SpaceX's shares fell below its $135 IPO price for the first time, marking a concerning trend for the company as it has now declined for four consecutive sessions. In contrast, Apple shares rose approximately 4% following the clearance of a regulatory hurdle in China for its Apple Intelligence service, which is expected to positively impact its market presence in the region.
This news also buoyed shares of partners Alibaba and Baidu, which increased by 5% and 2%, respectively. Meanwhile, memory stocks like Micron, Seagate, and Western Digital saw declines of around 8%, attributed to fears of intensified competition from Chinese manufacturers, particularly ChangXin Memory Technologies.
Cava's stock rose 5.5% after Morgan Stanley upgraded its rating, citing a strong valuation. Lionsgate's shares jumped over 6% amid reports of potential interest from buyers, including Bollore Group and Banijay Group. On the downside, Progressive's shares fell more than 7% after reporting a 31% drop in income, which negatively affected other insurance stocks.
Lucid Group rebounded 19% after denying bankruptcy rumors, while BlackRock's shares rose over 7% following better-than-expected earnings. Pentair's stock plummeted more than 17% after missing earnings expectations, and PayPal surged 17% on news of a $53 billion acquisition offer from Stripe and Advent.
Elevance Health's shares dropped 10% despite reporting strong revenue and raising its earnings guidance, while Bank of New York Mellon saw a nearly 3% increase after beating earnings and revenue estimates