In midday trading, several asset managers saw their stocks rise following Nvidia's announcement of partnerships aimed at securing over $500 billion in financing for data centers focused on artificial intelligence. Blackstone's shares increased by 4%, while Apollo and KKR both gained more than 6%.
Jabil's stock jumped 5% after UBS upgraded it to 'Buy,' citing a multiyear growth cycle driven by AI investments from major tech firms and increasing healthcare demand. Conversely, AppLovin's shares fell 5% after Bank of America downgraded the company to 'neutral,' citing heightened risks to its revenue growth forecast and lowering its price target from $430 to $400.
Aramark's stock rose 9% after it reported better-than-expected fiscal third-quarter results and raised its revenue growth forecast. Aecom's shares dropped nearly 7% following a disappointing third-quarter report, which showed a 14% revenue decline year-over-year and an adjusted loss of 50 cents per share.
SpaceX shares fell nearly 5% after a three-day rally, while Life360's stock plummeted 25% due to concerns over its revenue growth despite a strong adjusted EBITDA. Upwork's shares slumped 13% after its third-quarter guidance missed analyst expectations. Fermi's stock surged 22% after signing a significant lease agreement with TensorWave, representing $6.5 billion in contracted revenue.
Hims & Hers Health saw a 4% decline after reducing its EBITDA outlook, while Plug Power's shares rallied 13% after reporting a smaller-than-expected loss. On Holding's stock dropped 20% due to mixed results and lowered revenue guidance for the year