Stocks slumped on Thursday as pressure remains from elevated bond yields and expectations the Federal Reserve will keep interest rates higher for longer.
These stocks were making moves Thursday:
CVS Health
(ticker: CVS) fell 8.1% after Blue Shield of California said it was dropping CVS’s Caremark, its current pharmacy-benefit manager, and replacing it with a selection of other companies. Its new offering will include at-home drug delivery from
Amazon.com
(AMZN). CVS was the worst performer in the
S&P 500.
Cigna
(CI) and
UnitedHealth
(UNH), which also own large pharmacy-benefit managers, dropped 6.4% and 1.9%, respectively.
Hawaiian Electric Industries
(HE) tumbled 15% after The Wall Street Journal reported the utility was in talks with restructuring firms to explore options to address its financial and legal challenges arising from the Maui wildfires.
Wolfspeed
(WOLF) slumped 17% after the chip company reported a wider-than-expected loss in its fiscal fourth quarter and its expectations for a first-quarter adjusted loss of 60 cents to 75 cents a share were well wider than forecasts.
Cisco Systems
(CSCO) reported fiscal fourth-quarter earnings and sales that beat Wall Street estimates but its forecast for the next fiscal year was mixed. Shares of rose 3.3% after the networking giant showed signs of improving product orders.
Walmart
(WMT) declined 2.2%. The world’s largest retailer reported second-quarter earnings that beat analysts’ estimates and raised fiscal 2024 guidance.
American depositary receipts of
Bilibili
(BILI), the China-based video sharing company, advanced 0.7% after the company reported a narrower-than-expected quarterly loss and growth in average daily active users.
Ball Corp.
(BALL) advanced 1.6% after
BAE Systems
said it was buying Ball’s aerospace business for $5.55 billion. Ball Aerospace is a provider of spacecraft, mission payloads, optical systems, and antenna systems.
United States Steel
(X) ticked up 0.2% after a report said
ArcelorMittal
(MT), one of the largest steel companies in the world, was considering making a bid for U.S. Steel.
Cleveland-Cliffs
(CLF) and privately held steel-service center Esmark are confirmed bidders for U.S. Steel. Both bids are $35 a share. The
Cleveland-Cliffs
bid is cash and stock; the Esmark bid is all-cash.
Write to Joe Woelfel at [email protected]
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