Midday movers: Alcoa, Moderna fall; Micron, Coinbase rise

February 26, 2024 8:00 AM EST
(Updated - February 26, 2024 11:04 AM EST) -- Main U.S. indexes traded in a muted fashion Monday, ahead of the release of key inflation data this week which could provide more clues as to future Fed monetary policy.

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

Alcoa (NYSE: AA) stock fell 4.4% after the alumina producer Alcoa made a $2.2 billion offer for Australian peer and joint venture partner Alumina (OTC: AWCMY).

Ford (NYSE: F) stock declined 0.2% after the auto giant confirmed it had halted shipments of all of its 2024 model year F-150 Lightning trucks, citing quality checks for an unspecified issue.

Berkshire Hathaway (NYSE: BRKa) stock declined 0.7% after Warren Buffett’s conglomerate posted its second straight record annual profit, with its chairman reassuring investors that it was 'built to last'.

Intuitive Machines (NASDAQ: LUNR) stock fell 27% after the space exploration company said its spacecraft had tipped over shortly after touching down on the lunar surface.

Moderna (NASDAQ: MRNA) stock fell 5% after HSBC downgraded its stance on the drugmaker to ‘reduce’ from ‘hold’, keeping a cautious stance on the overall market potential for Moderna's mRNA vaccine, projecting peak sales at $1.7 billion, which aligns with the lower end of the consensus range of $1.5 to $2.4 billion.

Domino’s Pizza (NYSE: DPZ) stock rose 6% after the restaurant chain hiked its dividend and gave the green light to further share repurchases.

Freshpet (NASDAQ: FRPT) stock soared 17% after the pet-food manufacturer’s fourth-quarter revenue and profit topped analyst estimates, helped by a rise in sales as it boosts media spending.

PPG Industries (NYSE: PPG) stock declined 2% after the paints and coatings maker said it will review strategic alternatives for its architectural coatings business in the United States and Canada.

Arm Holdings (NASDAQ: ARM) rose 11% after analysts raised their price target on the stock to $180 due to better royalty trends.

Micron Technology (NASDAQ: MU) stock rose 5.5% after it announced that it commenced mass production of its high-bandwidth memory semiconductors for use in Nvidia's GPUs.

Coinbase (NASDAQ: COIN) stock rose 10% as the price of Bitcoin climbed above $52,000. Crypto miners Marathon Digital (NASDAQ: MARA) and Riot Platforms (NASDAQ: RIOT) also gained.

Additional Reporting by Louis Juricic

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