Dj Akamai Technologies Inc. Stock Underperforms Wednesday When Compared To Competitors

When Kamala Harris lost the 2024 U.S. election last week, these ten large-cap stocks were the worst performers.

• Moderna, Inc. shares dipped 12.53% last week despite a third-quarter earnings beat due to a weak vaccine demand slowdown. Several analysts lowered their price forecast on the stock.
• Honda Motor Company, Ltd. stock tumbled 11.46% on a decline in the first-half profit and reduced annual profit forecast.
• Akamai Technologies, Inc. shares declined 10.67% after the company revised its FY24 guidance.
• Advanced Drainage Systems, Inc. stock fell 10.53% after it reported worse-than-expected second-quarter results and cut its FY25 net sales outlook.
• AstraZeneca PLC shares decreased 9.72% following a report suggesting that the company’s insurance fraud involved senior executives in China.
• Pinterest, Inc. stock was down 9.60% after the company reported third-quarter results, and several analysts cut the price forecast on the stock.
• MercadoLibre, Inc. shares fell 9.29% after it reported third-quarter financial results.
• First Solar, Inc. stock declined 8.64%, probably due to Donald Trump’s presidential election victory. Investors may be assessing Trump’s policies regarding solar and renewable energy.
• POSCO HOLDINGS INC. shares were down 8.42%.
• Floor & Decor Holdings, Inc. stock fell 8.22%.

Also Read:

• Donald Trump Victory Week (Nov 4-8): These Large Cap Stocks Were Biggest Gainers

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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

The S&P 500 Index today is up +0.28%, the Dow Jones Industrials Index is up +0.94%, and the Nasdaq 100 Index is down -0.07%.

Stocks today are moderately higher, with the S&P 500 and the Dow Jones Industrials posting new all-time highs. Stocks are extending last week’s post-election gains on speculation President-elect Trump will boost corporate profits through tax cuts and reduced regulation. Also, Tesla is up more than +8%, adding to last week’s +26% surge on speculation the company will benefit from a Trump presidency. In addition, cryptocurrency-related stocks are soaring today on speculation digital assets will benefit from the Trump administration’s pro-crypto policies. Trading activity in equities may be below average today, with the cash treasury market closed for the Veterans' Day holiday.

On the negative side, chipmakers are under pressure today to drag the Nasdaq 100 Stock Index lower. Also, Minneapolis Fed President Kashkari said a strong US economy and higher productivity growth could lead policymakers to reduce interest rates less than expected over the coming months.

The price of Bitcoin today are down by -12 ticks. The 10-year T-note yield is not trading today with the cash Treasury market closed for the Veteran’s Day holiday. Hawkish comments from Minneapolis Fed President Kashkari weighed on T-notes when he said a strong US economy and higher productivity growth could lead policymakers to reduce interest rates less than expected over the coming months. Also, today’s rally in the S&P 500 to a new record high reduces safe-haven demand for T-notes and is undercutting T-note prices.

European government bond yields today are mixed. The 10-year German bund yield fell to a 1-1/2 week low of 2.311% and is down -3.5 bp to 2.332%. The 10-year UK gilt yield rebounded from a 1-week low of 4.407% and is up +0.5 bp to 4.440%.

ECB Governing Council member Holzmann said he sees "no reason" for the ECB not to cut interest rates at its December policy meeting, but a cut is not guaranteed.

Swaps are discounting the chances at 100% for a -25 bp rate cut by the ECB at its December 12 policy meeting and at 18% for a -50 bp rate cut at the same meeting.

US Stock Movers

Bristol Myers Squibb is up more than +11% to lead gainers in the S&P 500 after rival AbbVie sank when it said its two mid-stage trials of its investigative treatment for adults with schizophrenia missed their primary endpoints, which may boost demand for BMY’s Cobenfy drug for the mental disorder.

