Top S&P 500 Movers on Wednesday

Gainers

Shares of Albemarle (ALB), the world's largest lithium producer, jumped 7.1%, notching the strongest daily performance of any S&P 500 stock. With Wednesday's gains, the stock clawed back a significant portion of the steep losses posted in the prior se𝐆ssion after analysts at two banks reduced their price targets, citing weak lithium prices and an uncertain demand trajectory for electric vehicles (EVs). Other an🌊alysts have suggested that lithium prices are poised to recover in the medium to long term.

CarMax (KMX) shares drove 6.5% higher. The gains came after Needham analysts 澳洲幸运5官方开奖结果体彩网:upgraded shares of fellow ve꧋hicle retailer Carvana (CVNA) to "buy" from "hold," highlighting the firm's growth potential and new features designed to streamline the process of buyin🅠g cars that qualify for EV tax credits. Ca⛦rvana shares gained 4.2%.

Shares of pharmacy giant Walgreens Boots Alliance (WBA) were up 4.4%. The stock plunged to 27-year lows at the end of June after the company fell short of profit estimates, lowered its guidance, and announced it would shutter underperforming stores amid sluggish consumer demand. The health care provider's shares remain down more than 55% year♔ to date♋.

Decliners

Deckers Outdoor (DECK) shares dropped 4.9%, suffering the steepest losses in the S&P 500, after a report from data analytics firm M Science pointed to slower June sales of the company's Hoka and Ugg footwear brands. The deceleration for the popular shoe brands corresponds with bro🐼ader pressure on discretionary spending, w💦ith consumers cutting back on high-end purchases in response to elevated inflation and limited wage growth.

Shares of software companies moved lower, suggesting that a potential rotation from red-hot semiconductor stocks into likely artificial intelligence (AI) beneficiaries in the software industry could be losing steam. Shares of cybersecurity software provider CrowdStrike Holdings (CRWD) fell 3%. Meanwhile, financial software firm Intuit (INTU) said it would l澳洲幸运5官方开奖结果体彩网:ay off 10% of its workforce. Its shares dropped 2.6%. HubSpot (HUBS) fell 12% following reports that Google parent Alphabet (GOOGL) was no longer interested 澳洲幸运5官方开奖结果体彩网:in buying it.

Uber Technologies (UBER) shares skidded 2.9% after Hong Kong said it would begin to regulate ridesharing services. The Transport and L🍨ogistics Bureau in the special administrative region announced it would require licensing for Uber and competing platforms while aiming for more 🐼rigid enforcement of rules and penalties for violations.

-澳洲幸运5官方开奖结果体彩网:Michael Bromberg

Tesla Extends Winning Streak as Goldman Raises Price Target

Tesla (TSLA) shares finished higher for an eleventh straight session Wednesday as 澳洲幸运5官方开奖结果体彩网:Goldman Sachs analysts raised thei▨r price target for the electric vehicle giant's stock.

The stock has been on a winning streak since the days leading up to the release of its 澳洲幸运5官方开奖结果体彩网:second quarter production and𒉰 delivery numbers, which surpassed analysts' expectations. The recent 澳洲幸运5官方开奖结果体彩网:stretch of gains has allowed Tesla's stock to move back into the green for the 澳洲幸运5官方开奖结果体彩网:year to date.

The stock added 0.4% to finish Wednesday's session at $263.26 and has gained 44% during its winning streak.

Goldman analysts lifted their price target on t💟he stock to $248 from $175, while maintaining a neutral rating.

Goldman analysts said that a lower-cost model could have positive impacts on Tesla's market share, helping the EV maker be more competitive with Chinese companies that offer cheaper vehicles.

The analysts also pointed to Tesla's evolving self-driving software and its planned robotaxi launch next month as future growth areas, but said it would take time before the autonomous taxis were widely available or traditional Tesla vehicles are fully autonomous.

"While we continue to believe that Tesla is well positioned for longer-term growth given its strong position in the EV and clean energy markets," the analysts wrote, "we expect weaker market conditions to weigh on earnings in the near to intermediate term."

Tesla is scheduled to report earnings after the closing bell July 23, when the company could provide additional details about the robotaxi debut event, currently scheduled for August 8.

-澳洲幸运5官方开奖结果体彩网:Aaron McDade

Nvidia Stock Nears Record High, Fueled by AI Optimism

Nvidia (NVDA) shares rose again Wednesday, approaching the record high set last month, as the chipmaker continues to benefit from investor enthusiasm about the company's strong position during the AI 💯boo🅘m.

The continued ascent may raise questions about how the company's stock will sustain its record-breaking climb.

Truist Securities analysts said in a report Wednesday that earnings growth driven by increased sales will be key to the stock maintaining its outperformance. They highlighted strong demand for AI chips and Nvidia's prime position as factors contributing to organic sales growth.

澳洲幸运5官方开奖结果体彩网:Read more here about the analysts' views on the⛎ 🍃outlook for Nvidia.

