Key US Stock Movers on February 26, 2024
Market Overview
Trading in the main U.S. indexes on Monday was subdued as investors awaited key inflation data to gauge future Fed monetary policy.
Alcoa’s Offer and Ford’s Quality Check
Alcoa’s stock dropped by 4.4% after making a $2.2 billion bid for Australian peer Alumina. Meanwhile, Ford faced a 0.2% decline due to quality checks halting shipments of its 2024 F-150 Lightning trucks.
Berkshire Hathaway’s Record Profit and Intuitive Machines’ Setback
Berkshire Hathaway saw a 0.7% dip despite posting record annual profits, while Intuitive Machines faced a 27% decline after its lunar spacecraft tipped over during landing.
Moderna’s Downgrade and Domino’s Pizza’s Growth
Moderna’s stock fell by 5% following a downgrade on market potential, while Domino’s Pizza surged by 6% on increased dividends and share repurchases.
Freshpet’s Success and PPG Industries’ Strategy Review
Freshpet’s stock soared by 17% on exceeding revenue estimates, while PPG Industries declined by 2% as it reviews strategic alternatives for its coatings business.
Arm Holdings’ Price Target and Micron Technology’s Production
Arm Holdings rose by 11% as analysts raised its price target, while Micron Technology gained 5.5% after starting mass production of high-bandwidth memory semiconductors for Nvidia’s GPUs.
Coinbase’s Surge and Crypto Miners’ Growth
Coinbase rose by 10% as Bitcoin crossed $52,000, with crypto miners like Marathon Digital and Riot Platforms also experiencing gains.
Additional reporting by Louis Juricic