Here are some of the bigger movers on Tuesday:
Stock gainers: Nvidia Corp. shares
NVDA,
ran up 7% into record territory, and have rocketed more than 35% over the past three sessions. The graphics chipmaker that recently bolstered its earnings estimates on artificial-intelligence demand announced a flurry of new products over the weekend. Among others in the AI space, shares of C3.ai Inc.
AI,
shot up 19%, Palantir Technologies Inc.
PLTR,
PLTR,
rallied 8.3% and Nutanix Inc.
NTNX,
advanced 2.1%. Meanwhile, shares of Advanced Micro Devices Inc., which had powered up 17% the past two sessions, reversed an earlier intraday gain of as much as 3% to pull pack 1.6%.
Ford Motor Co.
F,
stock rose 4% toward a six-week high. The automaker was upgraded to buy from hold at Jefferies.
Shares of Arlington Asset Investment Corp.
AAIC,
soared 48% after agreeing to be acquired by fellow mortgage-related assets investor Ellington Financial Inc. in a cash and stock deal that would value the combined company at about $1 billion. Ellington Financial’s stock
EFC,
shed 2.3%.
John Bean Technologies Corp. shares
JBT,
gained 3% after the food, beverage and air transportation company agreed to sell its AeroTech business to vehicles and equipment maker Oshkosh Corp. for $800 million in cash. Oshkosh shares
OSK,
tacked on 1.4%.
Shares of Iovance Biotherapeutics Inc.
IOVA,
climbed 10% after the biotechnology company said late Friday that the U.S. Food and Drug Administration accepted its Biologics License Application (BLA) for its treatment for patients with advanced melanoma.
Stock decliners:
Beer brewer Anheuser-Busch InBev SA‘s stock
BUD,
dropped more than 3% toward a 6 1/2-month low, after Roth MKM analyst Bill Kirk said he expects the Bud Light’s market share losses to accelerate as the weather warms, amid continued backlash from the beer brand’s partnership with trans influencer Dylan Mulvaney. Kirk said Bud Light’s woes should boost share gains of its competitors, leading him upgrade Constellation Brands Inc. and Boston Beer Co. Inc., which sent the shares of Constellation
STZ,
up 1.6% and of Boston Beer
SAM,
up 3.5%.
Shares of Comerica Inc. sank
CMA,
nearly 6% to pace the S&P 500 index’s decliners, and were headed toward a fourth-straight loss, amid weakness in the broader regional bank sector. Brian Reynolds, chief market strategist at Reynolds Strategy, said in a note to clients Tuesday that bank deposits are suffering the worst sustained decline in at least 50 years. He added that the debt ceiling agreement reached over the weekend could incentivize some investors to move more money away from lower-yielding bank deposits and into higher-yielding money-market funds. Among other more-active regional bank shares, PacWest Bancorp
PACW,
dropped 6.1%, Western Alliance Bancorp
WAL,
gave up 2.6% and Huntington Bancshares Inc.
HBAN,
slipped 0.2%.
Shares of Newell Brands Inc.
NWL,
fell more 0.5%, but pared earlier losses of as much as 1.3%, after the consumer-products parent company of Rubbermaid and other brands said it was embarking on a restructuring and savings plan intended to “streamline” its North American distribution network.