-澳洲幸运5官方开奖结果体彩网:Naomi Buchanan

Carvana Stock Moves Into High Gear on Upgrade

Carvana (CVNA) shares sped higher Wednesday after 澳洲幸运5官方开奖结果体彩网:analysts at Needham upgraded itsꩲ stock and the company unveiled🎶 new features for buying electric vehicles (EVs).

The digtal car-buying company is a "secular growth story with a cyclical recovery kicker,” Needham analysts Chris Pierce and Mackenzie Holleran wrote in a Wednesday note in which they lifted their rating to "buy" from "hold."

Needham issued a price target of $160, a 27% premium over Tuesday’s closing price. Carvana shares, which traded as low as $25.09 last November, were up 4.6% at $131.40 in recent tꦛrad൲ing.

"After a volatile past we see [Carvana] becoming a profitable secular growth story, with increasing retail unit sales and improving gross profit per unit metrics from leveraging a high-fixed-cost base," the analysts wrote. 

-澳洲幸运5官方开奖结果体彩网:Andrew Kessel

TSMC Stock Gains on Strong Revenue Growth

Shares of Taiwan Semiconductor Manufacturing Company (TSM) rose Wednesday after 澳洲幸运5官方开奖结果体彩网:the chipmaker released reveꦕ🦄nue figures for June, offering a full 🎃picture of the company's s💖econd-quarter performance.

June revenue rose 33% from a year earlier. Added to its performance from April and May, the June data puts TSMC's second-quarter revenue at NT$673.51 billion ($20.67 billion), about NT$20 billion better than what analysts had projected and 40% above last year's mark of NT$480.84 billion.

The company, which supplies tech giants such as Apple (AAPL) and Nvidia (NVDA), has been a beneficiary of the 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) boom, as increased demand for chips to make AI products has 澳洲幸运5官方开奖结果体彩网:offset lower demand for its other product🌞s, like semiconductors 🥀used in the production of cars.

Earlier this year, the Biden administration 澳洲幸运5官方开奖结果体彩网:announced plans to award TSMC up to $6.6 billion in grants from the 澳洲幸运5官方开奖结果体彩网:CHIPS and Science Act to help the chip maker increase its production capacity in the U.S.▨

TSMC shares were up 2.7% in recent trading.

-澳洲幸运5官方开奖结果体彩网:Aaron McDade

LegalZoom Plunges to Record Low as CEO Departs

Shares of LegalZoom (LZ) plunged 30% to an all-time low Wednesday as the online 澳洲幸运5官方开奖结果体彩网:legal services provider announced Chief Executive Officer Dan Wernikoff is leaving and cut its full-ye🍸ar guidance.

The company reported that W🐲ernikoff “will be departing,” and will be replaced by c💜urrent board chair Jeffrey Stibel, effective immediately. Wernikoff’s had been CEO since October 2019, and took LegalZoom public in 2021.

The company said that this w🎉as the “right time for this transition,” as it shifts its focus “towards subscription-based revenue to drive long-term profitable growth.”

Along with the CEO change, LegalZoom said it was reducing its 202🌊4 revenue outlook to $675 million to $685 million from the previous $700 million to $720 million. 

-澳洲幸运5官方开奖结果体彩网:Bill McColl

Corning Shares Up Again Amid AI Enthusiasm

Shares of specialty glass maker Corning (GLW) moved higher in early trading Wednesday, adding to the 16% increase the stock registered over the previous two sessions. The rally started Monday after the company boosted its 澳洲幸运5官方开奖结果体彩网:current-quarter outlook due to increasing uptake of its optical connectivity products used in 澳洲幸运5官方♒开奖结果体彩网:generative artificial intelligence (AI) applications.

Since bottoming out at the lower trendline of a 澳洲幸运5官方开奖结果体彩网:descending channel in late October, Co🍌rning shares have continued to trend sharply higher, with gains accelerating upon a breakout of the pattern’s upper trendline.

Importantly, the stock’s surge this week has occurred on the largest weekly 澳洲幸运5官方开奖结果体彩网:trading volume since February 2018, indicating strong conviction behind the move. In addition, the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) confirms the bullish price momentum, but also signals significantly overbought conditions with a re🅘ading above the 80 threshold. 

Given the stock’s recent move higher, the price may see an imminent retest o🐭f its April 2021 high at $46.82. The stock was up 0.8% early Wednesday at $45.03.

During periods of profit taking, Corning shares may ꧙attract buying interest at key chart levels including $39, $35, and $31.

澳洲幸运5官方开奖结果体彩网:Read more here about what the t༺echnicals and Corning's weekly chart tell us.

-澳洲幸运5官方开奖结果体彩网:Timothy Smith

Stock Futures Point to Higher Open For Major Indexes

Futures con🧸tracts connected to the Doꦍw Jones Industrial Average were up 0.1%.

S&P 500 futures gained 0.3%.

Nasdaq 100 futures rose 0.4%.