Thursday's Movers

Biggest Tech Stories of 2023

The top stories in the 澳洲幸运5官方开奖结果体彩网:technology sector for 2023 include col൩lapsing banks, continued waves of layoffs, the fallout from the demise of the cryptocurrency exchange FTX, and more—all༺ within the context of a broader, sector-wide recovery that has sent some of the biggest names in the industry to all-time high stock prices.

A few dire stories aside, 2023 has been a booming year for the tech sector. The benchmark Technology Select Sector SPDR Fund (XLK) 澳洲幸运5官方开奖结果体彩网:exchange-traded fund (ETF) has climbed by more than 50% in the past year, far outpacing the rise in the broader Standard & Poor's (S&P) 50ꦅ0 of nearly 25% as of Dec. 19.

澳洲幸运5官方开奖结果体彩网:Read here about some of the most notable tech-sector stories of this 🅺year.

Penn Entertainment Jumps As Investor Seeks Board Shake-Up

Penn Entertainment Inc. (PENN) shares jumped after it was disclosed that🍰 a major investor is pursuing seats on the casino operator’s board.

澳洲幸运5官方开奖结果体彩网:Hedge fund HG Vora Capital Management, which has an 18.5% stake in Penn Entertainment, including swaps, is in talks with the firm over the potential board seats, according to a regulatory filing. It's not clear how many seats the investment firm, run by former 澳洲幸运5官方开奖结果体彩网:Goldman Sachs banker Parag Vora, seeks.

The opportunity to nominate new board members ahead of Penn’s 2024 annual meeting runs from Jan. 8 through Feb. 7, 2024. The Wall Street Journal, citing sources close to the matter, reported that the hedge fund could resort to a 澳洲幸运5官方开奖结果体彩网:proxy fight should its negotiations fail to secure board seats.

Penn Entertainment was dropped from the S&P 500 in Sept. 2022, less than two years after being added. During its brief time in the index, Penn's share price fell about 75% from $130 to just $31.30.

At around 2:55 p.m. ET Thursday, the stock was up 6.3% at 26.58, after moving as high as $27.20 earlier in the day.

-Kevin George

Apple Stock Rises as Watches Go Back on Sale in U.S.

Apple (AAPL) shares rose Thuꦍrsday as its latest Apple Watches went back on sale in the U.S.—at least for now.

A federal court on Wednesday ordered authorities not to enforce a ban on the import and sale of Apple’s Series 9 and Ultra 2 watches while it considers the company’s appeal of an International Trade Co⛦mmission (I൩TC) ruling. 

The ban was ordered in October by the ITC, which found that the technology Apple's watches used to measure blood oxygen levels infringed on two patents held by California-based Masimo Corp. (MASI). Apple 澳洲幸运5官方开奖结果体彩网:pulled the watches from flagship stores on Dec. 21 and all retail locations on Dec. 24. The ban officially went into effect on Tuesday after the Biden administration 澳洲幸运5官方开奖结果体彩网:declined to step in and reverse it.

Wednesd💝ay’s☂ decision allows Apple to resume selling the two models while courts consider its appeal and customs authorities look into proposed redesigns.

Apple shares weꦛre 0.3% higher Thursday afternoon and have gained about 50% of their value this year.

Energy Stocks Follow Oil Futures Lower

Oil companies were some of the S&P 500’s wors🌊t-performing stocks Thursd❀ay as oil futures retreated from Tuesday’s surge. 

West Texas Intermediate (WTI) futures contracts fell 1.4% Thursday to trade around $73 a barrel, about their price before 澳洲幸运5官方开奖结果体彩网:co🃏ncerns ♔about attacks in the Red Sea sent prices soaring on Tuesday. 

Yemen-based Houthi rebels have been attacking container ships transiting the Red Sea for several weeks now. Oil prices, which had been steadily declining for more than a month, rebounded in mid-December after🐬 several shipping and oil companies said they would reroute 💯vessels around Africa to avoid the Red Sea. 

The attacks have not just delayed oil shipments; they’ve also raised concerns that tensions between Israel and its Middle East neighbors could disrupt global oil supply and shipping more dramatically than ma♏rkets expected. 

APA Corp. (APA), EOG Resources (EOG), and ConocoPhillips (COP) all fell more than 1% to lead the S&𓆏P 500’s laggards Thursday. 

Boeing Down on Possible Loose Bolt on Best-Selling 737 MAX

Shares of Boeing (BA) fell Thursday after the Federal Aviation Administration (FAA) said the jet maker had informed it and airlines of a possible♕ loose bolt in the rudder control system of new 737 MAX jets. 

Boeing informed regulators and airlines of the possible defect after an unspecified airline discovered a bolt with a missing nut during routine maintenance, according to the FAA. Boeing subsequently inspected undelivered jets and found an improperly tightened nut in one of its aircraft.

It is the latest in a string of 737 MAX-related setbacks for the company this year. Deliveries of some 737 MAX models were temporarily halted in April after Boeing discovered a problem with certain parts supplied by Spirit AeroSystems (SPR). The company 澳洲幸运5官方开奖结果体彩网♋:discovered another manufacturing defect in Spirit-supplied parts in August, leading it to 澳洲幸运5官方开奖结果体彩网:lower its delivery goal in October. 

ꩵ The 737 MAX was grounded for nearly two years in March 2019 after a flight stabilizing system was involved in two f🎐atal crashes in the span of five months.

Boeing shares traded about 1.2% lower at 11 a.▨m. ET Thursday, but we♊re still up more than 32% for the year. 

S&P 500 Inching Toward Record High

The S&P 500 gained 0.1% yesterday, building on Tuesday's 0.4% gain. If the index rises just 0.3% today (or about 15 points), that would push it into record territory.

As of 10:30 a.m. ET, the index was up 0.2% at ♑about 4790.60.

Stocks Making the Biggest Moves Premarket

Gains:

• Sociedad Química y Minera S.A. (SQM): The Chilean lithium miner’s shares jumped more than 6% after it inked a deal with state-owned Codelco to jointly mine lithium in the Salar de Atacama for the next three decades. 
• JD.com (JD): Shares of the Chinese e-commerce company rose more than 3% after Bloomberg reported the company is planning to increase pay for “front-line staff” including procurement and sales workers.
• Apple Inc. (AAPL): Shares rose about 0.3% as the company said it would resume sales of two Apple Watch models after a federal court paused an International Trade Commission ban over a patent infringement lawsuit. 
  

Losses:

• Coinbase Global (COIN): Shares of the cryptocurrency exchange slipped about 3% as the price of Bitcoin fell below $43,000. Shares have risen nearly 150% in the last three months amid a blistering crypto rally.
• CytoKinetics Inc. (CYTK): Shares of the biopharmaceutical firm fell about 2%, giving up some of yesterday’s 82% gain. The company added nearly $4 billion in market cap yesterday 澳洲幸运5官方开奖结果体彩网:after it reported positive results from a trial of its experimental heart disease treatment. 

Stock Futures Mixed as Nasdaq Looks to Continue Santa Rally

Futures contract♋s connected to the Dow Jones Industrial Average were about 0.1🍌% lower in early trading Thursday.

S&P 500 futures were effectively flat.

Nasdaq 100 futures edged about 0.2% higher.