Biggest S&P 500 Movers on Wednesday

Decliners

• Super Micro Computer (SMCI) shares plummeted 32.7%, enduring the steepest daily drop of any S&P 500 stock. The plunge came after a regulatory filing revealed that 澳洲幸运5官方开奖结果体彩网:accounting giant EY resigned from its role as auditor for the server and data storage provider. Supermicro's accounting practices have been under the microscope since short seller Hindenburg Research 澳洲幸运5官方开奖结果体彩网:published a report in August accusing the firm of "manipulation." Supermicro said it disagreed with EY's decision but stressed that it would take the concerns raised by the accounting firm seriously.
• Shares of Qorvo (QRVO), which produces power and radio-frequency semiconductors, tumbled 27.3% as the company 澳洲幸运5官方开奖结果体彩网:reported an unanticipated loss for its fiscal second quarter of 2025. The company also cautioned that softness in its business could persist for the remainder of the fiscal year, citing an "unfavorable mix" related to customers opting for entry-tier Android 5G smartphones at the expense of mid-tier models.
• Business IT solutions provider CDW Corp. (CDW) reported lower-than-expected sales and profits for the third quarter, and its shares dropped 11.3% on Wednesday. The uncertain economic environment led to restrained spending, project delays, and weak hardware demand among corporate and small-business customers, weighing on CDW's performance.

Advancers

• Wednesday's top performance in the S&P 500 belonged to shares of wearable device and GPS navigation provider Garmin (GRMN), which surged 23.2%. The gains came after Garmin reported 澳洲幸运5官方开奖结果体彩网:hi♔gher-than-expected sales ♏and profits for the third quarter, with year-over-year sales growth throughout all its business units. The company also lifted its full-year sales and profit guidance, anticipating its momentum will continue into the critical holiday season.

• Shares of packaging manufacturer Smurfit WestRock (SW) jumped 12.0% after the company released its 澳洲幸运5官方开奖结果体彩网🅠:fi𒉰rst earnings report to reflect combined results following the merger between Smurfit Kappa and WestRock, which closed in July. Although results fell short of top- and bottom-line estimates, the company stressed that merger-related expenses contributed to its net loss for the quarter. Smurfit WestRock also highlighted its sales performance, driven by the addition of WestRock and solid volumes in corrugated packaging, suggesting it is well-positioned for additional growth.
• FMC Corp. (FMC) shares added 10.7% after the maker of insecticides and other crop-protection products topped third-quarter sales and profit forecasts. Despite a challenging environment in the agricultural industry, robust sales growth in North America, cost-savings initiatives, and the sale of its Global Specialty Solutions (GSS) business helped underpin FMC's strong performance.

-澳洲幸运5官方开奖结果体彩网:Michael Bromberg

Garmin Soars on Strong Earnings, Outlook

Shares of Garmin (GRMN) skyrocketed 23% Wednesday, touching record highs, as the navigation and communication equipment maker easily beat profit and sales estimates and 🌌offered investors a positive outlook.

The company reported third quarter adjusted earnings per share (EPS) of $1.99, with revenue climbing 24% to $1.59 billion. Analysts surveyed by Visible Alpha were antici💃pating $1.44 and $1.44 billion, respectively.

CEO Cliff Pemble said that Garmin was boosting its outlook “based on the results we have achieved so far and the momentum we are experiencing as🌱 we enter the important holiday selling season.”

The company now sees full-year adjusted EPS of $6.85 versus its earlier guidance of $6.00. It expec🍸ts revenue of $6.12 billion compared to the previous prediction of🦂 $5.95 billion. Wall Street is looking for revenue of around $6 billion and EPS of $6.08.

Garmin sha🐭res have now gained 60% since the start of 2024, more than double the increase for the S&P 500.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

Qorvo Hits 4-Year Low After Chipmaker Posts Surprise Loss

Shares of Qorvo (QRVO) plunged more than 25% Wednesday afternoon when the radio frequency and power chipmaker posted a surprising loss and warned of a continuing slowdown in it🎃s busi🍌ness.

The company reported a fiscal 2025 second-quarter loss of $17.4 million, or $0.18 per share. Analysts surveyed by Visible Alpha expected a profit of $101.9 million, or $1.03 per share. Revenue fell 5% year-over-year to $1.05 billion, basically in line𓄧 with forecasꦫts.

CFO Grant Brown said that while the flagship and premium tiers in the smartphone market are performing well, customers are choosing entry-tier Android 5G smartphones in favor of mid-tier ones, adding that "content and ramp profiles vary by model, and we are experiencing unfavorable mix. We expect this to continue in the second half of fiscal 2025."

Brown added that Qorvo was "taking appropriate actions, including factory consolidation and operating expense reductions as well as focusing on opportunities that align with our long-term profitability objectives." He said that full-year revenue and 澳洲幸运5官方开奖结果体彩网:gross margin would be down slightly from꧒ fiscal 2024. 

