Nvidia Delays AI Chip
Nvidia shares dropped 1.9% after the company notified its China clients that it would delay the release of a new artificial intelligence chip until next year. The delay is due to compliance with U.S. export restrictions.
Fisker Files Quarterly Report
Electric vehicle startup Fisker saw its shares jump 5.2% after announcing the filing of a delayed quarterly report. The original report was postponed earlier this month due to accounting personnel changes. Fisker also made changes to its finance leadership team.
Solar Stocks Decline
Solar panel manufacturer First Solar declined by 3.3%, while SolarEdge fell about 0.8%. The Invesco Solar ETF (TAN) dropped approximately 1.3%. This decline in renewable energy stocks is attributed to higher interest rates, resulting in increased project financing costs.
iRobot Surges
Home device maker iRobot experienced a surge of 39% following reports that Amazon is set to gain regulatory approval from the European Union for its $1.4 billion acquisition of the company.
Vista Outdoor Climbs
Outdoor recreation stock Vista Outdoor climbed 3.9% after Colt CZ Group proposed a strategic combination valuing the company at $30 per share, which represents a 16.5% increase compared to Wednesday’s closing price.
Apple Sees Decline in Sales
Apple shares ended Friday down 0.7% as data from Counterpoint Research indicated a decline in iPhone sales during China’s Singles Day shopping season.
Coinbase Rises as Bitcoin Tops $38,000
Crypto exchange Coinbase saw its shares rise approximately 5.8% as bitcoin briefly surpassed $38,000. This increase coincided with Binance CEO Changpeng Zhao pleading guilty to criminal charges and stepping down as part of a $4.3 billion settlement with the Department of Justice.
Retailers Experience Mixed Trading
Major retailers had mixed performance on Black Friday, with Walmart and Target gaining less than 1%. Ulta Beauty saw a 1.3% increase, Nordstrom added 5.9%, and sneaker retailer On Holding advanced by 3.3%.
Hot Take: Market Volatility Continues Amidst Delays and Acquisitions
The midday trading session witnessed various market movements driven by delays in product releases, acquisitions, and changing consumer behavior. Nvidia’s delay in releasing an AI chip due to export restrictions caused its shares to drop, while Fisker’s filing of a delayed quarterly report led to a jump in its stock price. Solar stocks declined as higher interest rates impacted project financing costs. On the other hand, iRobot experienced a significant surge following reports of Amazon’s regulatory approval for its acquisition plans.
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