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By Staff Reporters
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U.S. stocks slipped on Friday, yesterday, with Wall Street’s benchmark gauge notching its worst week since early March. Equities have stalled in the last few days as the rally has taken a breather.
The tech-heavy NASDAQ Composite (COMP.IND) retreated 1.01% to end at 13,492.52 points, while the S&P 500 (SP500) closed 0.76% lower at 4,348.37 points. The blue-chip Dow (DJI) fell 0.64% to settle at 33,728.69 points.
On a weekly basis, the S&P was down 1.39%, the NASDAQ was down 1.44% while the Dow was down 1.67%.
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The following companies had stock price moves driven by quarterly earnings or analyst ratings:
- 3M (MMM) agreed to pay up to $12.5 billion to settle hundreds of lawsuits brought by cities that claimed their drinking water had been contaminated by the company’s chemicals. 3M shares still ended with a gain of 0.3%.
- C3.ai (AI) shares dropped sharply after Deutsche Bank reiterated its “sell” rating, saying the company hadn’t differentiated itself from other artificial intelligence firms at its investor day. C3 shares fell nearly 11%.
- CarMax (KMX) reported quarterly revenue at $7.7 billion, down 17% from a year earlier but still surpassing Wall Street expectations. Shares of the used car retailer rose 10%.
- Chipotle (CMG) had its share price target boosted by KeyBanc, which cited sustained traffic momentum and pricing power as inflation for avocado and chicken prices remains tame. Shares of the restaurant chain still ended down about 0.3%.
- Delta Air Lines (DAL) had its share price target raised to $55 from $48 by Barclay’s, which cited optimistic expectations for near-term earnings. The airline’s shares still fell about 0.2%.
- Ford (F) plans a new round of layoffs for U.S. salaried workers, the Wall Street Journal reported late Thursday. It’s unclear how many jobs will be affected. Ford has said it’s working to get costs in line as it transitions to electric vehicles. Its shares fell about 1.2%.
- Starbucks (SBUX) shares fell following reports a union representing workers said some stores would strike beginning Friday. The coffee chain’s shares fell 2.5%.
- Under Armour (UAA) shares were downgraded to “equal weight” from “overweight” by Wells Fargo, which cited overexposure to North America, excess inventory, and a fairly new CEO. The athletic apparel company’s shares fell nearly 3%.
- Virgin Galactic (SPCE) shares fell sharply following reports the space tourism company had raised $300 million through a common stock offer. Its shares dropped more than 18%.
- Wayfair (W) shares were upgraded to “market perform” from “underperform” by MoffettNathanson, which said the online retailer was benefiting from the bankruptcy of Bed Bath & Beyond. Wayfair shares rose about 0.4%.
Among other companies, Carnival Corp. (CCL) is expected to report quarterly results Monday. The cruise operator is expected to report a loss of 35 cents per share for the previous quarter, narrower than the $1.64 per share loss for the same period a year earlier, according to NASDAQ. Walgreens Boots Alliance (WBA), Micron Technology (MU), and General Mills (GIS) are also scheduled to report results next week.
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