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Midday movers: Micron and Guess rise; Apple, Darden, Five Below fall
(Updated - March 21, 2024 11:03 AM EDT)
Investing.com -- Main U.S. indexes rose Thursday, continuing the positive tone generated by the Federal Reserve sticking with its plan to cut interest rates three times this year.
Here are some of the biggest U.S. stock movers today:
Micron (NASDAQ:MU) stock soared 16%, on track for a record high, after the chipmaker posted a surprise profit and forecast strong current-quarter revenue on soaring demand for its memory chips used in AI computing.
Apple (NASDAQ:AAPL) stock fell 3.6% after the U.S. Department of Justice sued the tech giant for allegedly violating antitrust laws by blocking rivals from accessing hardware and software features of its iPhone.
Darden Restaurants (NYSE:DRI) stock fell 5.5% after the group missed revenue expectations, as same-store sales shrank for the first time since the pandemic.
Five Below (NASDAQ:FIVE) stock fell 13% after the discount retailer missed quarterly expectations and posted weak guidance.
Accenture (NYSE:ACN) stock dropped 6.7% after the IT services provider cut its fiscal-year 2024 revenue forecast, as an uncertain economy prompts clients to cut spending on its consulting services.
Reddit (RDDT) will make its market debut Thursday after the social-media company priced its initial public offering at the top end of the $31 to $34 range it had marketed earlier.
Designer Brands (NYSE:DBI) stock fell 15% after the footwear and accessories discount retailer reported a fourth-quarter loss, even as the company's revenue slightly exceeded market estimates.
Li Auto (NASDAQ:LI) stock fell 8% after the China-based EV maker cut its first-quarter delivery outlook, citing “lower-than-expected order intake.”
Guess (NYSE:GES) stock rose 22% after the clothing retailer announced a profit for its fourth quarter that increased from last year and beat the Street estimates.
lululemon athletica inc. (NASDAQ:LULU) climbed 2% ahead of the release of its fourth quarter results today after the bell.
Additional reporting by Louis Juricic
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