Tesla is up more than +8% at a 2-1/2 year high to lead gainers in the Nasdaq 100. Tesla is adding to last week’s +26% surge on expectations that the incoming Trump administration will support the company. Also, Wedbush raised its price target on the stock to $400 from $300 and said, “A Trump White House will be a game-changer for the autonomous and AI story for Tesla and Musk over the coming years.”

Cryptocurrency-linked stocks are rallying today, with the price of Bitcoin rising more than +9% to a new record high. As a result, Coinbase Global , Bit Digital , MicroStrategy , MARA Holdings , and Riot Platforms are up more than +9%.

Cigna Group is up more than +7% after confirming it is not pursuing a combination with Humana and is expecting to reaffirm projected 2024 adjusted income from operations of at least $28.40 a share and adjusted EPS growth of at least 10% in 2025.

Salesforce is up more than +6% to lead gainers in the Dow Jones Industrials after CEO Benioff said the company will hire 1,000 workers to capitalize on the “amazing momentum” for the company’s AI product.

RadNet is up more than +20% after reporting Q3 revenue of $461.1 million, better than the consensus of $441.5 million, and announced a collaboration with GE HealthCare on the adoption of AI imaging.

Winnebago Industries is up more than +4% after Northcoast Research upgraded the stock to buy from neutral with a price target of $75.

Akamai Technologies is up more than +2% after HSBC upgraded the stock to buy from hold with a price target of $121.

Chip stocks are retreating today to weigh on the Nasdaq 100. Micron Technology , ARM Holdings Plc , Lam Research , and NXP Semiconductors NV are down more than -3%. Also, KLA Corp , Broadcom , Marvell Technology , Microchip Technology , Intel , and Qualcomm are down more than -2%.

Monolithic Power Systems is down more than -20% to lead losers in the S&P 500 after Edgewater said the company’s Blackwell allocation is at risk.

Abbvie is down more than -12% after saying its two mid-stage trials of its investigative treatment for adults with schizophrenia missed their primary endpoints.

Newmont Corp is down more than -5% to lead miners lower, with the price of gold down more than -2% today to a 1-month low.

Humana is down more than -4% after Cigna Group confirmed that it isn’t pursuing a combination with the company.

Monday.com is down more than -15% after reporting an unexpected Q3 EPS loss of -24 cents versus expectations of a +1-cent gain.

Sapiens International NV is down more than -25% after reporting Q3 adjusted revenue of $137.0 million, weaker than the consensus of $140.2 million.

Tempus AI is down more than -2% after Stifel downgraded the stock to hold from buy, citing valuation.

Revvity is down more than -1% after Nephron Research downgraded the stock to sell from hold with a price target of $105.

Earnings Reports (11/11/2024)

Aramark (ARMK), Assured Guaranty Ltd (AGO), IAC Inc (IAC), Live Nation Entertainment Inc (LYV).

On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.

The S&P 500 Index today is up +0.21%, the Dow Jones Industrials Index is up +1.02%, and the Nasdaq 100 Index is down -0.19%.

Stocks today are moderately higher, with the S&P 500 and the Dow Jones Industrials posting new all-time highs. Stocks are extending last week’s post-election gains on speculation President-elect Trump will boost corporate profits through tax cuts and reduced regulation. Also, Tesla is up more than +5%, adding to last week’s +26% surge on speculation the company will benefit from a Trump presidency. In addition, cryptocurrency-related stocks are soaring today on speculation a Trump administration will benefit from its pro-crypto policies. Trading activity in equities may be below average today, with the cash treasury market closed for the Veterans' Day holiday.

On the negative side, chipmakers are under pressure today to drag the Nasdaq 100 Stock Index lower. Also, Minneapolis Fed President Kashkari said a strong US economy and higher productivity growth could lead policymakers to reduce interest rates less than previously expected over the coming months.

The price of Bitcoin today are down by -10 ticks. The 10-year T-note yield is not trading today with the cash Treasury market closed for the Veteran’s Day holiday. Hawkish comments from Minneapolis Fed President Kashkari weighed on T-notes when he said a strong US economy and higher productivity growth could lead policymakers to reduce interest rates less than expected over the coming months. Also, today’s rally in the S&P 500 to a new record high reduces safe-haven demand for T-notes and undercutting T-note prices.

