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Lam Research, Microsoft Surge Over 16% in Volatile Trading Day
Technology and semiconductor stocks led a broad market rally on Thursday, with mega-caps Lam Research and Microsoft posting double-digit gains. The moves highlight a day of significant volatility across various sectors driven by corporate earnings and forward-looking guidance.
Tech and Semiconductor Stocks Lead Gains
Shares in semiconductor equipment manufacturer Lam Research (LRCX) surged 17.39%, while software giant Microsoft (MSFT) climbed 16.75%, according to data from Investing.com. The strong performance in these bellwether tech names helped propel the Nasdaq Composite index higher.
The positive sentiment extended to other industry players. FormFactor (FORM), a supplier of testing and measurement equipment for semiconductor companies, saw its stock jump 25.12% after reporting an earnings beat and a strong outlook. Other notable gainers included industrial machinery company Columbus McKinnon (CMCO), which rose 43.49% following a strong first-quarter earnings report and raised guidance.
AdDivergent Fortunes for Other Major Stocks
In contrast to the tech rally, several companies faced significant selling pressure. Alnylam Pharmaceuticals (ALNY) was a top decliner, with its shares plummeting 29.35% after the company lowered its revenue guidance.
Mega-cap social media company Meta Platforms (META) also experienced a substantial downturn, with its stock falling 9.01%. Meanwhile, Xerox (XRX) bucked the trend in the legacy tech space, soaring 29.92% on an earnings report that beat expectations, even as revenue missed forecasts.
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