Biggest S&P 500 Movers on Wednesday

Decliners

• Dollar Tree (DLTR) shares plummeted 22.2%, falling more than any other S&P 500 stock. The discount retailer reported lower-than-expected sales and profits for the second quarter and 澳洲幸运5官方开奖结果体彩网:reduced its full-year guidance. The company said macroeconomic pressure had a growing impact on its middle-income and higher-income customers.
• Health insurers' shares came under pressure after executives from Centene (CNC) raised 澳洲幸运5官方开奖结果体彩网:concerns about a potential decline in the number of people who receive Medicaid benefits. Speaking at the Wells Fargo 2024 Healthcare Conference, Centene CEO Sarah London said the company's Medicaid business faces continued headwinds related to shifts in the redeterminations process, which determines eligibility for recipients. Centene shares dropped 8.7%, while shares of competitor Molina Healthcare (MOH) were down 7.0%.
  
• Shares of Hormel Foods (HRL) lost 6.4% after the maker of Spam, Planters peanuts, and other packaged food brands 澳洲幸运5官方开奖结果体彩网:slashed its 🦹full-year sa🤪les forecast. Although Hormel's net income for its fiscal third quarter topped expectations, the company said lower commodity prices and production disruptions at a plant in Virginia dragged on its performance.

Advancers

• Tesla (TSLA) shares drove 4.2% higher on Wednesday, marking the top performance in the S&P 500, following reports that the electric vehicle (EV) maker intends to 澳洲幸运5官方开奖结果体彩网:launch a six-seat version o💮f its Model Y car. Sources told Reuters that Tesla plans to start production of the new model in China late next year and has told suppliers to anticipate a double-digit increase in Model Y output from its Shanghai factory.

• Shares of Mondelez International (MDLZ), parent company to food brands like Oreo cookies and Philadelphia cream cheese, added 4.2% following positive comments from Evercore ISI. Analysts at the investment banking firm applauded sales gains in the U.S. and Europe, noting the snack company is well positioned to accelerate sales growth in the second half of 2024.
• Seagate Technology (STX) stock advanced 4.1%. A report by Zacks Equities Research earlier this week highlighted positive short-term price momentum for shares of the data storage technology provider, boosted by upward revisions to earnings estimates.
• Shares of insulin pump manufacturer Insulet (PODD) gained 2.8%. The stock has posted significant gains since last week, when the Food and Drug Administration (FDA) approved Insulet's Omnipod 5 device for patients with type 2 diabetes.

Health Insurers Tumble on Medicaid Enrollment Concerns

Shares of health insurers lost ground Wednesday as executives at Centene (CNC) warned about a pullback in the number of people receiving Medicaid benefits.

Centene 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Sara𝓀h London told the Wells Fargo 2024 Healthcare Conference in Everett, Mass., that the company is "still seeing pressure in Medicai🦂d, largely driven by the unprecedented redeterminations process," referring to how recipient eligibility is determined.

澳洲幸运5官方开奖结果体彩网:Chief Financial Officer (CFO) Drew Asher said Centene expects its Medicaid membership to be about 12.9 million to 13.0 million in 2024. 𝕴🅺That's down from the company's previous estimate of a low of 13.2 million, which it anticipated would climb to 13.6 million by the end of the year. 

Shares of Centene and rivals Molina Healthcare (MOH) and Elevance (ELV) were ꦉamong the biggest decliners in the S&P 5♊00 today.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

Intel Shares Continue Sliding

Intel (INTC) shares extended their losses Wednesday amid a stretch of bad news, as Reuters reported that recent tests of the chip giant's most advanced manufacturing process conducted by Broadcom (AVGO) failed.

Silicon wafers, which chips are printed on, reportedly were returned to Broadcom last month after they were run through Intel's 18A manufacturing process. A review by Broadcom engineers found that the process isn't ready to be used for high-volume production, Reuters said.

While many chip sto🐠cks have surged amid AI demand, Intel shares have lost about 60% of their value since the start of 2024. The stock was down 2% in early-afternoon trading Wednesday.

