Nvidia, Delta, Alibaba, Smart Global, Hexcel, Deckers, Luminar, and More Market Movers
Stocks fell sharply Wednesday after the consumer price index rose 3.5% year over year in March, faster than the 3.2% pace in February. The data have traders re-evaluating the odds of an interest-rate rate cut in June.
rose 2%. Shares of the maker of chips used in artificial-intelligence applications declined 2% on Tuesday and entered a correction, which is defined as a pullback of at least 10% from a recent high. Coming into Wednesday,
shares had fallen five of the past six trading sessions. The stock has gained 75% this year.
topped first-quarter earnings expectations and reported record revenue. The carrier said it expects second-quarter profit of $2.20 to $2.50 a share, compared with analysts’ estimates of $2.22. Shares of Delta fell 2.3%.
shares traded in the U.S. were up 2.2%. The Chinese e-commerce giant’s co-founder, Jack Ma, issued a long internal memo to employees that praised Alibaba’s current leadership, acknowledged past mistakes, and struck an optimistic tone on the company’s future growth.
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U.S.-listed shares of
Taiwan Semiconductor Manufacturing
rose 0.5% after trading higher in the premarket session. The company, a major supplier to Nvidia and
Apple
,
said revenue in the January to March quarter rose 16.5% from a year earlier to NT$592.64 billion. Taiwan Semiconductor said the revenue jump was the most in any previous quarter since 2022.
posted a wider-than-expected loss in its fiscal second quarter as sales fell 27% to $284.8 million and missed analysts’ estimates of $285.1 million. Shares of Smart Global, which makes computer memory and LEDs, fell 24%.
fell 12% after the maker of materials used for commercial aerospace and space and defense industries said CEO Nick Stanage would be retiring and would be replaced by former Spirit AeroSystems CEO Thomas Gentile. Analysts at BofA downgraded the stock to Underperform from Neutral.
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dropped 7% after the company, a maker of artificial-intelligence-voice technology, said it entered into an agreement to sell up to $150 million of stock under an at-the-market equity program.
declined 6.7% to $810.13. Analysts at Truist downgraded shares of the maker of Hoka sneakers and Ugg boots to Hold from Buy and cut the price target of $864 from $983.
fell 8.3% to $1.76 after analysts at BofA Securities downgraded shares of the maker of light detection and ranging sensors to Underperform from Neutral and cut their price target to $1.20 from $3.50.
Fiscal second-quarter profit at household-products company
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fell from a year earlier but global net sales rose 7%. Sales rose just 1% in the Americas—which accounted for 46% of total net sales in the second quarter—but jumped 16% in Europe, India, the Middle East, and Africa. WD-40 raised its fiscal-year earnings guidance, saying it now sees profit in the range of $5 to $5.30 a share, compared with prior guidance of between $4.78 and $5.15. Shares fell 8.6%.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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