Midday movers: MongoDB, Citigroup, and more

December 6, 2023 8:38 AM EST
(Updated - December 6, 2023 12:11 PM EST) -- Main U.S. indexes were slightly higher Wednesday afternoon. Data that showed slower growth in private payrolls added to the belief that the Federal Reserve will start cutting interest rates early next year, but investors were cautious ahead of the release of the official November payroll report on Friday.

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

Campbell Soup (NYSE: CPB) stock rose 7% after the company beat expectations for quarterly profit, benefiting from higher prices for its packaged meals and snacks that helped offset a slowdown in demand from cost-conscious consumers.

ExxonMobil (NYSE: XOM) stock declined 1.2% despite news that the oil major will increase the pace of its share buybacks after it closes its $60 billion takeover of shale producer Pioneer Natural Resources (NYSE: PXD). Meanwhile, the price of WTI crude fell below $70 per barrel for the first time since July.

Nvidia (NASDAQ: NVDA) stock declined 0.5% after the chip designer said it was working with the U.S. government to ensure new chips for the Chinese market are compliant with export curbs.

MongoDB (NASDAQ: MDB) stock fell 7.5% on slowing customer growth even after the data storage company posted better-than-anticipated third-quarter results and upbeat guidance.

Plug Power (NASDAQ: PLUG) stock fell 1% after Morgan Stanley downgraded its investment stance on the hydrogen fuel cell firm to ‘underweight’ from ‘equal weight’, citing liquidity concerns

Box (NYSE: BOX) stock fell 10% after the cloud storage company offered up a weak sales forecast despite solid quarterly results.

InMode (NASDAQ: INMD) stock fell 10% after the Israeli medtech company issued a profit warning, expecting a slowdown in platform sales, mainly in North America.

Citigroup (NYSE: C) stock climbed 4.4% following comments from its CFO Mark Mason at an industry conference. Mason said he expects the company’s 2023 revenue at the low end of its forecast, but he was optimistic about a reduction in expenses.

Altria (NYSE: MO) declined 2% and Philip Morris (NYSE: PM) declined 1.6% following an announcement by British American Tobacco (OTC: BTAFF) regarding its plans to write down the value of some U.S. cigarette brands by approximately £25 billion ($31.5 billion).

AMD (Nasdaq: AMD) shares climbed 1% ahead of a launch event for its next-generation MI300 data center GPU accelerator family. AMD is expected to highlight the Company’s growing momentum with AI hardware and software partners.

Affirm Holdings (Nasdaq: AFRM) shares climbed 8% despite a warning from the U.S. Office of the Comptroller of the Currency on risks to consumers posed by increasingly popular buy now, pay later financing for retail spending. Consumers are turning to the loans in record numbers this holiday season.

By Louis Juricic and Peter Nurse

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