Top Movers on Thursday in the S&P 500
Thursday saw significant movements in the S&P 500, with a mix of decliners and advancers shaping the day’s trading. Let’s take a closer look at some of the biggest movers in the market.
Decliners
Moderna: Shares of Moderna faced a steep decline of 21.0% after the company revised its full-year sales guidance downwards. The biotech firm highlighted challenges in the European market for its COVID-19 vaccine and competition in the U.S. respiratory vaccine sector.
MGM Resorts International: The casino operator saw its shares drop by 13.2% due to concerns about weak bookings for the upcoming Formula 1 race in Las Vegas, despite posting better-than-expected sales and profit figures in its recent earnings report.
Lam Research: Although reporting strong quarterly sales and profit estimates, Lam Research’s shares fell by 9.9% amidst a downward trend following previous gains in 2024.
Western Digital: The data storage provider fell short of revenue estimates, causing its shares to slip by 9.7% as companies supplying products for traditional data centers faced reduced demand despite the growth in AI applications.
Advancers
C.H. Robinson Worldwide: Shares of the freight transportation firm surged by 14.8% following a strong second-quarter earnings report that exceeded expectations, showcasing the company’s ability to navigate macroeconomic challenges in the industry.
FMC Corp.: The provider of crop protection solutions experienced a 10.2% jump in shares, driven by strong quarterly results and improving demand for its products in key markets like the U.S. and Brazil.
Air Products and Chemicals: The industrial gases provider saw its shares rise by 9.0% after beating EPS forecasts for the fiscal third quarter, attributing its performance to strength in key regions and pricing strategies.
Labcorp Holdings: The health care laboratory services firm exceeded sales and profit estimates, leading to an 8.3% increase in its shares as it benefited from robust demand for its diagnostic tests.
Overall, the market saw a mix of ups and downs on Thursday, reflecting the ongoing dynamics in various sectors and companies.
Source : www.investopedia.com