Stocks mostly fell Tuesday. The
S&P 500
was lower but the tech-heavy
Nasdaq Composite
inched higher.
These stocks made moves Tuesday:
Juniper Networks
jumped 22% to $36.81 after The Wall Street Journal reported
Hewlett Packard Enterprise
was in advanced talks to buy the networking-equipment company for about $13 billion. A deal between the two companies could be announced as soon as this week, the Journal reported, citing people familiar with the matter.
HPE
shares declined 9%.
JetBlue
was down 10% as analysts at BofA Securities downgraded the stock to Underperform from Neutral. Along with execution risks around its proposed merger with
Spirit,
they cited the tough domestic airline industry backdrop and ongoing engine problems. The analysts reduced their price target to $3 from $6.
United Airlines
rose 1.4% to $43.54 after being double-upgraded to Buy at BofA.
Boeing
was down 1.4% after
United Airlines
and
Alaska Air
said they discovered loose parts on Boeing 737 MAX 9 jets that were inspected following an incident last Friday in which an
Alaska Air
Boeing 737 MAX 9 lost an “emergency door plug” midair, necessitating an emergency landing. Shares of the aerospace giant fell 8% on Monday after the Federal Aviation Administration ordered the temporary grounding of Boeing 737 MAX 9 planes over the weekend.
Illumina
rose 4.6% after the gene-sequencing company said it expected fiscal 2023 sales to fall 2% to about $4.5 billion, a decline that was less than previous guidance.
Match Group
rose 3% after the Journal reported Elliott Investment Management has built a big stake in the owner of Tinder, Hinge, and other dating platforms, and plans to push it to take steps to boost its languishing stock. Elliott has built a position of roughly $1 billion in Match, the Journal reported, citing people familiar with the matter.
Nvidia
was up 1.7% to $531.40. It closed Monday at an all-time high of $522.53, rising 6.4% during the session. The chip maker debuted new offering in video gaming and automotive technology at the
CES
conference on Monday.
Extreme Networks
dropped 7.4% after the cloud-networking company reduced its revenue outlook for its fiscal second quarter. The company said it expects revenue of between $294 million and $297 million, down from its previous outlook in the range of $312 million and $327 million.
Unity Software
said it plans to lay off about 1,800 employees, or 25% of its workforce, as the company “refocuses on its core business.” The videogame developer said in November it was working through changes that likely would lead to more job cuts and the discontinuation of some products. Two months earlier Unity announced a new pricing structure that triggered a backlash from customers, forcing the company to backtrack on the plan and apologize for the move. Shares fell 8%.
CrowdStrike
rose 4.8% to $273.77. The cybersecurity company was raised to Overweight from Equal Weight by
Morgan Stanley
and the price target was boosted to $304 from $203. In a research note, the analysts cited “improving demand, broader platform traction, and multiple product cycles still ramping up, including the recently launched Charlotte AI.”
Write to Joe Woelfel at [email protected]
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