IBM's stock increased by over 4% after JPMorgan upgraded it to overweight, highlighting strong performance in software that enhances recurring revenue and profitability. In contrast, AMC Entertainment's shares plummeted 21% after announcing a definitive agreement to sell 95.3 million shares for approximately $200 million, with the stock closing at $2.76.
Qualcomm's shares fell 6% amid reports of advanced talks to acquire AI software company Modular for about $4 billion. Oracle's stock dropped 2% after revealing it cut 21,000 jobs, nearly 13% of its workforce, in a regulatory filing. Energy Fuels saw a nearly 1% decline following its announcement of an acquisition agreement for VAC, an advanced magnetics company.
Primoris Services experienced a significant 36% drop after lowering guidance due to cost overruns and delays in renewables, coupled with the departure of its COO. Conversely, Edgewell Personal Care's shares surged over 9% after rejecting a $30 per share unsolicited takeover offer from Yellow Wood Partners, which the board deemed too low.
Avis Budget Group's stock rose nearly 6% after announcing a $650 million cash settlement with Pentwater Capital