Stocks turned higher Tuesday after dovish comments from Federal Reserve Gov. Christopher Waller.
These stocks were making moves Tuesday:
Micron Technology
raised its outlook for fiscal first-quarter earnings and revenue but the stock was declining 3.2% after the memory chip maker forecast higher operating expenses. The stock has risen 50% this year.
Boeing
was upgraded to Outperform from Sector Perform at RBC Capital and the price target on shares of the airplane maker were raised to $275 from $200. “After another year of supply-chain disruptions and lowered expectations, we believe the set-up into 2024 is favorable,” the analysts said in a research note. The stock was rising 1.8% to $223.18.
Zscaler
reported fiscal first-quarter adjusted earnings, revenue, and calculated billings that beat analysts’ expectations and the cybersecurity company issued a forecast for the second quarter that also topped estimates.
Zscaler
shares were up 0.5% after falling earlier as the company maintained its fiscal-year forecast for calculated billings at $2.52 billion to $2.56 billion versus estimates of $2.54 billion. Shares of competitor
CrowdStrike Holdings,
which is scheduled to report earnings after the closing bell Tuesday, were up 1.6%.
Acelyrin
disclosed there was a programming error in a drug trial of izokibep, a treatment for psoriatic arthritis.
Acelyrin
said the protocol was programmed incorrectly by a vendor, “resulting in a sequencing error that went further unidentified through the providers’ testing processes.” The company said it has addressed the programming error. Shares of the biopharmaceutical company were declining 23%.
U.S.-listed shares of
PDD Holdings
surged 17% after the online retailer reported third-quarter earnings and revenue that smashed analysts’ estimates.
Avidity Biosciences
rose 9.5% to $6.74 after the biopharmaceutical company announced a licensing and research deal with
Bristol Myers Squibb.
As a part of the collaboration focused on the development and commercialization of multiple cardiovascular drugs, Bristol Myers will pay Avidity $60 million in cash and also will purchase about $40 million of Avidity common stock at $7.88 a share.
Carlyle Group
was up 5.5% as shares of the buyout group were set to join the S&P MidCap 400 index beginning Thursday, according to S&P Dow Jones Indices.
Write to Joe Woelfel at [email protected]
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