European government bond yields today are mixed. The 10-year German bund yield fell to a 1-1/2 week low of 2.311% and is down -0.9 bp to 2.358%. The 10-year UK gilt yield rebounded from a 1-week low of 4.407% and is up +2.4 bp to 4.459%.

ECB Governing Council member Holzmann said he sees "no reason" for the ECB not to cut interest rates at its December policy meeting.

Swaps are discounting the chances at 100% for a -25 bp rate cut by the ECB at its December 12 policy meeting and at 17% for a -50 bp rate cut at the same meeting.

US Stock Movers

Bristol Myers Squibb is up more than +10% to lead gainers in the S&P 500 after rival AbbVie sank when it said its two mid-stage trials of its investigative treatment for adults with schizophrenia missed their primary endpoints, which may boost demand for BMY’s Cobenfy drug for the mental disorder.

Tesla is up more than +6% at a 2-1/2 year high to lead gainers in the Nasdaq 100. Tesla is adding to last week’s +26% surge on expectations that the incoming Trump administration will support the company. Also, Wedbush raised its price target on the stock to $400 from $300 and said, “A Trump White House will be a game-changer for the autonomous and AI story for Tesla and Musk over the coming years.”

Cryptocurrency-linked stocks are rallying today with the price of Bitcoin up more than +7% at a new record high. As a result, Coinbase Global , Bit Digital , MicroStrategy , MARA Holdings , and Riot Platforms are up more than +9%.

Cigna Group is up more than +6% after confirming it is not pursuing a combination with Humana and is expecting to reaffirm projected 2024 adjusted income from operations of at least $28.40 a share and adjusted EPS growth of at least 10% in 2025.

Salesforce is up more than +4% to lead gainers in the Dow Jones Industrials after CEO Benioff said the company will hire 1,000 workers to capitalize on the “amazing momentum” for the company’s AI product.

Dell Technologies is up more than +2% after Morgan Stanley raised its price target on the stock to $154 from $136.

RadNet is up more than +24% after reporting Q3 revenue of $461.1 million, better than the consensus of $441.5 million, and announced a collaboration with GE HealthCare on the adoption of AI imaging.

Winnebago Industries is up more than +3% after Northcoast Research upgraded the stock to buy from neutral with a price target of $75.

Akamai Technologies is up more than +2% after HSBC upgraded the stock to buy from hold with a price target of $121.

Chip stocks are retreating today to weigh on the Nasdaq 100. Micron Technology , ARM Holdings Plc , KLA Corp , Broadcom , Marvell Technology , and NXP Semiconductors NV are down more than -3%. Also, Nvidia , Microchip Technology , Intel , Applied Materials , and Qualcomm are down more than -2%.

Monolithic Power Systems is down more than -22% to lead losers in the S&P 500 after Edgewater said the company’s Blackwell allocation is at risk.

Abbvie is down more than -12% after saying its two mid-stage trials of its investigative treatment for adults with schizophrenia missed their primary endpoints.

Monday.com is down more than -18% after reporting an unexpected Q3 EPS loss of -24 cents versus expectations of a +1-cent gain.

Sapiens International NV is down more than -24% after reporting Q3 adjusted revenue of $137.0 million, weaker than the consensus of $140.2 million.

Tempus AI is down more than -6% after Stifel downgraded the stock to hold from buy, citing valuation.

Humana is down more than -3% after Cigna Group confirmed that it isn’t pursuing a combination with the company.

Revvity is down more than -1% after Nephron Research downgraded the stock to sell from hold with a price target of $105.

Earnings Reports (11/11/2024)

Aramark (ARMK), Assured Guaranty Ltd (AGO), IAC Inc (IAC), Live Nation Entertainment Inc (LYV).

On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.