Stock Market Morning Update
J.B. Hunt Transport Services
Shares of J.B. Hunt Transport Services dropped over 7% after reporting weaker-than-expected fourth-quarter earnings. The company earned $1.53 per share, falling short of the consensus estimate of $1.61 per share. Revenue for the period met expectations at $3.15 billion.
Qorvo
Qorvo’s stock rose more than 7% following reports that activist investor Starboard Value has acquired a 7.7% stake in the company. They are looking to make changes to boost the company’s share price.
MoonLake Immunotherapeutics
Biotech stock MoonLake Immunotherapeutics surged over 4% after receiving an upgrade to buy from Goldman Sachs. The upgrade was based on positive anticipation of phase 3 trial data for their treatment of hidradenitis suppurativa.
Fastenal
Shares of Fastenal dropped more than 4% as the company’s fourth-quarter earnings and revenue missed Wall Street’s expectations. Fastenal earned 46 cents per share on revenue of $1.82 billion, below analysts’ expectations.
Life360
Location-sharing app Life360’s stock rose over 3% after being upgraded to buy by UBS. The upgrade was due to increased confidence in the company’s midterm ad revenue opportunity.
Rivian Automotive
Electric vehicle maker Rivian Automotive saw a 2.6% increase in their stock after finalizing a loan agreement with the Department of Energy for up to $6.6 billion. The loan will help build a new manufacturing site in Georgia.
Apple
Apple’s stock gained nearly 1% after experiencing a 4% drop in the previous session. The decline was attributed to lackluster iPhone sales in China.
Lam Research and Applied Materials
Semiconductor equipment stocks Lam Research and Applied Materials rose about 2% after being upgraded by KeyBanc Capital Markets. The firm cited their exposure to artificial intelligence-related devices as a catalyst for higher share prices.
Salesforce
Salesforce’s stock advanced 2% following an upgrade to buy from TD Cowen. The firm considered the recent pullback in stock price as a compelling entry point for investors.
Cloudflare
Cloudflare’s shares surged 3.5% after an upgrade to buy from Citi. The upgrade was based on improved confidence in the cloud stock’s fundamentals and growth potential.
Contributors: Alex Harring, Jesse Pound, Sarah Min, and Pia Singh