DAILY UPDATE: Stock Markets Down

MEDICAL EXECUTIVE-POST TODAY’S NEWSLETTER BRIEFING

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🟢 What’s up

What’s down

  • US chip designers sank on reports that the White House has ordered them to stop selling to clients in China. Cadence Design Systems tumbled 10.67%, while Synopsys lost 9.64%
  • Okta tumbled 16.16% despite the identity management software company posting solid earnings and standing by its fiscal guidance for the year.
  • Macy’s fell 0.50% despite beating Wall Street estimates across the board, though it did cut its profit outlook for the year.
  • Automaker Stellantis dropped 3.15% after revealing veteran exec Antonio Filosa will become the new head of Jeep’s parent company.
  • Freshpet fell 3.97% on a downgrade from TD Cowen analysts, who think the company’s refrigerated pet food concept doesn’t have much growth potential.
  • Semtech stumbled 4.56% even though the semiconductor supplier beat earnings estimates and raised its fiscal forecast.
  • Boston Scientific sank 1.56% after it decided to discontinue its artificial heart valve system due to regulatory feedback.
  • Chevron fell 1.31% a day after the US government declared that it can no longer produce oil in Venezuela.

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Visualize: How private equity tangled banks in a web of debt, from the Financial Times.

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