Biggest S&P 500 Movers on Tuesday

Advancers

• Starbucks (SBUX) shares notched the top performance in the S&P 500, steaming 24.5% higher after the coffee giant 澳洲幸运5官方开奖结果体彩网:said it hired Chipotle (CMG) chief Brian Niccol as its new CEO. The executive shakeup came amid pressure from activist investors Elliott Investment Management and Starboard Value. The two have reportedly acquired positions in Starbucks and lobbied for leadership changes.
• Shares of Estee Lauder (EL) advanced 6.6% ahead of the makeup maker's upcoming earnings report, set for release next Monday. Analysts expect the cosmetics company to post year-over-year revenue and earnings per share (EPS) growth for its fiscal fourth quarter. Tuesday's gains came as analysts at Citi reiterated their "buy" rating and price target on Estee Lauder stock, following a survey of investors' expectations and the collection of data from the company's cosmetics industry peers.
• Nvidia (NVDA) shares added 6.5% on Tuesday, extending gains posted in the previous session. The rise comes amid reports that delays to the chipmaker's Blackwell artificial intelligence (AI) processor may be less significant than previously anticipated. Estimates earlier in August warned that the launch of the next-generation semiconductors could be pushed back by as much as three months, but UBS analysts wrote in a note to clients this week that the highly anticipated processors may be only four to six weeks behind schedule.

Decliners

• Chipotle (CMG) posted澳洲幸运🎃5官方开奖结果体彩网: the steepest drop of any S&P 500 stock following news of Niccol's' departure. Chipotle said Scott Boatwright, its current COO, will step in as interim CEO. Chipotle shares fell 7.5%.

• Shares of Baxter International (BAX) slipped 6.6% after the medical technology company said it would 澳洲幸运5官方开奖结果体彩网:sell its kidney treatment division to private equity firm The Carlyle Group (CG). Carlyle will pay $3.8 billion in cash for the unit, which will be named Vantive following the transaction. Carlyle shares added 2.4% following the announcement.
• Crude oil prices moved lower as the International Energy Agency (IEA) 澳洲幸运5官方开奖结果体彩网:trimmed its oil demand forecast for 2025, pointing to slower economic growth in China. The lower commodity prices pressured oil and gas stocks. Shares of Valero Energy (VLO), Occidental Petroleum (OXY), and Diamondback Energy (FANG) were all down around 2.6%.

-澳洲幸运5官方开奖结果体彩网:Michael Bromberg

The Most Important Stock of the Year

Nvidia (NVDA) shares gained over 6% Tuesday as Goldman Sachs strategist Scott Rubner called it the 澳洲幸运5官方开奖结果体彩网:"most important stock" of the year.

Rubner suggested the 澳洲幸运5官方开奖结果体彩网:chipmaker's earnings later in the month and the Federal Reserve's 澳洲幸运5官方开奖结果体彩网:Jackson Hole Economic Symposium could herald a rally for the stock market.

Nvidia reports earnings on Aug. 28, with the strategist expecting an earnings-fueled post-market move could potentially mark "the technical low for the largest index weights and AI darlings," ahead of a September rally.

Rubner said the market could be poised for a Labor Day rally, leaving "a short term window to 澳洲幸运5官方开奖结果体彩网:buy the dip as technical pressure eases."

Nvidia has been on a volatile ride over the past month, but it's gained 17% over the past four sessions.

-澳洲幸运5官方开奖结果体彩网:Naomi Buchanan

How Starbucks Stock has Fared Under Its CEOs

Starbucks (SBUX) shares have had a rℱocky time in recent years, notably under former CEO Laxman Narasimhan, who was ousted Tuesday and will be replaced by Chipotle CEO Brian Niccol.

News of Niccol's appointment sent Starbucks shares 25% higher and into positive territory for 2024.

Since going public in 1992, Starbucks has had five CEOs, with founder Howard Schultz taking the reins three times.

Starbucks shares dropped 6% during Narasimhan's term of slightly more than a year. Previous CEOs also have weathered volatile stock performance.

Read the 澳洲幸运5官方开奖结果体彩网:full article here.

-澳洲幸运5官方开奖结果体彩网:Nisha Gopalan

Nike Stock Regains Footing

Nike's (NKE) stock was among the S&P 500's best performers after an analyst at Bernstein Research澳洲幸运5官方开奖结果体彩网: reiterated a "buy" rating for the stock along with a $112 price target.

Shares of the company traded about 5% higher late Tuesday. That gain, however, still leaves the stock down more than 16% from its June 27 close just before it reported 澳洲幸运5官方开奖结果体彩网:disappointing fiscal fourth-quarter res𝓀ult൲s—and it's down nearly 30% this year.

