Stocks were poised to rise on Wednesday. Gains continue to be fueled by expectations that the Federal Reserve will cut interest rates multiple times next year, perhaps as early as March.
Here are stocks making moves on Wednesday:
Nvidia
gained 0.9% after its CEO, Jensen Huang, said at a conference that the company has been working very closely with the U.S. government to create products that comply with its regulations—and can be exported to China. The chip maker has been a major beneficiary of the frenzy over artificial intelligence this year, but has recently come under pressure amid U.S.-China tensions, including fresh American export controls limiting sales of the most advanced chips to China.
British American Tobacco
tumbled 8% after the cigarette producer said it expects a one-off impairment charge of £25 billion ($31.5 billion). The company—which owns brands including Lucky Strike and Dunhill—said that macroeconomic trends in the U.S. and its investments into non-combustible products were behind the impairment.
MongoDB
fell 5.4%, with shares in the cloud-based database software provider taking a beating after the group reported quarterly results late Tuesday. While earnings and revenue were far above analysts’ stated consensus estimates, Wall Street was looking for even better results from the company, whose stock has soared 120% so far this year.
Plug Power
fell 4.5% to $4.05. Morgan Stanley analysts cut their rating on the hydrogen-technology stock to Underweight from Equal Weight and trimmed their price target to $3 from $3.50.
Avis Budget Group
rose 4.4% after the car rental company declared a special cash dividend of $10 per share of common stock.
Builders FirstSource
jumped 2.9% to $147.35. B. Riley Securities analysts upgraded the building materials manufacturing company to Buy from Neutral and increased their price target to $177 from $128 a share.
Sphere Entertainment
gained 2.8% after the media and entertainment company was upgraded to Buy from Neutral at Guggenheim.
NIO
jumped 2% after a report from Reuters, citing anonymous sources, said that the Chinese electric-vehicle maker plans to spin off its battery manufacturing unit as part of its efforts to turn profitable and reduce costs. Separately, several Wall Street firms lowered their price targets on the stock.
Robinhood
advanced 1.4%, building on gains after the shares rallied 10.3% on Tuesday. The broker focused on retail investors said that cryptocurrency trading volumes surged 75% month over month in November, spurring optimism from analysts who see potential for the group to take market share from crypto-focused rival Coinbase Global.
Apple
stock was flat after the iPhone maker closed 2.1% higher on Tuesday, exceeding $3 trillion in market capitalization for the first time since early August. While the stock has advanced this year—up 9% since its latest earnings results—the shares are actually lagging other tech-giant peers in the “Magnificent Seven.”
Write to Jack Denton at [email protected]
Read the full article here