Midday movers: Meta jumps, semi stocks Qualcomm, and…

Midday movers: Meta jumps, semi stocks Qualcomm, and Arm plunge

The market is losing ground after U.S. jobless claims rose to the highest level since August 2023.

The S&P 500 is down 1.8%, and the Nasdaq Composite lost 2.8%. The Dow Jones Industrial Average dropped 1.7%, and the Russell 2000 is down 3.7%.

Mag 7 stocks are showing mixed performances. Meta added 4.4% following an earnings beat and bright outlook. Microsoft is down 1.2%. Tesla, Nvidia, Alphabet, Apple, and Amazon are trading lower.

Investors also await Apple and Amazon’s earnings results after Wall Street's closing bell today.

S&P 500 big stock movers today

Five S&P 500 stocks making big midday moves are:

CH Robinson Worldwide Inc (CHRW) +13.1%

FMC Corp (FMC) +11.9%

Air Products and Chemicals Inc (APD) +9.9%

Iron Mountain Inc (IRM) +7.3%

Aflac Inc (AFL) 6.6%

The worst-performing five S&P 500 stocks with the largest midday drop are:

Moderna Inc (MRNA) -21.2%

MGM Resorts International (MGM) -13.3%

Western Digital Corp (WDC) -11.1%

Lam Research Corp (LRCX) -9.7%

AMETEK Inc (AME) -9.4%

Stocks also worth noting with significant moves include:

Tesla (TSLA) -4.5%

Nvidia (NVDA) -4.9%

Apple (AAPL) -1.4%

Amazon (AMZN) -1%

Intel (INTC) -4.5%

Qualcomm shares plummet after flat guidance

Qualcomm shares were up 8% yesterday but lost 10% near midday after the company posted an upbeat financial result yet provided a weak outlook.

The chipmaker announced its third-quarter earnings for fiscal 2024, with earnings per share reaching $2.33 on revenue of $9.39 billion, beating the estimated $2.25 a share and $9.21 billion in revenue.

The QCT segment delivered revenues of $8.1 billion, largely driven by IoT and automotive. However, according to CEO Cristiano Amon, smartphone growth is only expected to be either “flattish” or up by a single-digit percentage this year.

ARM slides despite earnings beat

Like Qualcomm, Arm Holdings (ARM) shares fell even as the chipmaker reported earnings that beat forecast.

Arm shares tumbled 16% midday after the company posted fiscal first-quarter revenue of $939 million, a 39% increase year over year and topping the consensus forecast of $912 million.

Diluted earnings per share were 21 cents, compared to 10 cents in the same quarter last year, exceeding the expected 16 cents.

The company maintained its full-year forecast of $1.45 to $1.65 in adjusted earnings per share on $3.8 billion to $4.1 billion in revenue.

As Arm shifts its focus to higher-value markets like AI accelerators, the company said it will no longer disclose the number of Arm-based chips reported as shipped.

“The number of chips reported as shipped is less representative of our performance as the growth in royalty revenue is concentrated in a smaller number of chips,” CEO Rene Haas wrote in a letter.

Moderna stock plunge after weak full-year guidance

Moderna's share price lost over 20% midday, the biggest decline since November 2021.

More Tech Stocks:

On Thursday, the biotech company posted a loss per share of $3.33, compared to the expected loss of $3.39, and reported revenue of $241 million, beating the anticipated $132 million.

The company also revised its full-year sales forecast downward due to lower anticipated sales in Europe, increased competition for respiratory vaccines in the US, and the possibility of deferring international revenue into 2025.

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