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Midday movers: Intel, Ulta Beauty fall; Spotify rises

Published 04/03/2024, 08:40 AM
Updated 04/03/2024, 11:11 AM
© Reuters

(Updated - April 3, 2024 11:08 AM EDT) -- Main U.S. indexes gained Wednesday after data on the services sector indicated some softening, improving the outlook for potential Fed rate cuts.

Here are some of the biggest U.S. stock movers today:

Intel (NASDAQ:INTC) stock slid over 7% after it disclosed $7 billion in operating losses for its foundry business through 2023, as it lost out more business to its Asian rivals.

Tesla (NASDAQ:TSLA) stock rose 0.4% after a 4.9% slide on Tuesday after the electric vehicle maker reported a quarterly decline in deliveries for the first time in nearly four years.

Taiwan Semiconductor Manufacturing (TSM) stock rose 1.5% despite news that severe earthquakes on the island prompted the chip maker to halt production at some of its facilities.

Paramount Global (PARA) stock fell 0.5% despite a report said the media giant has been discussing entering into talks with David Ellison, the founder of the Skydance media company, for a potential deal.

Walt Disney (NYSE:DIS) stock fell 0.6% despite billionaire Elon Musk stating he would buy Disney shares should activist investor Nelson Peltz manage to get a seat on the media and entertainment giant’s board. Reuters has reported that Disney is expected to announce later Wednesday that shareholders have rejected two hedge fund bids to shake up the entertainment giant's board.

Cal-Maine Foods (NASDAQ:CALM) stock rose 3.7% as the chicken egg producer reported strong quarterly results, as record sales overcame falling egg prices.

Lenz Therapeutics (LENZ) stock fell 2.3% after the company said its experimental drugs to treat loss of near vision met the main goal of a late-stage study.

Acuity Brands (NYSE:AYI) stock rose 3.5% after the lighting company’s second-quarter earnings per share beat expectations.

Ulta Beauty (NASDAQ:ULTA) declined 13% after management said data points reflect a broad-based slowdown. e.l.f. Beauty, Inc. (NYSE:ELF) and Estee Lauder (NYSE:EL) shares were also lower.

Spotify (NYSE:SPOT) stock rose 5.7% following reports it plans to raise prices for audio services in several key markets.

Additional reporting by Louis Juricic

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