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Midday movers: Nvidia, Coinbase fall; Unilever rises

Published 03/19/2024, 07:48 AM
Updated 03/19/2024, 11:22 AM
© Reuters

(Updated - March 19, 2024 11:20 AM EDT) -- Main U.S. indexes slipped lower Tuesday, amid caution ahead of the start of an eagerly-awaited Federal Reserve policy-setting meeting.

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

Nvidia (NASDAQ:NVDA) stock fell 2% as the chipmaker gave back some of the impressive gains seen this year after it unveiled its new line of AI chips at its annual developer conference. Shares AMD (NASDAQ:AMD) and other chip-makers also traded lower.

Pfizer (NYSE:PFE) stock fell 0.3% after the drugs giant offloaded a roughly $3.9 billion stake in the British consumer healthcare firm, Haleon, bringing its holding to 22.6%.

Coinbase (NASDAQ:COIN) stock fell 8%, with the cryptocurrency exchange suffering from the sharp slide in Bitcoin, the most popular digital currency.

Spire Global (NYSE:SR) stock rose 1% after the data and analytics company announced a collaboration with Nvidia for AI-driven weather prediction.

Meta Platforms (NASDAQ:META) stock fell 1.9% after the tech giant offered to cut a monthly subscription fee for Facebook and Instagram following discussions with regulators.

Unilever (LON:ULVR) (UL) ADRs rose 3% after the consumer goods group said it will spin off its ice cream unit, home to popular brands such as Magnum and Ben & Jerry's, and cut 7,500 jobs in a new cost-savings program.

International Flavors & Fragrances (NYSE:IFF) stock fell 1.8% after the specialty chemicals company said it would sell its pharma solutions business to French plant-based ingredients maker Roquette in a deal valued at $2.85 billion, as it looks to focus on higher-margin businesses.

Fusion Pharmaceuticals (FUSN) stock soared 99% after AstraZeneca (NASDAQ:AZN) said it will buy the clinical-stage biopharmaceutical company for about $2 billion in cash.

Xpeng (NYSE:XPEV) stock fell 1.7% after the Chinese EV manufacturer unveiled better-than-expected quarterly earnings but flagged a bumpy outlook.

Super Micro Computer (Nasdaq: NASDAQ:SMCI) declined 12% after the launch of a proposed underwritten registered public offering of 2 million shares of its common stock.

Nuscale Power (SMR) declined 28% after Wells Fargo downgraded it to ‘underweight’ with a price target of $4.50. Analysts said investor enthusiasm for SMR is misguided.

Additional reporting by Louis Juricic

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