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The Street
The Street
Business
Silin Chen

Midday movers: Meta jumps, semi stocks Qualcomm, and Arm plunge

The market is losing ground after U.S. jobless claims rose to the highest level since August 2023.

The S&P 500 is down 1.8%, and the Nasdaq Composite lost 2.8%. The Dow Jones Industrial Average dropped 1.7%, and the Russell 2000 is down 3.7%.

Mag 7 stocks are showing mixed performances. Meta added 4.4% following an earnings beat and bright outlook. Microsoft is down 1.2%. Tesla, Nvidia, Alphabet, Apple, and Amazon are trading lower. 

Investors also await Apple and Amazon’s earnings results after Wall Street's closing bell today.

Meta shares rally following earnings beat and bright outlook.

Rafael Henrique/SOPA Images/LightRocket via Getty Images

S&P 500 big stock movers today

Five S&P 500 stocks making big midday moves are:

  • CH Robinson Worldwide Inc  (CHRW)  +13.1%
  • FMC Corp  (FMC)  +11.9% 
  • Air Products and Chemicals Inc  (APD)  +9.9%
  • Iron Mountain Inc  (IRM)  +7.3%
  • Aflac Inc  (AFL)  6.6% 

Related: Analysts overhaul Facebook parent stock price targets after earnings

The worst-performing five S&P 500 stocks with the largest midday drop are:

  • Moderna Inc  (MRNA)  -21.2%
  • MGM Resorts International  (MGM) -13.3%
  • Western Digital Corp  (WDC)  -11.1%
  • Lam Research Corp  (LRCX)  -9.7%
  • AMETEK Inc  (AME)  -9.4%  

Stocks also worth noting with significant moves include:

  • Tesla  (TSLA)  -4.5%
  • Nvidia  (NVDA)  -4.9%
  • Apple  (AAPL)  -1.4%
  • Amazon  (AMZN)  -1%
  • Intel  (INTC)  -4.5%

Qualcomm shares plummet after flat guidance

Qualcomm shares were up 8% yesterday but lost 10% near midday after the company posted an upbeat financial result yet provided a weak outlook.

Related: Buckle up: Stocks face huge test from Fed and earnings storm

The chipmaker announced its third-quarter earnings for fiscal 2024, with earnings per share reaching $2.33 on revenue of $9.39 billion, beating the estimated $2.25 a share and $9.21 billion in revenue.

The QCT segment delivered revenues of $8.1 billion, largely driven by IoT and automotive. However, according to CEO Cristiano Amon, smartphone growth is only expected to be either “flattish” or up by a single-digit percentage this year.

ARM slides despite earnings beat

Like Qualcomm, Arm Holdings  (ARM)  shares fell even as the chipmaker reported earnings that beat forecast.

Related: Stock Market Today: Stocks tumble on growth worries; Apple, Amazon on deck

Arm shares tumbled 16% midday after the company posted fiscal first-quarter revenue of $939 million, a 39% increase year over year and topping the consensus forecast of $912 million. 

Diluted earnings per share were 21 cents, compared to 10 cents in the same quarter last year, exceeding the expected 16 cents.

The company maintained its full-year forecast of $1.45 to $1.65 in adjusted earnings per share on $3.8 billion to $4.1 billion in revenue.

As Arm shifts its focus to higher-value markets like AI accelerators, the company said it will no longer disclose the number of Arm-based chips reported as shipped.

“The number of chips reported as shipped is less representative of our performance as the growth in royalty revenue is concentrated in a smaller number of chips,” CEO Rene Haas wrote in a letter.

Moderna stock plunge after weak full-year guidance

Moderna's share price lost over 20% midday, the biggest decline since November 2021.

 More Tech Stocks:

On Thursday, the biotech company posted a loss per share of $3.33, compared to the expected loss of $3.39, and reported revenue of $241 million, beating the anticipated $132 million.

The company also revised its full-year sales forecast downward due to lower anticipated sales in Europe, increased competition for respiratory vaccines in the US, and the possibility of deferring international revenue into 2025.

Related: Veteran fund manager sees world of pain coming for stocks

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