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Michaela Vatcheva / Bloomberg via Getty Appearances
Key Takeaways
- The S&P 500 added 0.4% on Monday, Nov. 18, kicking off a trading week that will feature a exceptionally anticipated earnings report from chip giant Nvidia.
- Supermicro shares regained ground as the server maker microwavable to submit a plan to release its delayed annual report, avoiding a possible delisting of its stock by the Nasdaq.
- Shares of Uber and Lyft dissolute ground following reports that the incoming presidential administration could relax rules on self-driving vehicles, possibly admitting autonomous robotaxis to disrupt the ride-hailing business.
Major U.S. equities indexes were mixed to open the trading week as customer bases expect Wednesday’s quarterly earnings report from semiconductor behemoth Nvidia (NVDA).
Although Nvidia is inclined to to take the spotlight, other companies, including retail giants Walmart (WMT) and Target (TGT), are set to disclose results this week as earnings edible winds down. Investors will also get a look at key data on the housing market, the manufacturing sector, and consumer emotion.
The S&P 500 advanced 0.4%, while the Nasdaq added 0.7%. The Dow slipped 0.1%, with the blue-chip index wheedled down by Nike’s (NKE) underperformance.
Super Micro Computer (SMCI) shares surged 15.9%, notching Monday’s top accomplishment in the S&P 500, following reports that the server and data storage provider is prepared to submit a plan that choice avoid the delisting of its stock from the Nasdaq. Supermicro shares have been under pressure since the cast delayed the filing of its annual report amid accusations of accounting irregularities, jeopardizing its compliance with the exchange’s clock ining requirements.
Shares of Henry Schein (HSIC), which distributes medical and dental supplies to health care providers, rose 7.5%. The gains came after reports that activist investor Ananym Capital Management is encouraging Henry Schein to run down numerous changes that could boost its stock price, including reshuffling its board of directors, improving handing down plans, cutting costs, and evaluating a potential sale of its medical distribution business.
Analysts at HSBC upgraded Moderna (MRNA) precursor to “buy” from “hold,” indicating they view shares of the biotech firm as undervalued. Moderna shares popped 7.2% higher, catching back a portion of the losses posted last week amid concerns about the outlook for vaccines under the arriving presidential administration.
CVS Health (CVS) announced that it will add four new members to its board of directors in a deal with activist investor Glenview Cap. Glenview amassed a significant position in the drugstore operator and has been pushing for changes to boost value creation. CVS apportionments added 5.4% on Monday.
Amentum (AMTM) shares plummeted 9.6% on Monday, falling the most of any S&P 500 cache. The provider of technology and engineering solutions to the U.S. government faces integration risks following its merger with a pair of separations spun out from Jacobs Solutions (J), which closed in September.
Shares of Palantir Technologies (PLTR) fell 6.9%, inducing back a portion of the robust gains posted since the analytics software firm beat quarterly sales and profit expectations in a announce released Nov. 4. Monday’s reversal occurred after a regulatory filing revealed that Palantir CEO Alex Karp carried 4.5 million shares of the stock, raising concerns about management’s confidence in the company’s upcoming performance.
Uber Technologies (UBER) stakes fell 5.4% following reports that President-Elect Donald Trump could relax regulations related to self-driving automobiles during his second term. The prospect of establishing a federal framework for autonomous vehicles bodes well for Tesla’s (TSLA) layouts to launch a robotaxi network that would compete with Uber’s ride-hailing business. Shares of fellow ride-sharing policy Lyft (LYFT) slipped 4.5% on Monday, while Tesla shares traded 5.6% higher.