May 30, 2024
Stock Market

NYCB, Novo Nordisk, Ciena, Kroger, Tesla, Rivian, and More Stock Market Movers


Stocks rose again and the


S&P 500

set a record close on Thursday. Wall Street paid close attention to congressional testimony from Federal Reserve Chairman Jerome Powell, with investor interest focused on the path of interest rates.

Shares of

New York Community Bancorp

rose 5.8% on Thursday. The regional lender announced Wednesday it was getting an equity injection of more than $1 billion from the investment firm run by former Treasury Secretary Steven Mnuchin and other funds. On Thursday, it said the cash infusion would bring its capital up to 10.3% of assets, comparable to other large regional banks.

U.S.-listed shares of

Novo Nordisk

rose 9% after the Danish pharmaceutical company presented early data for a new obesity drug suggesting it could be more effective than its Wegovy treatment.

Ciena

fell 15% after the optical-networking company issued revenue guidance that missed estimates.

Ciena

said it expects fiscal second-quarter revenue of between $850 million and $930 million, well below Wall Street estimates of $1.1 billion.

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Kroger

rose 9.9% after the grocer reported fiscal fourth-quarter adjusted profit and same-store sales that beat Wall Street expectations.

Tesla

rose 1.2%. Shares of the electric-vehicle maker had fallen 13% over the past three sessions through Wednesday, the worst three-day stretch since the one that ended Oct. 20, 2023, when shares fell 16.8%, according to Dow Jones Market Data. The decline reduced

Tesla
’s

market value to $553 billion and pushed the company out of the top 10 most valuable companies for the first time since January 2023.

American Eagle Outfitters

fell 1.9% after the retailer unveiled a plan to boost profitability over the next three years, and fourth-quarter adjusted earnings topped analysts’ estimates.

Victoria’s Secret

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sank 30% after the lingerie and clothing retailer issued sales guidance for its fiscal first quarter and year that was weaker than expected. The company expects sales of $6 billion in the current fiscal year, below Wall Street estimates of $6.19 billion. “As we look into the new year, we recognize the broader intimates market in North America has been down for four consecutive quarters and we are planning the business appropriately conservative in the near-term,” said Chief Executive Martin Waters.

Rush Street Interactive

jumped 16% after the online casino and sports betting company posted fourth-quarter earnings and revenue that topped analysts’ expectations and said it anticipates current fiscal-year revenue of $770 million to $830 million, higher than Wall Street forecasts of $759.2 million.

Micron Technology

was raised to Buy from Hold at

Stifel

and the price target was increased to $120 from $80. Micron shares rose 3.6% to $98.98.

Rivian Automotive

rose 13.4% to $12.51 after shares of the electric-vehicle company were initiated with a Buy recommendation and price target of $16 at Jefferies. Rivian will be unveiling its R2 vehicle, a lower-priced product, on Thursday.

Companies with earnings reports slated for after the closing bell Thursday included

Broadcom
,

Costco Wholesale
,

Marvell Technology
,

MongoDB
,

Samsara
,

DocuSign
,

Guidewire Software
,

and

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Gap
.

Write to Joe Woelfel at joseph.woelfel@barrons.com



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