US Stock Market Moves: Boeing, Moderna, Crocs, and Apple Updates

Summary

  • Main U.S. indices saw increasing traction in anticipation of key monthly inflation statistics; this will likely impact future risk appetites.
  • Boeing’s stocks took a 6.5% hit as the FAA grounded approximately 171 of their aircrafts following a recent mid-air incident with a 737 Max jet.
  • Alaska Air’s and Spirit AeroSystems’ stocks also fell due to the cancellations and associated impacts.
  • Regeneron’s shares dropped after its eye medication Eylea underperformed in Q4 U.S. sales.
  • Merck plans to buy Harpoon Therapeutics, a cancer drug developer, bolstering its oncology suite with immunotherapies, which resulted in a stock price fall of 0.5%.
  • Moderna’s shares experienced a 1.75% spur following an announcement of promising 2023 preliminary sales results for its COVID vaccine.
  • Abercrombie & Fitch shares surged thanks to its improved sales estimates for Q4 and the entire fiscal year.
  • Shell ADRs fell following its announcement to record an impairment expense of up $4.5 billion in Q4.
  • Shares for Apple, Ambrx, Axonics, Crocs, and American Airlines also made considerable shifts in the market.

(Updated: 12:12 PM EST, January 8, 2024)

In anticipation of key monthly inflation statistics, the main U.S. indices showed upward trends. These figures will likely dictate the risk appetite of investors in the forthcoming period.

Major U.S. Stock Movements Today

One of the most significant shifts today was witnessed in the stock of Boeing (NYSE:), which fell by 6.5%. This decline was due to the FAA’s order to temporarily ground about 171 Boeing jets after a mid-air mishap involving a 737 Max jet last week.

Alaska Air (NYSE:) stocks declined by 0.8% following the FAA order, leading to the cancellation of over 200 flights. This also impacted Spirit AeroSystems (NYSE:) stocks, the fuselage manufacturer, with an 8% slump.

Regeneron’s (NASDAQ:) shares dropped 2.8% after its eye drug, Eylea, did not meet Q4 U.S. preliminary sales expectations, facing stiff competition from rivals.

Mergers, Acquisitions and Financial Forcasts

A drop was seen in Merck’s (MRK) stocks, 0.5%, as it disclosed plans to acquire Harpoon Therapeutics, a cancer drug developer. This move reinforces Merck’s focus on immunotherapies in its oncology portfolio.

Moderna (NASDAQ:) stocks inched up 1.75% following the announcement of preliminary 2023 sales of its COVID vaccine, surpassing the lower end of its annual projection.

The stocks of Abercrombie & Fitch (ANF) went up 8.1% after the clothing retailer revised its estimates for Q4 and the fiscal year revenues post-holiday shopping period.

Shell’s (LON:) ADRs went down by 1.9% as it revealed it would account for an impairment expense of up to $4.5 billion in Q4.

Other Notable Stock Movements

Apple’s (NASDAQ:) stocks rose 1.2% following the announcement of Apple Vision Pro’s availability from February 2 in all U.S. physical and online Apple Store locations.

In other news, the stock of Ambrx (AMAM) soared 100% after Johnson & Johnson (NYSE:) announced plans to acquire the company.

Axonics, Inc. (Nasdaq: AXNX) stock experienced a 20% gain after plans were made public of its impending acquisition by Boston Scientific Corporation (NYSE:).

Crocs (NASDAQ:) saw a boost of 20% in its stock after it projected record 2023 revenues, surpassing analyst consensus expectations.

American Airlines’ (NASDAQ:) stock shot up by 6% post an analyst upgrade from Equal-Weight to Overweight.

The shifts in these key stocks may significantly alter the landscape of financial trading and impact the performance of related forex assets. (Based on additional inputs from Louis Juricic)

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