The Dow Jones Industrial Average fell for a third day after stronger-than-expected U.S. retail sales data.
These stocks made moves Wednesday:
Spirit Airlines
was down 23% after falling 47% Tuesday after a federal judge blocked the budget carrier’s acquisition by
JetBlue Airways,
saying the deal would do harm to the airline’s cost-conscious fliers.
JetBlue
fell 8.7%.
Charles Schwab
reported fourth-quarter adjusted earnings of 68 cents a share, beating analysts’ estimates of 64 cents. Revenue in the period fell 19% to $4.46 billion and missed estimates of about $4.5 billion. Shares declined 1.3%.
SolarEdge Technologies
was down 6.3% to $68.22.
Barclays
downgraded shares of the solar company to Underweight from Equal Weight and the price target was reduced to $50 from $74.
U.S.-listed shares of
Alibaba
were down 0.8%,
JD.com
slumped 4.9%, and
PDD Holdings
fell 0.7% after gross domestic product in China expanded 5.2% in the fourth quarter and for 2023. It was the slowest annual rate since 1990 excluding the three years of the Covid-19 pandemic, according to The Wall Street Journal.
Boeing
shares rose 1.3% after the Federal Aviation Administration said it had completed inspections on 40
Boeing
737 MAX 9 airplanes out of the 71 that were grounded by the agency. The FAA said it would thoroughly review the data from the inspections before deciding whether the planes can fly again.
Impinj,
the internet-of-things company, said it expects fourth-quarter revenue of more than $70 million, above its prior guidance of $65.5 million to $68.5 million. It also said it expects adjusted earnings before interest, taxes, depreciation, and amortization in the period to exceed $2.5 million, above its prior guidance of negative $900,000 to positive $700,000. Impinj rose 11%.
Albemarle
was down 4.2% after the lithium miner said it would cut its headcount and reduce certain spending “in response to changing end-market conditions, particularly in the lithium value chain.”
Rivian Automotive
was downgraded to Hold from Buy at
Deutsche Bank
and the price target was cut to $19 from $29. Rivian shares declined 6% to $16.76.
Ford Motor
declined 1.7% to $11.27 after analysts at UBS downgraded the auto maker to Neutral from Buy and left their price target unchanged at $12.
Fisker
closed down 7.5% to 89 cents after TD Cowen cut its rating on the electric-vehicle maker to Hold from Buy and slashed the target price to $1 from $11 a share. “Growing pains continue to grow,” wrote analyst Jeffrey Osborne, pointing out the company has missed delivery estimates amid a softening of the overall EV market.
Write to Joe Woelfel at [email protected]
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