Stocks rose on Tuesday after Federal Reserve Gov. Christopher Waller said he sees slowing momentum in the economy, adding to optimism on Wall Street the U.S. central bank has finished raising interest rates.
These stocks were making moves Tuesday:
Micron Technology
raised its outlook for fiscal first-quarter earnings and revenue but the stock dropped 1.8% after the memory chip maker forecast higher operating expenses. The stock has risen 52% this year.
Boeing
was upgraded to Outperform from Sector Perform at RBC Capital and the price target on shares of the airplane maker were raised to $275 from $200. “After another year of supply-chain disruptions and lowered expectations, we believe the set-up into 2024 is favorable,” the analysts said in a research note. The stock rose 1.4% to $222.37.
Zscaler
reported fiscal first-quarter adjusted earnings, revenue, and calculated billings that beat analysts’ expectations and the cybersecurity company issued a forecast for the second quarter that also topped estimates.
Zscaler
shares rose 1% after falling earlier as the company maintained its fiscal-year forecast for calculated billings at $2.52 billion to $2.56 billion versus estimates of $2.54 billion. Shares of competitor
CrowdStrike Holdings,
which is scheduled to report earnings after the closing bell Tuesday, were up 1.1%.
Acelyrin
disclosed there was a programming error in a drug trial of izokibep, a treatment for psoriatic arthritis.
Acelyrin
said the protocol was programmed incorrectly by a vendor, “resulting in a sequencing error that went further unidentified through the providers’ testing processes.” The company said it has addressed the programming error. Shares of the biopharmaceutical company sank 32%.
U.S.-listed shares of
PDD Holdings
surged 18% after the online retailer reported third-quarter earnings and revenue that smashed analysts’ estimates.
ChargePoint Holdings
fell 3% to $1.93 after shares of the maker of equipment for electric-vehicle charging were downgraded to Neutral from Buy at
UBS
and the price target was cut to $2.25 from $9.
Avidity Biosciences
rose 15% to $7.08 after the biopharmaceutical company announced a licensing and research deal with
Bristol Myers Squibb.
As a part of the collaboration focused on the development and commercialization of multiple cardiovascular drugs, Bristol Myers will pay Avidity $60 million in cash and will purchase about $40 million of Avidity common stock at $7.88 a share.
Affirm
jumped 11.5% to $32.75 after Jefferies analysts highlighted the growing adoption of the “buy now pay later” service. The analysts upgraded their recommendation on
Affirm
to Hold from Underperform.
Carlyle Group
rose 4.9% as shares of the buyout group were set to join the S&P MidCap 400 index beginning Thursday, according to S&P Dow Jones Indices.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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