The stock market is trading lower. The S&P 500 is down 0.4%, while the tech-focused Nasdaq Composite slipped 0.25%. The Dow Jones Industrial Average declined 0.42% and the Russell 2000 Index dropped 1%.
S&P 500 big stock movers today
Five S&P 500 stocks making big moves are:
- CrowdStrike Holdings (CRWD) +5.2%
- Micron Technology (MU) +4%
- Mosaic (MOS) +3.5%
- Valero Energy (VLO) +2.7%
- Marathon Petroleum (MPC) +2.5%
The worst-performing five S&P 500 stocks with the largest midday drop are:
- First Solar (FSLR) -9.4%
- Enphase Energy (ENPH) -5.9%
- Advanced Micro Devices (AMD) -4.8%
- Arthur J. Gallagher (AJG) -3.7%
- Generac Holdings (GNRC) -3.6%
Stocks also worth noting include:
Delta falls after earnings miss
Delta Air stock lost 2% after the carrier posted fiscal third-quarter earnings. The stock had been trading 3% higher around midday.
The company earned $1.50 a share in the quarter, missing the consensus analyst estimate of $1.52. Revenue of $14.59 billion missed the $14.67 billion forecast.
Related: Delta earnings reveal true cost of CrowdStrike meltdown
The airliner’s fourth-quarter revenue guidance also disappointed investors. Delta expects revenue to rise between 2% and 4% from a year earlier, while LSEG’s estimate is 4.1%.
Delta Chief Executive Ed Bastian cautioned that the upcoming election might lead to some fluctuations, but he also noted solid holiday bookings.
“We do anticipate seeing a little choppiness around the election, which we’ve seen in past national elections,” Bastian said in an interview with CNBC.
“Consumers will, I think, take a little bit of pause in making investment decisions, whether it's discretionary or other things. I think you’re going to hear other industries talking about that as well.”
PayPal slips after Bernstein downgrade
PayPal lost 3% after Bernstein analyst Harshita Rawat downgraded the stock to market perform from outperform with a price target of $80, up from $75, thefly.com reported.
Bernstein indicates its price target doesn’t imply much upside, given PayPal's recent stock performance.
Related: Analyst resets PayPal stock price target after earnings
“While product velocity is improving, we remain worried about competitive pressures on the cash-cow core button, which often is still richly priced versus peers,” Rawat wrote.
On July 30 PayPal reported Q2 results, with adjusted earnings of $1.19 a share surpassing the 98 cents estimate, and revenue of $7.89 billion (up 8% year-over-year) beating the $7.82 billion forecast.
The company is expected to post Q3 earnings on Nov. 6. Analysts forecast third-quarter EPS at $1.06, compared with 97 cents in the year-earlier quarter, according to Zacks Investment Research.
Adobe trades higher on analyst update
Adobe stock rose 2% after Piper Sandler analyst Brent Bracelin said that positive news flow for Adobe through year-end "could help drive a narrative shift for a high-quality software laggard,” thefly.com reported.
Piper advises large-cap growth investors to reconsider Adobe, citing a favorable risk/reward balance with 28% potential upside to its $635 price target and a bull-case scenario of $705 per share.
More AI Stocks:
- Analysts update Meta stock price target with Q3 earnings in focus
- Veteran trader who called Palantir rally unveils new price target
- Open AI is burning cash (and losing billions!)
The investment firm also highlights reasons to buy the stock, including underappreciated product momentum, strong adoption of Adobe Express, faster innovation, and early stages of monetization in India.
“The company is in the early innings of a new product cycle where artificial intelligence could turn from a perceived headwind into a tailwind,” Bracelin said in a research note.
At last check Adobe shares traded above $504.
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