Midday trading sees significant shifts with stocks like Nvidia and Moderna taking notable hits while others like e.l.f. Beauty rise.
Then there’s Nvidia. The chip giant saw a decline of over 2% after the Biden administration announced new export caps on AI chips. Other semiconductor stocks like Micron Technology dropped nearly 5%.
Moderna is also in the spotlight, with shares plummeting more than 20%. The vaccine maker cut its 2025 sales forecast by about $1 billion, now expecting between $1.5 billion and $2.5 billion. Most of its revenue is expected in the latter half of the year.
Crypto stocks aren’t faring well either. Bitcoin dipped over 3%, dragging down Coinbase by nearly 5% and Mara Holdings by almost 7%. Pinterest shares fell 4% after Jefferies downgraded it to hold, citing underwhelming growth.
Edison International saw a 13% drop as wildfires continue to affect Los Angeles. Investigations are underway to see if their infrastructure sparked a brush fire.
On a brighter note, e.l.f. Beauty shares rose 4% after Morgan Stanley upgraded them. They believe the company’s valuation looks better after a recent pullback.
Howard Hughes Holdings jumped 9% after Bill Ackman proposed a merger deal, offering current holders $85 a share.
Managed care stocks are on the rise too, following a government proposal to boost Medicare Advantage reimbursement rates by 4.3%. Humana gained 8%, while CVS Health and UnitedHealth also saw increases.
U.S. Steel shares popped 8% after news of a potential takeover by Cleveland Cliffs and Nucor.
However, megacap tech stocks are down as U.S. Treasury yields rise. Nvidia, Apple, and Meta all lost ground.
Intra-Cellular Therapies saw a massive 34% jump after Johnson & Johnson announced plans to buy the drugmaker for $132 per share, a 39% premium to its previous closing price.
Abercrombie & Fitch took a hit, plunging about 18% after disappointing fourth-quarter forecasts. They now expect net sales growth of only 7% to 8%, down from earlier estimates.
Macy’s also fell over 7% after predicting net sales for the fiscal fourth quarter would be at the low end of their previous guidance. They noted that comparable sales have been “roughly flat” so far this quarter.
