Midday movers: Delta, Taiwan Semiconductor rise; Hexcel falls
Investing.com -- Main U.S. indexes declined Wednesday after hot inflation data made Fed rate cuts in June or July appear less likely.
Here are some of the biggest U.S. stock movers today:
Delta Air Lines (NYSE: DAL) stock outperformed major averages after the carrier offered up an upbeat outlook for the current quarter after its first-quarter earnings topped estimates on buoyant travel demand.
Moderna (NASDAQ: MRNA) stock fell 3.9%, paring the previous session’s 6% gains after the drugmaker issued cancer-vaccine data that suggests its drug may work in indications outside its target of melanoma.
Taiwan Semiconductor Manufacturing (NYSE: TSM) stock rose 1.5% after the world’s biggest chipmaker said that its sales in March jumped sharply, likely benefiting from increased demand for chips from the artificial intelligence industry.
Alibaba (NYSE: BABA) ADRs rose 1.3% after Chinese media reports showed co-founder Jack Ma endorsing the e-commerce giant’s current leadership in an internal memo.
WD-40 Company (NASDAQ: WDFC) fell 5% after the household products company reported lower than expected revenue for its fiscal second quarter, and issued muted guidance for the full year.
Albemarle (NYSE: ALB) stock fell 0.8% but outperformed peers after BofA Securities upgraded its stance on the lithium miner to ‘buy’ from ‘hold’, based on the assessment that lithium pricing, which saw a low point in the first quarter of 2024, is poised for improvement.
Deckers Outdoor (NYSE: DECK) declined 7% after analysts at Truist cut their rating on the stock to ‘hold’ from ‘buy’.
Hexcel Corp. (NYSE: HXL) declined 11% after analysts at BofA lowered their rating on the stock to ‘underperform’ from ‘neutral’, citing near-term uncertainty.
Revolution (NASDAQ: RVMD) gained 6% after analyst at Raymond James upgraded the stock to ‘strong buy.’
Additional reporting by Louis Juricic