Investors are keeping a close eye on the companies making headlines on Wall Street as the market opens for the day. Here’s a rundown of the key developments that are impacting some of the biggest names in the business world.
Nvidia, a leading semiconductor stock, saw a 1.7% dip as investors reacted to the launch of new artificial intelligence chips on Monday. Despite the initial drop, several Wall Street analysts have raised their price targets for Nvidia following the event.
Meanwhile, chipmaker Advanced Micro Devices faced a more significant slump of over 3% as competitor Nvidia unveiled a new generation of AI chips at a conference in California.
Consumer products maker Unilever, on the other hand, experienced a 2.7% uptick in its stock price after announcing plans to spin off its ice cream unit, which includes popular brands like Ben & Jerry’s and Magnum. This move is part of a larger restructuring plan that will impact thousands of jobs.
Crypto stocks like Coinbase and Riot Platforms took a hit as bitcoin tumbled in overnight trading, with both companies seeing a drop of around 5%.
In entertainment news, shares of Disney declined slightly following reports that filmmaker George Lucas is backing Disney CEO Bob Iger in a proxy fight with activist investor Nelson Peltz. Lucas, the largest individual investor in Disney, is throwing his support behind Iger amidst the shareholder dispute.
Tech stock Super Micro Computer witnessed a more significant drop of over 10% after announcing a new stock offering of two million shares, with Goldman Sachs serving as the underwriter for the offering.
Chinese internet company Tencent Music Entertainment reported a slight uptick in its stock price after its fourth-quarter earnings report, which showed growth in paying users but a decline in overall revenue.
Lastly, packaged software company dLocal saw its shares plummet by 13% after an earnings miss in the fourth quarter. The company reported earnings per share below analyst expectations and offered full-year revenue guidance at the lower end of Wall Street’s projections.
With so much activity in the market, investors and analysts continue to monitor these companies closely for any further developments that may impact their stock performance. Stay tuned for more updates on the latest news from Wall Street.
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