U.S. Stock Market Sees Modest Gains as Earnings Season Takes Off
Rite Aid Rebounds After Filing for Bankruptcy
Rite Aid (NYSE:) stock experienced a 4.5% increase, bouncing back from a 17% drop last Friday. The drugstore chain recently filed for Chapter 11 bankruptcy and announced securing $3.45 billion in new financing from select lenders.
Apple Faces Challenges with New iPhone in Chinese Market
Apple (NASDAQ:) stock declined by 0.8% following reports from Bloomberg that the tech giant’s latest iPhone 15 is struggling to gain traction in the Chinese market, with sales lagging behind its predecessor, the iPhone 14.
Nvidia Shares Dip Amidst Strengthened Chip Technology Restrictions
Nvidia (NASDAQ:) stock fell by 1% after Bloomberg News revealed that the United States plans to impose stricter restrictions on China’s access to advanced chip technology. This development has raised concerns about the impact on Nvidia’s business.
Pfizer, BioNTech, and Moderna Stocks Decline as COVID Vaccine Sales Forecast Drops
Pfizer (NYSE:) stock saw a 2.6% decrease, while German partner BioNTech (NASDAQ:) stock dropped by 5.4%, and rival Moderna (NASDAQ:) fell by 4%. These declines followed the U.S. drugmaker’s downward revision of its sales forecast for COVID vaccines and therapies.
Manchester United Shares Fall Amidst Uncertainty Over Potential Acquisition
Manchester United (NYSE:) stock experienced an 11% decrease due to reports suggesting that British billionaire Jim Ratcliffe might only acquire a 25% stake in the soccer club. This has raised concerns about the potential withdrawal of a buyout by Qatar’s Sheikh Jassim bin Hamad al Thani.
Novo Nordisk Expands Portfolio with Hypertension Drug Acquisition
Novo Nordisk (NYSE:) stock rose by 0.1% following the drugmaker’s agreement to acquire a hypertension drug from KBP Biosciences for up to $1.3 billion. This acquisition will enhance Novo Nordisk’s product offerings and market presence.
Lululemon Set to Join Benchmark Index
Lululemon (NASDAQ:) stock surged by 6.3% as the athleticwear company received confirmation from S&P Dow Jones Indices that it will be included in the benchmark index starting Wednesday. This recognition highlights Lululemon’s strong performance and market position.
DR Horton Upgraded, KB Home Downgraded by Goldman Sachs
DR Horton (NYSE:) stock rose by 2% after Goldman Sachs upgraded its stance on the housebuilder to ‘buy’ from ‘neutral.’ Conversely, KB Home (NYSE:) stock fell by 2.1% as Goldman Sachs downgraded it to ‘neutral’ from ‘buy.’ These changes reflect Goldman Sachs’ revised outlook on the respective companies.
