Stock market at new highs; Movers: SoFi, Boeing,…

Stock market at new highs; Movers: SoFi, Boeing, Sirius XM

The stock market is up, with the S&P 500 and Dow hitting records.

The S&P 500 advanced 0.72%, while the Nasdaq Composite climbed 0.87%. The Dow Jones Industrial Average grew by 0.36%, and the Russell 2000 Index rose 0.42%.

The Magnificent 7 stocks are trading higher, except for Amazon, which fell 0.5%. Nvidia rose 3%, reaching $138.

Sirius XM jumped after Warren Buffett’s Berkshire Hathaway disclosed a purchase. Boeing fell after a job-cut decision.

Boeing announced plans to cut 10%, or 17,000, of its jobs as losses mount during the machinist strike.
Getty

S&P 500 big stock movers today

Five S&P 500 stocks making big moves are:

Vistra (VST) +5.9%
Applied Materials (AMAT) +3.4%
Amentum AMTM +3.4%
Qualcomm (QCOM) +3.2%
Nvidia (NVDA) +2.9%

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

CrowdStrike (CRWD) -2.9%
Arch Capital (ACGL) -2.7%
Dollar General (DG) -2.6%
Freeport-McMoRan (FCX) -2.6%
Super Micro Computer (SMCI) -2.5%

Stocks also worth noting include:

Tesla (TSLA) +0.7%
Apple (AAPL) +1.2%
SoFi Technologies (SOFI) +10.4%
Sirius XM (SIRI) +8.0%
Boeing (BA) -1.5%

SoFi surges on agreement for loan-platform business

SoFi Technologies gained 9% after the fintech announced a $2 billion loan platform business agreement for personal loans, with funds managed by affiliates of Fortress Investment Group.

“The agreement will expand SoFi’s capabilities in its loan-platform business, where the company refers prequalified borrowers to loan-origination partners as well as originates loans on behalf of third parties,” the company said in a news release.

“SoFi’s loan-platform business is an important part of our strategy to serve the financial needs of more members and diversify toward less capital-intensive and more fee-based sources of revenue,” CEO Anthony Noto said.

SoFi initially focused on student loan refinancing but has expanded into three segments: lending (including student, personal, and home loans), financial services, and a technology platform for fintech solutions.

Boeing trades lower after layoffs plan

Boeing stock fell 1% after the aerospace giant said it would cut 10%, or 17,000, of its jobs as losses mount during the machinist strike.

S&P Global Ratings said Boeing was losing more than $1 billion a month due to the strike, which involves more than 30,000 machinists, CNBC reported.

“Our business is in a difficult position, and it is hard to overstate the challenges we face together," Boeing Chief Executive Kelly Ortberg said. "Beyond navigating our current environment, restoring our company requires tough decisions and we will have to make structural changes to ensure we can stay competitive and deliver for our customers over the long term.”

Boeing expects to report a loss of $9.97 a share for the third quarter, the company said in a preliminary financial results release on Oct. 11.

Sirius XM jumps on Warren Buffett buy

Sirius XM rose 9% after Warren Buffett’s Berkshire Hathaway disclosed that it purchased more of the stock.

Berkshire purchased about 3.6 million shares of the audio entertainment company last week, bringing its total holdings to more than 108 million shares, according to an SEC filing.

More Warren Buffett:

Sirius XM is a North American satellite radio and streaming provider, offering a subscription-based platform with channels such as NFL Radio, the Howard Stern Show, and the Beatles Channel.

After Liberty Media’s early September merger of its tracking stocks with Sirius XM, Berkshire Hathaway increased its bet on Sirius XM, likely as a merger arbitrage play, following its initial investment in Liberty trackers in 2016.

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