Midday movers: Nvidia, Coinbase fall; Unilever rises
(Updated - March 19, 2024 11:20 AM EDT)
Investing.com -- Main U.S. indexes slipped lower Tuesday, amid caution ahead of the start of an eagerly-awaited Federal Reserve policy-setting meeting.
Here are some of the biggest U.S. stock movers today:
Nvidia (NASDAQ: NVDA) stock fell 2% as the chipmaker gave back some of the impressive gains seen this year after it unveiled its new line of AI chips at its annual developer conference. Shares AMD (NASDAQ: AMD) and other chip-makers also traded lower.
Pfizer (NYSE: PFE) stock fell 0.3% after the drugs giant offloaded a roughly $3.9 billion stake in the British consumer healthcare firm, Haleon, bringing its holding to 22.6%.
Coinbase (NASDAQ: COIN) stock fell 8%, with the cryptocurrency exchange suffering from the sharp slide in Bitcoin, the most popular digital currency.
Spire Global (NYSE: SR) stock rose 2% after the data and analytics company announced a collaboration with Nvidia for AI-driven weather prediction.
Meta Platforms (NASDAQ: META) stock fell 1.9% after the tech giant offered to cut a monthly subscription fee for Facebook and Instagram following discussions with regulators.
Unilever (LON: ULVR) (NYSE: UL) ADRs rose 3% after the consumer goods group said it will spin off its ice cream unit, home to popular brands such as Magnum and Ben & Jerry's, and cut 7,500 jobs in a new cost-savings program.
International Flavors & Fragrances (NYSE: IFF) stock fell 1.8% after the specialty chemicals company said it would sell its pharma solutions business to French plant-based ingredients maker Roquette in a deal valued at $2.85 billion, as it looks to focus on higher-margin businesses.
Fusion Pharmaceuticals (NASDAQ: FUSN) stock soared 99% after AstraZeneca (NASDAQ: AZN) said it will buy the clinical-stage biopharmaceutical company for about $2 billion in cash.
Xpeng (NYSE: XPEV) stock fell 2% after the Chinese EV manufacturer unveiled better-than-expected quarterly earnings but flagged a bumpy outlook.
Super Micro Computer (Nasdaq: SMCI) declined 12% after the launch of a proposed underwritten registered public offering of 2 million shares of its common stock.
Nuscale Power (NYSE: SMR) declined 28% after Wells Fargo downgraded it to ‘underweight’ with a price target of $4.50. Analysts said investor enthusiasm for SMR is misguided.
Additional reporting by Louis Juricic