Qorvo s💦hares sank to their lജowest level since the beginning of the COVID-19 pandemic in 2020.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

AMD Stock Price Levels to Watch After Post-Earnings Plunge

Advanced Micro Devices (AMD) shares were down about 10% Wednesday afternoon after the chipmaker reported third-quarter earnings that came in below expecta🔯tions and issued a light current quarter revenue outlook, despite record da🔥ta center revenue.

The stock has rallied into the upper trendline of a descending channel, though lower volumes suggest that larger market participants remained on the sidelines ahead of the company's quarterly results.

Investors should watch key support levels on AMD's chart around $162, $132, and $112. If the stock resumes its longer-term uptrend, investors should monitor a bars pattern bullish price target around $275.

Read the 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

Gold Hits Record High as Investors Brace for Stocks Volatility

Gold futures (GC1!) hit a new all-time high Wednesday, briefly surging past $2,800 for the first time as investors rush to the precious metal as a 澳洲幸运5官方开奖结果体彩网:safe-haven 🅷;investment amid uncertainty around next week's U.S. presidential election next and siওmmering geopolitical tensions.

Eclipsing an all-time high set just yesterday, gold futures surged to $2,801.70 in early trading before giving up some of those gains. That makes gold one of the best-performing commodities year-to-date, up roughly 35% and handily outpacing the S&P 500's 22% gains.

Gold is traditionally seen as a safe-haven asset when you expect stock market turbulence or as a hedge against inflation. Many Americans 澳洲幸运5官方开奖结果体彩网:worry about how the outcome of next week's presidential election could affect the equities markets, the economy, and their 澳洲幸运5官方开奖结果体彩网:personal finances.

"Uncertainty ahead of the US election next week has also supported gold’s record-breaking rally this year, and we believe it will continue to add to gold’s upward momentum. Expect more volatility in the days to come, as uncertainty around future US policies likely leads to a flight into safe havens," ING analysts wrote Wednesday.

Gold buying by central banks, especially in China, 澳洲幸运5官方开奖结果体彩网:propped up prices throughout the year as retail investors shied away from gold 澳洲幸运5官方开奖结果体彩网:exchange-traded funds (ETFs).

In recent months, retail investors not only 澳洲幸运5官方开奖结果体彩网:poured billions into gold ETFs but also purchased gold bars at their neighborhood Costco (COST), as uncertainty grew around when the Federal Reserve would cut interest rates, the possibility that the 澳洲幸运5官方开奖结果体彩网:U.S. would enter a recession, and rising tensions in the Middle East.

-澳洲幸运5官方开奖结果体彩网:Mrinalini Krishna

Why Wall Street is Bullish on Google After Earnings

Shares of Alphabet (GOOGL) were up 5% in afternoon trading, leading Nasdaq Composite gainers, after the Google parent late yesterday posted 澳洲幸运5官方开奖结果体彩网:third-quarter earnings that topped Street expectations and showed 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) progress.

JPMorgan raised its price target for Alphabet to $212 from $208 and reiterated an "overweight" rating. The stock was trading around $178 recently.

Analysts at the firm noted "Google's increased confidence" in the rollout of its AI search business; its strong cloud business, with 35% year-over-year revenue growth in the quarter; and upside for operating profits given the company's plans to "re-engineer the cost structure" as reasons behind the increased price target.

On the 澳洲幸运5官方开奖结果体彩网:company's earnings call, Alphabet 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Sundar Pichai said the company has seen use of Google Search rise among people who use AI Overviews,🧔 and that Google Lens is drawing 20 billion visual searches each month.

Citi analysts stuck with their "buy" rating and $212 price target for Alphabet. The broker, like JPMorgan, noted Google Cloud's "accelerating growth from greater GenAI demand," thanks in part to Alphabet's Gemini 澳洲幸运5官方开奖结果体彩网:large language model.

Alphabet shares have gained 27% since the start of 2024, slightly outpacing the Nasdaq Composite's year-to-date gain.

-澳洲幸运5官方开奖结果体彩网:Andrew Kessel

Charles Schwab to Expand 24-Hour Trading

Charles Schwab (SCHW) on Wedneꦿsday announced that it plans to expand its 24-hour trading, becoming the latest brokerage to embrace round-the-clock markets.

Select Schwab clients will be able to trade all S&P 500 and Nasdaq-100 stocks, as well as hundreds of exchange-traded funds (ETFs), at any time Monday through Friday. The firm will gradually extend the capability to all clients in 2025. Schwab clients currently can tra♌de about two dozen ETFs in the overn𓆏ight session.

“Our goal has always been to offer and expand access to 24/5 trading in a responsible way that takes into account client demand, the evolving dynamics of the overnight trading market, and – importantly – providing clients with the full library of Schwab’s educational content and 24-hour support to help them balance the opportunities and risks, as well as the unique considerations of overnight trading,” said James Kostulias, the firm's managing director and head of trading services, in a statement. 

Brokerages and exchanges alike have sought in recent years to capitalize on the U.S. stock market's exceptional performance by pushing to 澳洲幸运5官方开奖结果体彩网:extend the trading day. Robinhood (HOOD) launche🅰d its 24 Hour Market last year, and has since expanded the list of stocks and ETFs that investors can trade in the middle of the night. 

Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, said last week that it 澳洲幸运5官方开奖结果体彩网:planned to extend trading ꧟on its digital platform to 22 hours a day, a decision that executives say “undeಌrscores the strength of our U.S. capital markets and growing demand for our listed securities around the world.”

-澳洲幸运5官方开奖结果体彩网:Colin Laidley

Super Micro Computer Tumbles as Auditor Quits

Super Micro Computer (SMCI) shar꧒es were down 30% Wednesday morning after accounting firm EY resigned as the company's auditor following months of speculation about the company's accounting practices.

EY, one of the country's "Big Four" accounting firms, told Super Micro Computer's board the decision comes "due to information that has recently come to our attention whic🐽h has led us to no longer be able to rely on management's and the Audit Committee’s representations." EY added it is "unwilling to be associated with the financial statements prepared by managemen♏t."

Super Micro Computer said it disagreed with EY's decision, as the audit it hired EY last year to complete isn't done yet, and that it takes the concerns the accounting firm raised about "whether the Company demonstrates a commitment to integrity" seriously.

The resignation comes as Super Micro Computer's stock has 澳洲幸运5官方开奖结果体彩网:tumbled in recent months amid speculation about its accounting practices after it 澳洲幸运5官方开奖结果体彩网:delayed the filing of its 澳洲幸运5官方开奖结果体彩网:annual 10-K and a report from 澳洲幸运5官方开奖结果体彩网:short seller Hindenburg Research 澳洲幸运5官方开奖结果体彩网:alleging "accounting manipulation" and other issues.

Last month, 澳洲幸运5官方开奖结果体彩网:reports emerged&nbs🦄p;that the Department of Justice had opened an inves♓tigation into Super Micro Computer's accounting practices following the Hindenburg report.

Following EY's resignation, Hindenburg founder Nate Anderson said the firm's letter of resignation is "about as strongly worded as I have seen," and suggested EY's decision could make partners like Nvidia (NVDA) qu𒐪estion doing busine💜ss with Super Micro Computer going forward.

-澳洲幸运5官方开奖结果体彩网:Aaron McDade

Eli Lilly Stock Plunges on Weak Earnings and Outlook

Eli Lilly (LLY) shares tumbled more than 10% i💞n early trading Wednesday after the company's third-quarter results fell well 🦩short of analysts' estimates and it lowered its full-year guidance.

The pharmaceutical giant registered $11.44 billion in revenue—above last year's $9.50 billion but below the $12.18 billion consensus estimate of analysts polled by Visible A𝕴lpha—as weight-loss drugs Mounjaro and Zepbound continue to boo🔯st Eli Lilly's sales. However, analysts were looking for greater sales of the blockbuster drugs.

Lilly swung to a profit of $970.3🅺 million, or $1.07 per share, but still well below the $1.69 billion anꦏd $1.87 per share analysts were looking for. Adjusted EPS of $1.18 was barely half of the $2.18 expected.

Lilly lowered its 2024 earnings per share guidance to a range of $12.05 to $12.55 from $15.10 to $15.60, and adjusted EPS to $13.02 to $13.52 from $16.10 to $16.60. These were both driven by the $2.83 billion acquired in-progress 澳洲幸运5官方开奖结果体彩网:research and development charges incurred in Q3. Lilly also lowered the top of its full-ye❀ar revenue range to $46.0 billion🃏 from $46.6 billion.

Lilly and Danish rival Novo Nordisk (NVO)—which has its own blockbuster drugs in Ozempic and Wegovy—have 澳洲幸运5官方开奖结果体彩网:spent billions on a 澳洲幸运5官方开奖结果体彩网:variety of acquisitions to help ramp up production of their weight-loss medic🦩ations. Novo Nordisk shares were down about 2% early Wednesday.

Eli Lilly shares were trading at their lowest levels since early Aꦦugus💃t.

-澳洲幸运5官方开奖结果体彩网:Aaron McDade

Reddit Levels to Watch as Stock Jumps 20% After Earnings

Reddit (RDDT) ꦆshares surged 20% in premarket trading on Wednesday after the company reported ear♋nings that topped estimates and provided a strong outlook, as the social media platform benefits from robust digital advertising spending and lucrative AI content licensing deals.

Since going public in March, Reddit share💃s oscillated within an ascending triangle before breaking out above the pattern’s top trendline earlier this month.

The measuring principle, which calculates the distance between the ascending triangle’s two trendlines and adds thℱat amount to the breakoutꦏ point, projects an upside target in the stock of $115. The stock was at around $100 in recent premarket trading.

During retracements, investors should monitor important support levels on Reddit's chart around $75 and $65.

Read the 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

Stock Index Futures Mixed But Little Changed

Futures tied to the Dow Jones Industriaꦬl Average were down ܫ0.2%.

S&P 500 futures were down fractionally.

Nasdaq 100 futures were up less than 0.1%.