Midday movers: Coinbase falls; Pfizer and Moderna rise

April 9, 2024 8:13 AM EDT
(Updated - April 9, 2024 11:15 AM EDT) -- Main U.S. indexes declined Tuesday ahead of the release of key inflation data and the start of the new quarterly earnings season.

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

Coinbase (NASDAQ: COIN) stock fell 5%, with the cryptocurrency exchange registering losses, tracking the falling price of Bitcoin, the world’s most popular digital currency.

Taiwan Semiconductor Manufacturing (NYSE: TSM) stock rose 0.7%, continuing the previous session’s gains after the U.S. government awarded the chipmaker a $6.6 billion subsidy for an advanced semiconductor plant in Arizona. Its stock hit an all-time high in Taiwan earlier.

Pfizer (NYSE: PFE) stock rose 1.5% after the drugs giant said its respiratory syncytial virus vaccine Abrysvo was well tolerated and generated an immune response in higher risk adults under the age of 60 similar to that in older adults, for whom the shot is already approved.

Wells Fargo (NYSE: WFC) stock fell 1.3% after Compass Point downgraded its stance on the banking giant to ‘neutral’ from ‘buy’, with the investment firm expressing concern ahead of Friday’s quarterly earnings.

Tilray (NASDAQ: TLRY) stock slumped 21% after the cannabis company reported a wider-than-expected loss in its fiscal third quarter, while revenue fell short of expectations.

BP (NYSE: BP) ADRs rose 1% after the U.K. energy giant forecast first-quarter upstream production of both oil and gas as well as low-carbon energy to be higher than the previous three months.

Trump Media & Technology (NASDAQ: DJT) stock fell 2.5%, extending the previous session’s hefty losses after investors have soured on the company after it disclosed millions of dollars in losses earlier this month and said it would struggle to meet its financial liabilities.

Tesla (NASDAQ: TSLA) climbed 1.75%, adding to recent gains on enthusiasm over its planned robotaxis.

Maxeon Solar Technologies (NASDAQ: MAXN) stock slumped 7% after the company reported revenue guidance for the current quarter that fell short of expectations estimates as slowing global distributed generation demand forced the company to step up its ramp down inventory of its Maxeon 6 solar panels faster than expected, pushing costs higher.

Moderna (NASDAQ: MRNA) stock gained 7% following positive data from its experimental vaccine with Merck's Keytruda for treating head and neck cancer. Shares were also impacted by RSV data from rival Pfizer.

Additional reporting by Louis Juricic

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