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Midday movers: Micron, Salesforce and more

Investing.com
·2-min read

(Updated - December 21, 2023 12:08 PM EST)

Investing.com -- Main U.S. indexes rose Thursday, bouncing after the previous session’s selloff. Yesterday’s decline in the S&P 500 was the worst since September and ended a rally fueled by hopes the Fed will begin cutting interest rates early next year.

Here are some of the biggest U.S. stock movers today:​

Micron (NASDAQ:MU) stock rose 7% after the memory chipmaker unveiled a better-than-expected second-quarter revenue forecast, expecting the company "to benefit from higher prices" next year and into 2025.

Warner Bros Discovery (NASDAQ:WBD) stock declined 2.4% and Paramount Global (PARA) fell 1.9% following a series of media reports that two of the world’s largest media companies were discussing a potential tie-up, a move which could shore up profitability and lower costs during a time of fierce competition.

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CarMax (NYSE:KMX) stock rose 6% after the used cars retailer posted a higher third-quarter profit after previously implemented cost cuts helped it offset headwinds from lower demand.

Boeing (NYSE:BA) stock rose 0.4% after Bloomberg reported that China has approved the delivery of a 787 Dreamliner jet to Juneyao Airlines, the first such delivery since April 2021.

Toyota (NYSE:TM) ADRs fell 0.1% after Japan’s biggest automaker said its Daihatsu unit will halt shipments of all its vehicles in light of a safety investigation revealing issues with several models sold by the firm.

Blackberry (TSX:BB) stock fell 12.7% after the Canadian technology firm outlined a conservative financial outlook for its current quarter.

Spotify (NYSE:SPOT) stock rose 2.8% after Pivotal Research upgraded the music streaming company to ‘buy’ from ‘hold’, citing improved forecasts for EBITDA and free cash flow, the potential for significant margin expansion, and its capability to increase prices without losing customers significantly.

Salesforce (NYSE:CRM) stock rose 2% after Morgan Stanley upgraded the cloud-based software company to ‘overweight’ from ‘equal weight’, citing a number of key growth drivers including effective price hikes, innovative solution bundling, and the Data Cloud service for Generative AI applications.

Glaukos (NYSE:GKOS) stock rose 6% after JPMorgan upgraded the medical device maker to ‘overweight’ from ‘neutral’, expecting a strong performance in 2024, likely leading to upward revisions in estimates for 2025.

Carnival Corp. (NYSE:CCL) stock rose 7.5% after it reported better than expected revenue and a smaller than expected loss last quarter. It also forecast 30% growth in core operating profit.

Paychex (NASDAQ:PAYX) stock fell 6.5% after the company reported earnings for its latest quarter, missing the consensus revenue estimate.


Additional reporting by Louis Juricic

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