The S&P 500 declined Wednesday, pressured by energy shares.
These stocks made notable moves:
Oil-services firm
Baker Hughes
closed 2.9% lower as oil, measured by the international benchmark Brent crude, settled at $74.30 on Wednesday, the lowest settle value since June 28.
Asana
tumbled 17%. HSBC analysts downgraded the work management software company to Reduce from Hold following its third-quarter earnings report.
SentinelOne
soared 17% after the cybersecurity company posted a narrower-than-expected adjusted loss for its third quarter and lifted its revenue guidance for fiscal 2024.
British American Tobacco
tumbled 8.5% after the cigarette producer said it expects a one-off impairment charge of £25 billion ($31.5 billion). The company—which owns brands including Lucky Strike and Dunhill—said that macroeconomic trends in the U.S. and its investments into noncombustible products were behind the impairment.
Altria Group
and
Philip Morris International
fell 2.8% and 1.6%, respectively.
Sphere Entertainment
gained 10% after the media and entertainment company was upgraded to Buy from Neutral at Guggenheim.
MongoDB
fell 11%, with shares in the cloud-based database software provider taking a beating after the group reported quarterly results late Tuesday. While earnings and revenue were far above analysts’ stated consensus estimates, Wall Street was looking for even better results from the company, whose stock has soared 120% so far this year.
Campbell Soup
gained 7.1% after the packaged foods company provided an earnings outlook that beat Wall Street expectations. It was also the top performer in the
S&P 500.
Robinhood Markets
advanced 7%, building on gains after the shares rallied 10.3% on Tuesday. The broker focused on retail investors said that cryptocurrency trading volumes surged 75% month over month in November, spurring optimism from analysts who see potential for the group to take market share from crypto-focused rival Coinbase Global.
Signet Jewelers
climbed 6.2% to $95.34. Citigroup analysts upgraded shares to Buy from Neutral and lifted their price target to $119 from $93.
NIO
jumped 4.3% after a report from Reuters, citing anonymous sources, said that the Chinese electric-vehicle maker plans to spin off its battery manufacturing unit as part of its efforts to turn profitable and reduce costs. Separately, several Wall Street firms lowered their price targets on the stock.
Palantir Technologies
was down 6.4%. The analytics-software company is trading lower for its third day in a row, following warnings from an analyst over how data ownership concerns from customers could limit gains from future contracts.
Write to Jack Denton at jack.denton@barrons.com
Read the full article here
