Midday movers: Cisco slips; SoundHound AI, Super Micro rise

February 15, 2024 9:26 AM EST
(Updated - February 15, 2024 11:22 AM EST) -- Main U.S. indexes were mixed Thursday as investors digested a number of economic reports, including data that showed soft retail sales. The weak reading on retail sales was balanced against fewer than expected initial jobless claims.

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

Cisco Systems (NASDAQ: CSCO) declined 2% after it reduced its full-year guidance and detailed plans to cut its global workforce as part of a broader restructuring push.

Deere&Company (NYSE:NYSE:DE) declined 5% after it slashed its full-year net income outlook, in a sign that elevated interest rates are eating away at farmer demand for high-priced agricultural equipment.

SoundHound AI (NASDAQ: SOUN) and Arm Holdings (NASDAQ: ARM) both jumped after Nvidia (NASDAQ: NVDA) revealed that it had taken stakes in both of the AI-related businesses.

Super Micro Computer (NASDAQ: SMCI) surged 9% after BofA Securities initiated coverage with a ‘buy’ rating and a price target of $1,040. Analysts said server and storage solutions will be a beneficiary of AI-driven demand growth.

Alphabet (NASDAQ: GOOGL) declined 3% on concerns about threats to Google’s search business after a report from The Information suggested OpenAI is developing a web search product.

Twilio (NYSE: TWLO) declined 14% despite publishing better than expected fourth quarter results, as outlook was viewed as a disappointment. The stock was later downgraded at Northland.

AppLovin (NASDAQ: APP) climbed 22% after it reported strong fourth quarter results and raised guidance, pleasing investors and analysts.

Fastly, Inc. (NYSE: FSLY) declined 29% after reporting fourth quarter revenue that fell short of expectations.

West Pharma (NYSE: WST) declined 16% after the syringe maker issued full year guidance that didn’t come close to matching Wall Street expectations.

Stellantis (NYSE: STLA) climbed 5% after it reported second-half earnings that beat estimates and unveiled a 3 billion euro share repurchase plan.

Alnylam Pharma (NASDAQ: ALNY) declined 7% after it issued full year revenue guidance that trailed estimates.

Additional reporting by Louis Juricic

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