Stocks rallied as December trading began. The S&P 500 added 0.22%, and the tech-heavy Nasdaq Composite rallied 0.86%. The Dow Jones Industrial Average lost 0.24%, and the Russell 2000 Index fell 0.05%.
S&P 500 big stock movers today
Five S&P 500 stocks making big midday moves are:
- Super Micro Computer (SMCI) +29.6%
- Lam Research (LRCX) +5.8%
- Applied Materials (AMAT) +4.9%
- Norwegian Cruise Line (NCLH) +4.6%
- On Semiconductor (ON) +4.4%
The worst-performing five S&P 500 stocks with the largest midday drop are:
- Texas Pacific Land (TPL) -5.9%
- PG&E (PCG) -5.5%
- Targa Resources (TRGP) -4.9%
- Vistra (VST) -3.5%
- Ventas (VTR) -3.5%
Stocks also worth noting include:
Super Micro soars after panel sees no misconduct
Super Micro Computer surged 29% after a special committee said it found “no evidence of misconduct,” according to a company statement on Monday.
Super Micro said the conclusions that its former auditor, Ernst & Young, cited when it quit “were not supported by the facts examined in the review.” EY resigned in October, citing governance and transparency concerns.
Related: One big tech stock could profit from Super Micro’s disaster
The AI-server company is searching for a new chief financial officer and has named Kenneth Cheung, its vice president of finance and corporate controller, as its new chief accounting officer.
Super Micro has been under pressure since this summer, when short-selling investor Hindenburg Research took a short position in the company, alleging accounting irregularities and potential export control violations. (Short-sellers bet that a company's stock price will drop.}
The company also delayed filing its annual report and has yet to release that report and its recent quarterly results.
Norwegian Cruise Line pops after analyst resets stock price target
Norwegian Cruise Line gained 4% after Truist raised its stock price target to $35 from $25 and affirmed a buy rating, thefly.com reported.
Truist took a positive stance on the company's strategic initiatives and long-term revenue prospects. The investment firm’s recent discussions with travel industry executives and analysis of cruise booking and pricing data show promising trends, the analyst says in a research note.
Related: Norwegian Cruise Line cancels nearly 40 upcoming sailings
Truist also says Norwegian is likely to meet or exceed the implied revenue target from its 2026 guidance outlined at the recent investor day.
A month ago, Norwegian Cruise Line posted Q3 financials that surpassed analyst expectations and its guidance. Its revenue was up 11% to $2.81 billion, while quarterly earnings per share climbed 30% to 99 cents, compared with 76 cents in the year-earlier period.
Lululemon gains before earnings
Lululemon rallied 4% after Evercore ISI raised its price target to $355 from $300 before the athleisure-apparel chain's earnings report.
The investment firm affirmefd an outperform rating on the shares, according to thefly.com.
Evercore ISI expects no immediate growth catalysts for Lululemon, but it forecasts Q3 and Q4 EPS in line with company guidance.
The yoga outfit company has faced headwinds after an August revenue miss, its first in over two years, driven by a misstep in a product launch and weakening growth in the Americas.
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Lululemon lowered its guidance in August, expecting $10.38 billion to $10.48 billion in full-year revenue, down from an estimated range of $10.7 billion to $10.8 billion.
The estimate of arnings per share was also lowered, to $13.95 to $14.15 from $14.27 to $14.47.
Evercore ISI says better product designs, reduced competition from peers like Alo, and cycling trends could support 3%-4% same-store-sales growth in the Americas.
The firm added that Alo plans to shift away from its Yoga identity and reposition itself as a full-fledged luxury brand by 2025.
Lululemon is set to report fiscal third-quarter earnings on Dec. 5.
Related: Veteran fund manager sees world of pain coming for stocks
