Chip stocks take hit, ZoomInfo shares rise, Overstock looks at BBBY assets: Trending stocks
Chip stocks take a hit after a Wall Street Journal report said the U.S. is considering new export restrictions on AI chips to China. Overstock shares in the green after the company receives approval for the purchase of Bed Bath & Beyond's assets. ZoomInfo shares rise as Needham initiates coverage on the stock. Yahoo Finance Live breaks down some of the trending tickers of the day.
Video Transcript
BRAD SMITH: We're 30 minutes into today's trading action and taking a look at the US major averages here. Right now, we are down across the board.
The Dow lower by about 4/10 of a percent. That slipped just a little bit lower from when we started off the session. The S&P 500, you're seeing that just sitting at about 3/10 of a percent, 4/10 of a percent in decline on the day. And then the NASDAQ, that is down by about 2/10 of a percent more, round that off to as of right now.
Let's take a look at some of the top movers this morning. We're watching chip makers as they take a hit following a report from the Wall Street Journal, saying the US is considering new restrictions on exports of artificial intelligence chips to China. The move is expected to limit the second largest economy's ability to build its AI capabilities, following restrictions in 2022. Those shipments and those halted shipments of the most advanced AI chips made by nVidia and AMD.
JULIA HYMAN: We're also watching shares of Overstock. It's getting a little boost. On the news, a judge has approved the e-commerce company's 21 and 1/2 million-dollar purchase of Bed, Bath & Beyond's assets, in particular not the physical stores, but rather the defunct retailer's brand name, its intellectual property, and its online platform, not, though, those retail locations or the Buy Buy Baby brand. A US bankruptcy court judge saying in the hearing he was gratified that the winning bidder would keep the brand alive. I guess the judge is a fan of those 20% coupons.
BRAD SMITH: Probably got some in the drawer, like many of us. And lastly, we are watching Zoom info this morning. The stock is rising as Needham initiates coverage with a buy rating and a $35 price target, a boon for a stock that doesn't get too much attention on the day-in, day-out basis. But take a look at shares here on the day, they're up by a little more than 5% on that from Needham.
