Apple iPhone chipmakers Qorvo and Skyworks Solutions were the S&P 500 index's biggest losers Monday, along with memory-chip giant Micron Technology, Mosaic and Etsy.
Intel, Bath & Body Works, Oracle, Vistra Energy and Incyte were the top S&P 500 gainers on the stock market today. INTC stock also kept rising overnight.
S&P 500 Winners
Intel stock jumped 6.4% on Monday to 20.91. The Dow Jones giant has won up to $3 billion in grants to make chips for the Defense Department. But INTC stock remains below key moving averages, hitting its worst levels since 2010 last week. Intel is one of the S&P 500's biggest losers in 2024, down 58% as of Monday's close.
However, Intel stock spiked 7.9% in late trading Monday on news that the chip giant has significantly expanded its partnership with Amazon Web Services, the huge cloud-computing arm of Amazon.com. Intel also will turn its foundry business into an independent unit so it can raise outside funding.
Bath & Body Works stock popped 6.25% to 28.91. BBWI stock nearly undercut a June 2022 low on Friday.
Oracle stock rose 5.1% to 170.33 on Monday, hitting a fresh all-time high. ORCL stock spiked 14.3% last week as the database software giant reported strong earnings and bullish long-term revenue targets, citing AI tailwinds.
Vistra Energy stock leapt 4.5% to 89.40, further extending Friday's move from the 50-day line and above a trendline. On Monday, VST stock also cleared a short-term high of 87.89, offering another potential early entry. The power producer is an AI-adjacent play.
Incyte stock gained 4.5% to 66.41, rebounding from the 50-day line and breaking a trendline, offering an early entry. INCY stock has a 70.36 buy point from a flat base next to a double-bottom consolidation.
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S&P 500 Losers
Qorvo stock fell 6.7% to 100.46 and Skyworks stock lost 5.1% to 97.25. The makers of wireless chips for the Apple iPhone and others both hit three-month lows, tumbling from near the 200-day line.
QRVO and SWKS stock tumbled on an analyst report that Apple iPhone 16 preorders underwhelmed, especially on the higher-end Pro variants. AAPL stock sank 2.8% to 216.32 on Monday, backing off from the 50-day line.
Meanwhile, Micron stock slumped 4.4% to 87.18. Morgan Stanley slashed its MU stock price target to 100 from 140, following other recent analyst price-target cuts and downgrades. Shares are 45% off their long-term high set in June.
Mosaic stock gave up 3.6% to 25.43. The fertilizer firm expects lower production volumes and shipments in Q3 vs. a year earlier for its potash and phosphate operations. It cited equipment failures and weather events such as Hurricane Francine.
Etsy stock fell 3.2% to 53.88, backing away from near a long-sliding 50-day line. Shares gapped up 7.6% on Friday from four-year lows on news that Temu, owned by PDD Holdings, will face higher duties.
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