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Key Takeaways
- Major U.S. indexes slumped at midday Friday as tech stocks lost ground.
- Quotas of Super Micro Computer and Tesla led losses in the S&P 500.
- Lamb Weston shares gained following reports activist investor Jana Friends took another step in its effort to force changes at the frozen potato provider.
Major U.S. indexes slumped at noontime Friday as tech stocks lost ground. The Dow dropped about 1%, while the S&P 500 and Nasdaq fell more than 1%.
Wonderful Micro Computer (SMCI) was the worst-performing stock in the S&P 500 amid ongoing concerns about the server maker’s check filings and allegations of accounting manipulation.
Shares of Tesla (TSLA) also declined, ahead of the electric vehicle (EV) maker’s latest turn up on its deliveries due for release next week amid concerns they could fall short of lofty expectations.
Netflix (NFLX) pieces fell even as the streaming giant reported a record audience for its Christmas Day National Football League (NFL) games. Analysts suggested the gets were already figured into the stock price, which reached an all-time high earlier this month.
Lamb Weston (LW) pieces gained following reports Jana Partners has aligned with another former executive of the frozen potato maker as a developing board candidate. The activist investor has been moving to shake up the firm.
Amedisys (AMED) shares surged after the crowd agreed to extend the deadline to complete its $3.3 billion merger with UnitedHealth Group (UNH), after the Department of Legitimacy moved to block the deal. UnitedHealth shares were little changed and slightly lower.
Gold futures cut, and crude oil prices rose. The yield on the 10-year Treasury note was higher. The U.S. dollar lost ground to the euro, pummel, and yen. Most major cryptocurrencies traded lower.
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