The tech giant Intel faced a significant setback with a 7% drop in its stock price after revealing a $7 billion operating loss in its semiconductor manufacturing business in 2023.
Spotify Technology experienced a positive surge of more than 5% following reports of increasing prices for its premium subscription service in various markets, including the U.S. This marked the second time the company raised prices in a year.
Ulta Beauty Shares Plummet
Ulta Beauty saw a sharp decline of over 13% in its stock value after warning investors at a conference about slower category growth. The beauty retailer anticipated moderating sales for the year after a period of robust growth.
Dave & Buster’s Share Repurchase Authorization Increase
Dave & Buster’s witnessed an 11% rise in its shares after announcing an increase in its share repurchase authorization by $100 million. Despite weaker-than-expected fourth-quarter earnings and revenue, the move instilled confidence in investors.
Wolfspeed, a semiconductor company, experienced a more than 4% drop in its shares after being downgraded by Wells Fargo. The downgrade was attributed to concerns regarding the company’s exposure to Tesla and its potential impact on growth.
Cal-Maine, an egg producer, saw a 2.5% increase in its stock value after posting earnings per share of $3 and revenue of $703 million for the latest quarter. Rising market prices, influenced by influenza and seasonality, contributed to the positive performance.
Disney’s shares faced a minor dip as shareholders prepared to vote on potential board member replacements at the entertainment giant’s annual meeting. The proxy battle, initiated by activist investor Nelson Peltz, added uncertainty to the company’s future direction.
Signet Jewelers, the owner of Zales, saw a 10% increase in its stock value after revealing plans to repurchase half of its preferred shares, amounting to approximately $414 million. The move signaled confidence in the company’s financial stability.
Ford Motor Reports Sales Growth
Ford Motor witnessed a 2% increase in its stock value after announcing a 7% rise in first-quarter U.S. sales compared to the previous year. The company also saw an 86% jump in electric vehicle sales, reflecting changing consumer preferences.
SoFi Technologies experienced a 3% increase in its stock value after receiving a buy rating from Needham. The investment firm identified SoFi as a “long-term winner” in the digital lending space, contributing to the positive sentiment surrounding the company.
GE Aerospace Surges Post-Spinoff
GE Aerospace witnessed a more than 6% surge in its stock value following the completion of the spinoff of its power business as GE Vernova. The new entity began trading on the New York Stock Exchange, signaling a new chapter for the conglomerate formerly known as General Electric.