Those struggles have accelerated over the last month, with a 澳洲幸运5官方开奖结果体彩网:disappointing earnings report and the announcement that it would lay off about 15% of its employees as part of a larger cost-cutting plan. The earnings report sent shares 2⭕6% lower the day after it was released, to their lowest point in over a decade.

The earnings-related fall was followed by reports that concerns have emerged over the company's 澳♏洲幸运5官方开奖结果体彩网:planned construction of two new facilities in Germany. On Tuesday, shares were driven lower by a report that executives are preparing to present plans to 澳洲幸运5官方开奖结果体彩网:cut costs and sell assets amid the company's struggles, and concerns that Intel could 澳洲幸运5官方开奖结果体彩网:potentially face removal from the Dow.

-澳洲幸运5官方开奖结果体彩网:Aaron McDade

GitLab Soars as Outlook Boosted Amid AI Demand

GitLab (GTLB) shares soared Wednesday, a day after it posted better-than-expected results and raised its guidance, becoming the latest tech firm to benefit from the soaring demand for 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) products.

The software-development provider reported fiscal 2025 second-quarter adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $0.15, with revenue jumping 31%ꦺ year-over-year to $182.6 million.

The number of customers with annual 澳洲幸运5官方开奖结果体彩网:recurring revenue (ARR) of more than $5,000𒁏 increased 19% to🀅 9,314, and those with ARR of more than $100,000 rose 33% to 1,076.

GitLab now sees full-year adjusted EPS in the range of $0.45 to $0.47, compared with its earlier forecast of $0.34 to $0.37. It 🍷anticipates r🍎evenue between $742.0 million and $744.0 million, up from the previous $733.0 million to $737.0 million.

GitLab shares were up 19% in recent trading. Despit♐e the surg🐎e Wednesday, the stock is still down nearly 16% since the start of 2024.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

Dollar Tree Tumbles Amid 'Immense Pressures'

Dollar Tree (DLTR) shares tumbled early Wednesday after the 澳洲幸运5官方开奖结果体彩网:discount retailer reported another earnings miss and said it is facing 🎉"immense pressures from a challenging macro environmentജ."

The retailer posted $132.4 million in 澳洲幸运5官方开奖结果体彩网:net income for the second quarter of fiscal 2024, down from $200.4 million last year and well below analysts' estimates. Revenue rose s🥀lightly to $7.38 billion but was still below expectations.

The retailer also lowered sales and profit projections for fiscal 2024, expecting revenue from $30.6 billion to $30.9 billion, down from $31.0 billion to $32.0 billion previously. Adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share are now 🌱expected to be within a range of $5.20 to $5.60, compared with $6.50 to $7.00 previously.

Wednesday's results are another disappointment for Dollar Tree, which reported earnings below estimates in the two previous quarters. In its Q1 report, the company said it was 澳洲幸运5官方开奖结果体彩网:exploring "strategic alternatives" including selling or spinning off the Family Dollar brand roughly a decade after acquiring it, while in the prior quarter 澳洲幸运5官♚方开奖结果体彩网:Dollar Tree said it planned to c💞lose about 1,000 stores.

Dollar Tree sh✅ares were down 17% to a seven-year low in recent trading.

-澳洲幸运5官方开奖结果体彩网:Aaron McDade

Zscaler Plunges on Disappointing Outlook

Shares in Zscaler (ZS) were down 17% in premarket trading🍎 Wednesday after the 𓆉provider of cloud-based cybersecurity services issued earnings guidance that came in significantly below analysts' expectations.

Two rallies in the stock up to the 200-day moving average in July and August have been met with considerable resistance, indicating underlying selling 💛pressure.

Amid earnings-driven weakness, investors🌠 should monitor key chart levels at $164, $143, and $135.

Read our full 澳洲幸运5官方开奖结果体彩网:technical analysis piece here.

-澳洲幸运5官方开奖结果体彩网:Timothy Smith

Major Indexes Pointing to Another Lower Open

Futures tied to the Dow Jones Industri🧸al Average were down 0.1%.

S&P 500 futures were down 0.3%.

Nasdaq 100 futures were off 0.7%.