Nvidia's continued rally is helping boost the shares of other AI-related companies
Here are some of the bigger movers on Tuesday:
Stock gainers:Nvidia Corp. shares (NVDA) ran up 3.5% in afternoon trading into record territory, and have rocketed more than 35% over the past three sessions. The graphics chipmaker that recently bolstered its earnings estimates on artificial-intelligence demand announced a flurry of new products over the weekend. Among others in the AI space, shares of C3.ai Inc. (AI) shot up 22% to put them on track for their largest monthly percentage gain on record, and Palantir Technologies Inc.'s stock (PLTR) rallied 9%.
Ford Motor Co.(F) stock rose nearly 5% toward a six-week high. The automaker was upgraded to buy from hold at Jefferies.
SoFi Technologies Inc. shares (SOFI) surged 11%, with the debt-ceiling deal struck by President Joe Biden and House Republicans expected to help the company's student-lending business.
Shares of Arlington Asset Investment Corp. (AAIC) soared 48% after agreeing to be acquired by fellow mortgage-related assets investor Ellington Financial Inc. in a cash and stock deal that would value the combined company at about $1 billion. Ellington Financial's stock (EFC) shed 4%.
John Bean Technologies Corp. shares (JBT) gained more than 3% after the food, beverage and air transportation company agreed to sell its AeroTech business to vehicles and equipment maker Oshkosh Corp. for $800 million in cash. Oshkosh shares (OSK) tacked on 1.2%.
Shares of Iovance Biotherapeutics Inc. (IOVA) climbed 16% after the biotechnology company said late Friday that the U.S. Food and Drug Administration accepted its Biologics License Application (BLA) for its treatment for patients with advanced melanoma.
Beer brewer Anheuser-Busch InBev SA's stock (ABI.BT) dropped more than 4% toward a 6 1/2-month low, after Roth MKM analyst Bill Kirk said he expects the Bud Light's market share losses to accelerate as the weather warms, amid continued backlash from the beer brand's partnership with trans influencer Dylan Mulvaney. Kirk said Bud Light's woes should boost share gains of its competitors, leading him upgrade Constellation Brands Inc. and Boston Beer Co. Inc., which sent the shares of Constellation (STZ) up 1.6% and of Boston Beer (SAM) up 3.5%.
Shares of Comerica Inc. sank (CMA) nearly 6% to pace the S&P 500 index's decliners, and were headed toward a fourth-straight loss, amid weakness in the broader regional bank sector. Brian Reynolds, chief market strategist at Reynolds Strategy, said in a note to clients Tuesday that bank deposits are suffering the worst sustained decline in at least 50 years. He added that the debt ceiling agreement reached over the weekend could incentivize some investors to move more money away from lower-yielding bank deposits and into higher-yielding money-market funds. Among other more-active regional bank shares, PacWest Bancorp's (PACW) dropped 5%, First Horizon Corp.'s (FHN) eased 0.2% and Western Alliance Bancorp(WAL) gave up 1.2%.
Procter & Gamble Co.'s stock (PG) fell 1.6%, and was among the Dow Jones Industrial Average's biggest decliners, as optimism over a debt-ceiling deal took investors' focus away from the safety of the consumer staples sector. The Consumer Staples Select Sector SPDR exchange-traded fund (XLP) slumped 1.1%, as 32 of its 37 components lost ground. Among the biggest decliners, shares of discount retailer Target Corp. (TGT) dropped 3.5% and snacks giant Mondelez International Inc.'s stock (MDLZ) lost 3.1%.
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(END) Dow Jones Newswires
May 30, 2023 15:02 ET (19:02 GMT)
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