Stocks fell on Monday as investors prepare for a week filled with a slew of earnings reports from tech companies and retailers and the release of the personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge.
These stocks made moves Monday:
Domino’s Pizza
jumped 5.8% after the pizza chain reported better-than-expected fourth-quarter earnings, raised its dividend, and said its board authorized additional stock repurchases of up to $1 billion.
Shares of
Micron Technology
rose 4% after the semiconductor company said it has begun “volume production” of its High Bandwidth Memory 3E chips, which will be incorporated in the coming
Nvidia
H200 graphics processing units.
Kroger
fell 2% while
Albertsons
was up 0.6% after the Federal Trade Commission sued to block the merger of the grocery companies. The agency said in a federal lawsuit filed in Oregon that the deal would lead to higher food prices for consumers as well as lower wages for workers.
Alcoa
has reached a deal to acquire Australia’s
Alumina
that values the company at about $2.2 billion. The companies operate the
Alcoa
World
Alumina
and Chemicals joint venture, which operates or has interests in bauxite mines and alumina refineries in Australia, Brazil, Spain, Saudi Arabia, and Guinea. Alumina’s board has recommended that shareholders accept the all-stock deal. Alcoa declined 4.5%.
Shares of
Intuitive Machines
dropped 35% after the company’s Odysseus lunar lander tipped over when it landed on the moon’s surface. Some of the lander’s antennas weren’t pointing toward Earth, hampering its communications. But the company told Barron’s that its science payloads were intact and operational.
American depositary receipts of
Li Auto
shares rose 19% after the Chinese electric-vehicle maker posted fourth-quarter revenue that more than doubled to $5.8 billion and the company reported its first annual net profit.
Freshpet
jumped 20% after the dog food manufacturer issued a stronger-than-expected sales outlook for 2024 after swinging to a fourth-quarter profit.
HashiCorp
rose 14% after shares of the software infrastructure company were upgraded by
Morgan Stanley
to Overweight from Equal Weight.
Moderna
declined 5% to $91.66 after shares of the vaccine maker were downgraded to Reduce from Hold at
HSBC
and the price target was increased to $86 from $75.
Berkshire Hathaway
‘s fourth-quarter operating earnings after taxes rose 28% to $8.5 billion in the fourth quarter on strength in the company’s large insurance business and higher investment income. The conglomerate’s cash on hand rose to a record $167.7 billion at the end of the fourth quarter from $157 billion on Sept. 30. Berkshire’s class B shares were down 1.9%. The class A shares also declined 1.9%.
Amazon.com
replaced
Walgreens Boots Alliance
as one of the 30 members of the
Dow Jones Industrial Average.
Amazon fell 0.1% while Walgreens traded down 3.4%.
Earnings reports are expected after the closing bell Monday from
Workday,
Heico,
Zoom Video Communications,
and
Unity Software.
Reports are expected later in the week from
Lowe’s,
Monster Beverage,
AutoZone,
eBay,
First Solar,
Salesforce,
Snowflake,
TJX Cos.,
Baidu,
HP Inc.,
Paramount Global,
Okta,
Nutanix,
Macy’s,
Anheuser-Busch,
Dell Technologies,
Autodesk,
Zscaler,
Hewlett Packard Enterprise,
C3.ai,
Best Buy,
Plug Power,
and
fuboTV.
Write to Joe Woelfel at [email protected]
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