Stock Market Update: Key Movers and Shakers
Lowe’s Leads the Way
Lowe’s stock saw a 3% rise despite a slowdown in home improvement spending. The retailer’s fourth-quarter net sales exceeded expectations, showcasing resilience in challenging times.
Macy’s Turnaround Plan
Macy’s stock climbed 3.5% as the company announced plans to close 150 stores by 2026. Despite weaker demand for apparel and shoes, the retailer remains optimistic about its future.
Zooming Ahead
Zoom stock surged 5.5% after reporting strong fourth-quarter results. The video-conferencing software provider capitalized on the increased demand for its products in a world embracing hybrid work models.
Workday’s Mixed Results
Workday stock dipped 2% despite beating profit expectations. The cloud-based HR software provider faced revenue challenges but remains steady in its full-year forecast.
Unity Software Stumbles
Unity Software stock plummeted 9% due to a disappointing revenue forecast. The company’s strategic shift in revenue guidance impacted investor confidence.
CarGurus’ Rollercoaster Ride
CarGurus stock fell 7% after reporting mixed fourth-quarter earnings and a weak first-quarter guidance. The online auto marketplace faces uncertainties in the market.
Hims Hers Health Takes Off
Hims Hers Health stock skyrocketed 30% on positive net income projections for 2024. The telehealth company anticipates robust sales, signaling a promising year ahead.
Intuitive Machines’ Lunar Setback
Intuitive Machines stock plunged 15% following challenges in its lunar mission. Communication issues and solar charging problems marred the space exploration company’s progress.
AutoZone Drives Forward
AutoZone stock surged over 5.5% on stellar earnings and revenue reports. The auto parts retailer’s growth trajectory remains strong, despite slight misses in sales expectations.
Viking Therapeutics’ Triumph
Viking Therapeutics shares surged more than 80% after positive Phase 2 trial results for obesity drug VK2735. The company’s breakthrough signals potential in the pharmaceutical sector.
Additional reporting by Louis Juricic
