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Rite Aid has announced that it is set to close 115 stores as part of the Chapter 11 bankruptcy proceedings it began earlier this month. The company published a slate of 47 closing stores in an initial filing in the U.S. Bankruptcy Court for the District of New Jersey and added 68 more locations in a May 9th filing. 

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🟢 What’s up

• Nvidia climbed 3.97% on CEO Jensen Huang’s announcement of a partnership with Saudi Arabia-backed Humain to build a 500 megawatt data center.
• Advanced Micro Devices popped 4.18% after it, too, revealed it’s helping Humain out. The chipmaker’s board also authorized a $6 billion stock buyback program.
• Super Micro Computer continued to rally, soaring another 15.69% on the back of Raymond James analysts’ initiating their coverage with an “outperform” rating.
• Boeing climbed 0.59% thanks to a $96 billion deal with Qatar Airlines to buy up to 210 aircraft.
• Oklo jumped 14.12% after the nuclear power startup revealed a smaller-than-expected loss last quarter.
• Exelixis soared 19.70% after the oncology company reported a shockingly strong beat-and-raise quarter.
• Septerna exploded 28.97% on the news that Novo Nordisk will license its oral obesity pill candidate for $2.2 billion.

What’s down

• Airline stocks were down across the board after the FAA met with executives to discuss cutting flights in and out of Newark Airport. Delta Air Lines lost 4.32%, and United Airlines sank 3.51%.
• American Eagle Outfitters tumbled 5.93% after the retailer cut its fiscal guidance, announced it’s writing down $75 million in merchandise, and forecast a decline in next quarter’s sales.
• Grail plummeted 23.48% after the biotech’s revenue last quarter failed to meet Wall Street’s expectations.
• Aurora Innovation fell 7.58% thanks to an announcement from Uber that it’s offering $1 billion in convertible notes that can be exchanged for Aurora shares.
• JD.com lost 4.24% after the Chinese online retailer beat earnings expectations yesterday but still saw its price target cut by Morgan Stanley analysts.

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Inflation rose by 2.3% in April, less than economists feared, though the rate likely still doesn’t show the full effect of tariffs.

Microsoft is cutting 3% of its workforce, or about 6,000 employees, in order to reduce layers of management, a spokesperson told CNBC.

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