The latest employment data showing moderate growth in hiring has caused some volatility in the stock market today. Let's take a closer look at the companies that are making moves:
Asana (-16%)
Asana, the work management software company, has experienced a significant drop of 16%. This decline comes after HSBC analysts downgraded the company from Hold to Reduce following the release of its third-quarter earnings report.
SentinelOne (+17%)
On the other hand, cybersecurity company SentinelOne has seen a remarkable 17% increase in its stock value. This surge comes after the company reported a narrower-than-expected adjusted loss for the third quarter and raised its revenue guidance for fiscal 2024.
British American Tobacco (-8.5%)
British American Tobacco, a leading cigarette producer, has suffered an 8.5% decrease in its stock price. The company announced that it anticipates a one-off impairment charge of £25 billion ($31.5 billion). This impairment is primarily attributed to macroeconomic trends in the U.S. and investments in non-combustible products. As a result, related companies Altria Group and Philip Morris International have also experienced declines of 2.6% and 1.8%, respectively.
Sphere Entertainment (+8.4%)
In contrast, Sphere Entertainment, a media and entertainment company, has seen an 8.4% increase in its stock value. It received an upgrade from Neutral to Buy by Guggenheim.
MongoDB (-8.9%)
Cloud-based database software provider MongoDB has faced a decline of 8.9% in its stocks following the release of its quarterly results. While both earnings and revenue exceeded analysts' consensus estimates, Wall Street had higher expectations for the company. Despite this setback, MongoDB's stock has still experienced an impressive 120% increase throughout the year so far.
Overall, today's market movements reflect the impact of the latest employment data on various companies across different sectors.
Campbell Soup beats expectations, shares rise
Campbell Soup saw a significant boost in its stock, rising by 7.2% after the company reported better-than-expected earnings. This news also made the company the top performer in the S&P 500.
Robinhood Markets sees continued growth
Robinhood Markets continued its upward trajectory with a 6.8% gain, building on a 10.3% rally earlier in the week. The retail investor-focused brokerage shared that cryptocurrency trading volumes had surged by an impressive 75% in November compared to the previous month. This news has sparked optimism among analysts who believe Robinhood could potentially gain market share from its crypto-focused competitor, Coinbase Global.
Signet Jewelers upgrades and price target increase
Signet Jewelers experienced a 6.1% increase, reaching $95.22 per share. Citigroup analysts upgraded their rating on the company from Neutral to Buy and have also raised their price target for Signet Jewelers to $119 from $93.
NIO plans to spin off battery manufacturing unit
NIO, the Chinese electric-vehicle maker, saw a 5.2% surge in its stock following reports from anonymous sources cited by Reuters. These sources revealed that NIO plans to spin off its battery manufacturing unit as part of its strategy to become profitable and reduce costs. However, despite this positive development, several Wall Street firms have lowered their price targets for NIO.
Palantir Technologies faces challenges
Palantir Technologies experienced a decline of 4.8% as the analytics-software company faced concerns over data ownership from customers. These concerns have led to warnings from analysts about potential limitations on future contract gains for the company.
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