Shares of Western Digital (WDC) extended a multi-day decline, falling amid a sector-wide rout triggered by concerns over weakening demand and pricing in the memory and storage market. Conflicting analyst ratings and an upcoming earnings report are adding to investor uncertainty.
Shares of Rivian Automotive are trading higher, recovering from a sector-wide downturn sparked by now-denied rumors about competitor Lucid Group. A Morgan Stanley price target increase is also providing a tailwind for the stock.
Shares of Micron Technology fell as investors secured profits following a recent record high, with growing concerns over DRAM supply and potential price moderation weighing on sentiment.
Microsoft shares rallied after the company announced a strategic AI and data center partnership with 3M, a move reinforced by positive analyst commentary and signs of strong enterprise IT spending.
Sprout Social stock surged after the company revealed a restructuring plan to cut roughly 260 jobs, a move investors see as a decisive step toward profitability and a focus on its AI strategy.
Shares of Corning Inc. fell sharply, extending a multi-week correction as investors weigh a stretched valuation, significant executive stock sales, and bearish options activity ahead of quarterly earnings.
The options market is pricing in a potential 5.7% swing for Tesla (TSLA) stock following its July 22 earnings report, according to Bloomberg data. A review of the past eight quarters shows the stock's actual move has often been more muted than implied.
Shares of the mechanical and electrical contracting services firm declined after Erste Group cut its rating to Hold, adding to pressure from recent insider selling and a high valuation ahead of quarterly earnings.
The options market is pricing in a potential 5.1% swing for Alphabet's stock following its earnings report on July 22, according to Bloomberg data. Historically, the stock has exceeded the market's implied move in five of the last eight quarters.
