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Midday movers: Costco, Marvell fall; Gap, DocuSign rise

March 8, 2024 8:08 AM
(Updated - March 8, 2024 11:04 AM EST)

Investing.com -- Main U.S. indexes climbed Friday after the key monthly jobs report showed a rise in unemployment despite strong job growth in February, as January figures were revised lower. The data provided clues as to when interest rate cuts are likely to occur.

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

Costco (NASDAQ: COST) stock fell 6% after the big-box retailer reported second-quarter revenue that missed expectations as demand for higher-priced items was dented by a more cost-conscious consumer.

Broadcom (NASDAQ: AVGO) stock fell 2.3% after the semiconductor group's full-year forecast failed to impress investors, even as it said it expects $10 billion in revenue from chips related to artificial intelligence this year.

Gap (NYSE: GPS) stock rose 4.6% after the fashion retailer posted stronger than expected fourth-quarter results, buoyed by strong demand on improved product offerings at its Old Navy and namesake brands.

Marvell (NASDAQ: MRVL) stock fell 7% after the tech company forecast first-quarter results below market expectations on soft demand in its wireless infrastructure, consumer and enterprise markets.

Eli Lilly (NYSE: LLY) stock fell 1% after the Food and Drug Administration delayed the approval deadline of the drug maker’s experimental Alzheimer’s drug. Rival Biogen (NASDAQ: BIIB) climbed 3%.

MongoDB (NASDAQ: MDB) stock fell 4.5% after the database software company’s outlook for the current quarter disappointed, even as its results for the previous quarter came in ahead of expectations.

DocuSign (NASDAQ: DOCU) stock soared 5% after the virtual signature group unveiled solid current-quarter guidance and reported better-than-expected fourth-quarter results thanks in part to new business wins.

Rivian (NASDAQ: RIVN) stock rose 2% after the electric vehicle maker unveiled three new EVs and said it would save over $2 billion from pausing production at its Georgia plant.

Coinbase (NASDAQ: COIN) stock rose 8% after Bitcoin topped $70,000 for the first time. Shares of Marathon Digital (NASDAQ: MARA) and Microstrategy (NASDAQ: MSTR) also moved higher.

General Electric (NYSE: GE) climbed 2.6% after analysts at JPMorgan upgraded the stock to ‘overweight’ from ‘neutral’ with a price target of $180, citing fundamental strength in aerospace.

Additional reporting by Louis Juricic

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