pandemic purchases to begin, leading to a potential 20% upside from the current price.
AbbVie Upgraded by Goldman Sachs
Goldman Sachs upgraded AbbVie to buy from neutral, causing shares to rise by 1.6%. The firm cited AbbVie’s resilient revenue outlook for its Humira franchise despite new competitors entering the market.
Pinterest Receives Upgrade from RBC
Pinterest saw its shares increase by 1.5% following an upgrade by RBC to outperform from sector perform. Analysts see a long-term opportunity in Pinterest as ad platforms focused on impulse shopping continue to grow.
Campbell Soup Reports Strong Earnings
Shares of Campbell Soup gained 1.5% after the company reported first-quarter earnings that exceeded estimates. The company reported adjusted earnings of 91 cents per share, beating the consensus estimate of 88 cents per share.
Paramount Global Faces Potential Sale
The stock of Paramount Global dropped by 3.6% following reports that media mogul Shari Redstone is in talks to sell her controlling stake in National Amusements, the parent company of Paramount Global.
Semiconductor Stocks Soar
Stocks tied to the semiconductor industry experienced significant gains during midday trading. Applied Materials jumped by 5%, while KLA, Lam Research, and Micron Technology all rose by more than 4%.
Crypto Stocks Decline as Bitcoin Price Drops
As the price of bitcoin faced its worst day since August, shares of crypto-related equities tumbled. Exchange operator Coinbase and bitcoin proxy MicroStrategy both fell by about 6%, while bitcoin miners Riot and Marathon dropped by 12% and 11%, respectively. CleanSpark and Iris Energy, two popular stocks among Wall Street investors, saw declines of 15% and 11%, respectively.
Hot Take: Market Volatility Impacts Crypto Stocks
The recent decline in crypto stocks can be attributed to the significant drop in the price of bitcoin. As one of the most popular cryptocurrencies, bitcoin’s performance often has a direct impact on related equities. This highlights the volatility and interconnected nature of the crypto market, where investors must closely monitor digital currency trends and their implications for associated stocks. While this decline may present buying opportunities for some investors, it also serves as a reminder of the risks involved in investing in the crypto space.
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