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Midday movers: Walmart, Chubb and Trade Desk rise; Meta, GameStop fall

Published 05/16/2024, 07:34 AM
Updated 05/16/2024, 11:54 AM
© Reuters.

(Updated - May 16, 2024 11:51 AM EDT)

Investing.com -- Main U.S. indexes rose but struggled to push much higher after the previous session’s strong gains to record levels in the wake of cooler inflation data.

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

  • Walmart (NYSE:WMT) stock rose 6% after the retail giant topped quarterly earnings and revenue expectations, helped by significant e-commerce gains

  • Chubb (NYSE:CB) stock rose 4% after Warren Buffett’s Berkshire Hathaway (NYSE:BRKa) revealed it had taken a $6.72 billion stake in the insurer.

  • Cisco Systems (NASDAQ:CSCO) stock fell 2% despite the communications equipment maker reporting stronger-than-expected quarterly earnings. as guidance failed to impress Wall Street.

  • Meta Platforms (NASDAQ:META) stock fell 1.4% after the European Commission launched an investigation into the Facebook parent over alleged breaches of the bloc’s strict online content law to do with child safety risks.

  • AMC Entertainment (NYSE:AMC) stock and GameStop (NYSE:GME) stock both posted double-digit losses as the buying behind these so-called meme stocks ran out of steam.

  • Dell (NYSE:DELL) stock fell 1.7% despite investment firm Evercore ISI raising its price target for the tech giant, rated ‘outperform’, to $165 from $140, stating that they believe the company has won a large portion of business for Tesla’s AI server buildout. The stock pared gains after surging on Wednesday.

  • Deere & Company (NYSE:DE) stock fell 3% after the maker of agricultural and construction machinery offered disappointing earnings guidance even after posting better-than-expected numbers for its fiscal second quarter.

  • JD (NASDAQ:JD) ADRs rose 0.1% after the Chinese retailer beat expectations with its first-quarter revenue, as price cuts and discount coupons helped price-conscious customers.

  • AMD (NASDAQ:AMD) rose 4.9%, adding to recent gains,. It was added to analysts' top stocks list Thursday morning, which helped boost shares.

  • The Trade Desk Inc . (NASDAQ:TTD) rose 3.6% after Netflix (NASDAQ:NFLX) said it will launch an in-house ad tech platform and expand its partnership with Trade Desk and Magnite (MGNI). Magnite shares rose 30%.

  • Target (TGT) rose 2.75% in sympathy with rival Walmart (NYSE: WMT) after Walmart reported strong quarterly results. Dollar General (NYSE:DG) shares also rose, climbing 3%.

  • 3M Co. (NYSE:MMM) rose 3%, hitting a 52-week high. The stock was upgraded to 'buy' at Vertical Research with a price target of $140.

Additional reporting by Louis Juricic

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