Uber Falls as Trump Eyes Looser Self-Driving Rules
Main points
- The S&P 500 rose 0.4% on Monday, November 18, kicking off a new trading week ahead of chip giant Nvidia’s highly anticipated earnings report.
- Super Micro shares are rising again as the server maker prepares to submit plans to delay the release of its annual report to avoid a possible delisting of its stock from Nasdaq.
- Shares of Uber and Lyft fell amid reports that the incoming presidential administration may loosen regulations on autonomous vehicles, which could allow self-driving taxis to disrupt the ride-hailing business.
Major U.S. stock indexes mixed Opening of trading week as a market Quarterly earnings report expected Wednesday From semiconductor giant Nvidia (NVDA).
Although NVIDIA May be in the spotlightother companies including retail giant Walmart (WMT) and target (TGT), will disclose results this week as the earnings season ends. Investors will also be watching for key data on the housing market, manufacturing and consumer confidence.
The S&P 500 rose 0.4% and the Nasdaq gained 0.7%. The Dow Jones fell 0.1%, with the blue-chip index weighed down by Nike.of) performed poorly.
Ultramicrocomputer (SMCI) shares surged 15.9%, becoming the best performer in the S&P 500 on Monday, after reports that the server and data storage provider was Prepare to submit plan This would prevent its shares from being delisted from Nasdaq. The company’s share price has been under pressure since the company delayed filing its annual report amid allegations of accounting irregularities, jeopardizing its compliance with exchange reporting requirements.
Henry Schein’s stock (HSIC), a company that distributes medical and dental supplies to health care providers, gained 7.5%. It was previously reported that activist investor Ananym Capital Management is encouraging Henry Schein to adopt a number of changes that could boost the stock price, including reshuffling the board of directors, improving succession planning, cutting costs and evaluating the possibility of selling its medical distribution business. .
HSBC analysts upgrade Moderna (messenger RNA) stock moved from “Hold” to “Buy,” indicating they believe the biotech’s stock is undervalued. Moderna shares rose 7.2%, recouping some of the losses posted last week amid concerns about the prospects for vaccines under the incoming presidential administration.
CVS Health (CVS) announces it will add four new members to board of directors in deal activist investor Glenview Capital. Glenview holds a key position among pharmacy operators and has been driving change to drive value creation. CVS shares rose 5.4% on Monday.
catfish(AMTM) shares plunged 9.6% on Monday, the largest decline among S&P 500 stocks. The provider of technology and engineering solutions to the U.S. government faces integration risks after merging with two divisions spun off from Jacobs Solutions.J), closed in September.
Palantir Technologies stock (PLTR) fell 6.9%, giving up some of its strong gains since the analytics software company’s quarterly results improved. sales and profit expectations In a report released on November 4th. Monday’s reversal came after a regulatory filing showed Palantir CEO Alex Karp sold 4.5 million shares, raising concerns about management’s confidence in the company’s upcoming results.
Uber Technologies (UberThe company’s shares fell 5.4% after reports that President-elect Donald Trump may loosen regulations related to autonomous vehicles during his second term. The prospect of a federal framework for autonomous vehicles bodes well for Tesla (Tesla) plans to launch a robotaxi network to compete with Uber’s ride-hailing business. Shares of ride-sharing platform Lyft (Laifu) fell 4.5% on Monday, while Tesla Share price rose 5.6%.