SUPERNEWS

Top Movers

Mixed Market Day: Pharma Plunge, Carnival Climbs

Intraday

By Athena Xu

ᐧ

3/8, 10:32 EST
Broadcom Inc.
Carnival Corporation
Eli Lilly and Company
Marvell Technology, Inc.

Key Takeaway

  • Amylyx Pharmaceuticals (AMLX) and BigBear.ai (BBAI) faced significant stock declines of 83% and 26%, respectively, due to a failed drug trial and earnings miss.
  • Conversely, Carnival (CCL) and Hudson Pacific Properties (HPP) saw gains of 4.6% and 5.7%, driven by positive booking trends and dividend reinstatement.

Market Movements Amid Mixed Signals

The S&P 500 Index experienced a modest uptick of 0.5% in the morning trading hours in New York, buoyed by a mixed jobs report that fueled investor optimism about potential Federal Reserve rate cuts in June. This sentiment was echoed across major indexes, with the Nasdaq 100 and the Dow Jones Industrial Average also posting gains of 0.5% and 0.2%, respectively.

Highs and Lows in Today's Trading

In today's trading session, several companies stood out due to significant movements in their stock prices, driven by a variety of factors ranging from disappointing earnings to optimistic market forecasts. Amylyx Pharmaceuticals (AMLX) saw a dramatic 83% drop after its ALS drug trial failed to meet its primary or secondary goals, marking a significant setback for the company. Similarly, BigBear.ai (BBAI) experienced a 26% decline after reporting a wider-than-expected loss in its fourth-quarter results.

On the other hand, Carnival (CCL) enjoyed a 4.6% increase, buoyed by positive booking patterns and expectations of a full-year guidance raise. Hudson Pacific Properties (HPP) also saw a notable 5.7% gain after reinstating its quarterly common stock dividend, signaling confidence in its financial health.

Sector-Specific Struggles and Successes

The technology sector faced challenges, as evidenced by Broadcom (AVGO) and Marvell Technology (MRVL), which fell 3.5% and 6.5%, respectively, due to revenue shortfalls and weaker-than-expected forecasts. The healthcare sector also saw mixed results, with Eli Lilly & Co (LLY) dropping 2% after a delay in FDA decision on its Alzheimer’s therapy, contrasting with the broader market optimism.