NKGen Biotech saw a 13.96% jump due to developments in Alzheimer's trials, while Calavo Growers rose 10.92% after a dividend increase.
Sectors & Industries
September 16, 2024
NKGen Biotech, Inc. (NKGN), due to developments related to Alzheimer's trials, experienced a price jump of +13.96%. Calavo Growers, Inc. (CVGW) saw an increase of +10.92% following a dividend increase. InMode Ltd. (INMD) also had a stock buyback, resulting in a +8.83% increase. Espey Mfg. & Electronics Corp. (ESP), with its dividend increase, rose by +7.09%, while Redwood Trust, Inc. (RWT) saw a price gain of +5.00% following its dividend increase. Finally, Teekay Corporation (TK) experienced a +4.94% increase after a stock buyback.
Boeing (BA) faced labor unrest as workers pushed back against contract terms in a strike. Norfolk Southern (NSC) dismissed its CEO following revelations of a relationship with the company’s legal chief. Nvidia's (NVDA) CEO is optimistic about a $1 trillion opportunity in accelerated computing. Meanwhile, Berkshire Hathaway (BRK.B) continues to reduce its holdings in Bank of America (BAC). BurgerFi International (BFI) has filed for Chapter 11 bankruptcy protection, in a hat tip to Shake Shack's dominance.
Adobe shares dropped the most in six months after issuing a weaker-than-expected sales outlook, disappointing investors eager for its AI tools to generate revenue. While Adobe reported an 11% revenue increase in Q3, its fiscal Q4 sales guidance fell short of Wall Street estimates. Investors are concerned about the slower-than-anticipated monetization of AI innovations like Firefly, despite strong performance in Adobe's document-processing software. The stock has declined about 11% this year.
Oracle shares surged after the company raised its fiscal 2026 revenue forecast to at least $66 billion, exceeding analysts' estimates of $64.5 billion. The company also projects over $104 billion in revenue by fiscal 2029, with 20% annual growth in earnings per share. Oracle's cloud infrastructure revenue grew 45% last quarter, outperforming competitors like Amazon and Google. The company plans to double capital expenditures in fiscal 2025 as it expands its cloud and AI services, with a focus on migrating on-premise database customers to the cloud.
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