Shares of several companies were making headlines in midday trading. Meta’s stock dipped 1.7% after the European Union launched a probe into child safety concerns on social media platforms Facebook and Instagram. Deere shares fell 3.3% after the company lowered its full-year guidance, citing expected net income of around $7 billion, down from $7-7.5 billion. On the other hand, Walmart saw a 7% rally after reporting adjusted first-quarter earnings that beat analyst expectations and revealing significant gains in e-commerce and customer base.
Chubb’s stock rose 4.7% after Warren Buffett’s Berkshire Hathaway disclosed that it had been purchasing shares of Chubb. Berkshire acquired nearly 26 million shares for approximately $6.7 billion, becoming the second-largest holder in the insurance company. Meme stocks like GameStop and AMC experienced a decline for the second consecutive day, with GameStop falling 30% and AMC dropping 15.3%. Despite this, both stocks were still up over 60% for the week. Luxury apparel maker Canada Goose soared 15.9% following better-than-expected earnings and revenue in its fiscal fourth quarter.
Coupang, a South Korean e-commerce company, saw a 1.5% increase in its stock price after UBS upgraded shares to buy from neutral, citing its expanding portfolio and strong logistics network. Corebridge Financial’s shares surged over 7% after AIG announced it would sell its 20% stake in Corebridge to Nippon Life in a $3.8 billion deal. Health-care company GoodRx also saw a 10.9% increase in its stock price after an upgrade from Raymond James, who noted positive factors such as reaccelerating revenue and improving margins following GoodRx’s investor day.
Overall, the market saw a mix of ups and downs in various sectors, with some companies benefiting from positive news such as earnings beats and upgrades, while others faced challenges like lowered guidance and regulatory probes. Investor interest in meme stocks cooled off after a speculative rally earlier in the week, but these stocks still held onto substantial gains for the week. The overall market activity reflected a range of factors influencing investor sentiment, including company-specific news, broader economic trends, and ongoing regulatory developments.
