Midday movers: Macy's, Super Micro Computer rise; Apple, Tesla fall

March 4, 2024 8:50 AM EST
(Updated - March 4, 2024 11:08 AM EST) -- Main U.S. indexes edged lower Monday, consolidating after the S&P 500 and Nasdaq hit record highs last week.

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

Macy’s (NYSE: M) shares jumped 15% after an investor group consisting of Arkhouse Management and Brigade Capital hiked its offer to take the department store chain private.

Crypto-linked stocks, which have been beneficiaries of a recent rally in Bitcoin, drove higher. Top U.S. crypto exchange Coinbase (NASDAQ: COIN) as well as crypto miners Marathon Digital (NASDAQ: MARA), Riot Platforms (NASDAQ: RIOT) and CleanSpark (NASDAQ: CLSK) all gained.

Shares in DoorDash (NASDAQ: DASH) rose 4% after analysts at RBC Capital Markets raised their rating of the delivery service.

Shares in Lyft (NASDAQ: LYFT), which the RBC analysts also upgraded to "Outperform" and speculated could be a candidate to merge with DoorDash, surged 5%.

Super Micro Computer (NASDAQ: SMCI) shares spiked 20% after S&P Dow Jones Indices announced that the seller of artificial intelligence-optimized servers is slated to join the S&P 500 later this month. Athletic apparel firm Deckers Outdoor (NYSE: DECK) will also be added to the benchmark index. Home appliance group Whirlpool (NYSE: WHR) and Utah-based lender Zions Bancorporation (NASDAQ: ZION), who the two companies are replacing on the S&P 500, moved lower.

Workday (NASDAQ: WDAY), seen as a candidate for inclusion in the S&P 500 index, declined 6% after it wasn’t added.

Apple (NASDAQ: AAPL) declined 3% after it was fined 1.8 billion euros by the European Commission over music streaming app abuses.

Tesla (NASDAQ: TSLA) declined 5.7% after shipments from its factory in Shanghai slumped to the lowest level in more than a year.

Morgan Stanley (NYSE: MS) stock rose 5%, leading major banks, after it said it will offer pre-IPO share trading to its wealth clients.

Additional reporting by Louis Juricic

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