Midday movers: Adobe, Moderna, and more
(Updated - December 14, 2023 12:09 PM EST)
Investing.com -- Main U.S. indexes rose Thursday on optimism for future interest rate cuts following the Federal Reserve’s final policy meeting of the year.
Here are some of the biggest U.S. stock movers today:
Adobe (NASDAQ:ADBE) stock fell 5% after the business software company said it was facing regulatory scrutiny over its subscription models and forecast annual and quarterly revenue below estimates.
Occidental Petroleum (NYSE:OXY) stock rose 3.4% after Warren Buffett's Berkshire Hathaway (NYSE:BRKa) acquired nearly 10.5 million shares of the oil giant for about $588.7 million.
Nucor (NYSE:NUE) stock climbed 1.2%. The steelmaker forecast that fourth-quarter profit would fall below the previous quarter’s level, citing lower pricing and reduced volumes.
Foot Locker (NYSE:FL) stock rose 8.7% after analysts upgraded its stance on the sportswear retailer to ‘overweight’ from ‘neutral’, in the wake of last month’s strong quarterly earnings.
Live Nation Entertainment (NYSE:LYV) stock rose 5% after analysts upgraded the concert promoter to ‘overweight’ from ‘equal weight’, citing the strong fundamentals observed in the music and live events sector.
Mesa Air (MESA) stock slumped 6% after the regional airline announced it would delay its latest earnings release for up to 15 days, without providing a reason.
Pagaya (PGY) stock rose 8% after analysts initiated coverage of the fintech group with a ‘buy’ rating, saying its artificial intelligence-driven technology has positioned it for ongoing success.
Shares of Rivian Automotive (NASDAQ:RIVN) surged 8.5% after U.S. wireless carrier AT&T (NYSE:T) announced they would purchase Rivian’s electric vehicles through a pilot program aimed at evaluating ways to reduce cost, cut carbon emissions and improve safety.
Intel (NASDAQ:INTC) climbed 3% after it unveiled a comprehensive portfolio of AI products at an event in New York City.
Moderna (NASDAQ:MRNA) shares rose more than 12% after the company said its vaccine candidate, developed together with Merck (MRK), cuts the risk of skin cancer returning by nearly half.
Bank of America (BAC) shares climbed 5.7%, leading a rally in bank stocks as bond prices surged and yields slumped. Morgan Stanley (MS), Wells Fargo (WFC), Citi (C) and Goldman Sachs (GS) were also higher.
Additional reporting by Louis Juricic
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