Bernstein’s Aneesha Sherman is bullish on Nike: Her $112 target is higher than any of the 20 analysts tracked by Visible Alpha. (That list doesn't include Bernstein.) Of those 20, half have "buy" ratings for the sports apparel giant. 

-澳洲幸运5官方开奖结果体彩网:Andrew Kessel

Sneaker Maker On Holding Jumps as Sales Soar

High-end sneaker manufacturer On Holding (ONON) on Tuesday 澳洲幸运5官方开奖结果体彩网:posted record sales on strong demand in the Asia-Pacific region and its pric💮i✨ng power.

The Switzerland-based firm reported second-quarter revenue jumped 28.7% year-over-year on a 澳洲幸运5官方开奖结果体彩网:constant-currency basis to an all-time high of 567.7 million Swiss francs ($655.9 million), beating expectations. EPS of CHF0.09 ($0.10) came in short of forecasts.

Sales skyrocketed 73.7% in the Asia-Pacific market, 24.8% in the 𓄧Americas, and 21.8% in Europe, the Middle East, and Africa. Direct-to-consumer sales rose 28.1𒅌%.

The company explained that its "continued high share of full-price sales as well as lower freight rates" helped boost 澳洲幸运5官方开奖结果体彩网:gross profit margin to 59.9% from 59.5% a year ago. 

On shares jumped 8% and❀ were trading near their highest le𒀰vel since late 2021.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

Baxter Shares Drop After Sale of Kidney Division

Shares of Baxter International (BAX) fell Tuesday 澳洲幸运5官方开奖结果体彩网:after the company said it would sell its kidney treatment division to The Carlyle Group (CG) for $3.8 billion in cash.

The deal is expected to generate roughly $3 billion in after-tax proceeds and close by early 2025. Baxter said it plans to use the proceeds to reduce it꧂s debt. 

Baxter shares were recently down more than 6% in early-afternoon trading, making them one of the S&P 500's top decliners. Carlyle shares rose about 2%.

-澳洲幸运5官方开奖结果体彩网:Andrew Kessel

What to Expect from Google's Launch Event

Alphabet's Google (GOOGL) on Tuesday will hold its annual Made By Google launch event, where it will unveil the next generation of Pixel smartphones, as well as provide updates on how it's integrating artificial intelligence into its devices with Gemini.

Mizuho analysts said the event could be the "next catalyst" for shares of Alphabet.

The company said it will unveil a "new era of phones" with the Pixel 9 Pro and Pixel 9 Pro Fold. The new devices are to be supercharged with AI capabilities from Google's AI model Gemini.

The new devices could help Google better compete with Apple's (AAPL) 澳洲幸运5官方开奖结果体彩网:upcoming iPhone 16 equipped with Apple Intelligence.

Alphabet shares were up 0.8% at $163.51 in recent trading. The stock has gained 16% so far in 2024, though it's down sharply from its July high of $191.75 amid a broader tech downturn.

Read the 澳洲幸运5官方开奖结果体彩网:full preview here.

-澳洲幸运5官方开奖结果体彩网:Naomi Buchanan

Starbucks Soars After Company Names Chipotle Chief as CEO

Starbucks (SBUX) shares soared in early trading Tuesday after the coffee giant announced the hiring of Chipotle Mexican Grill (CMG) chief Brian Niccol as its new CEO, replacing Laxman Narasimhan, who is departing imme✨ꦗdiately.

Niccol will assu♎me the job starting Sept. 9, with Starbucks CFO Rachel Ruggeri set to take the interim CEO tit🦄le for the next month. Meanwhile, Chipotle has selected COO Scott Boatwright to serve as its interim CEO once Niccol leaves his position at the end of the month.

Starbucks has faced pressure to make changes in recent weeks as 澳洲幸运5官方开奖结果体彩网:reports have emerged that a pair of activist investors, 澳洲幸运5官方开奖结果体彩网:Elliott Investment Management and 澳洲幸运5官方开奖结果体彩网:Starboard Value, have bought stakes in the coffee chain.

The funds haven't publicly stated their goals, but reports have indicated that Starbucks has engaged with Elliott on ideas to boost the company's sales and stock. Starbucks' 澳洲幸运5官方开奖结果体彩网:recent earnings reports have disappointed, with 澳洲幸运5官方开奖结果体彩网:same-store sales declining as consumers pull back on discretionꦍary ♏spending.

༒Starbucks shares were up 20% while Chipotle was down more than 12% about half an hour after the opening bell.

-澳洲幸运5官方开奖结果体彩网:Aaron McDade

Stock Futures Tied to Major Indexes Higher

Futures tied to 🐼the Dow Jones Industrial Average were u𒅌p fractionally.

S&P 500 futures were up 0.2%.

Nasdaq 100 futures were up 0.4%.