On Tuesday, April 15, the S&P 500 fell 0.2% amid relatively calm market-moving global trade developments.
Netflix shares rose following a report that the streaming giant aims to double revenue by 2030.
Many analysts cut their price targets on Albemarle shares, citing a tough macroeconomic backdrop, sending the lithium producer’s shares tumbling.
Major U.S. stock markets fell slightly on Tuesday, easing off trade-related volatility that has sparked sharp moves in stocks in recent weeks.
Despite strong earnings reports from some of the largest U.S. banks, stock market indices fell slightly after rising in the previous two trading sessions. The S&P 500 fell 0.2% and the Dow Jones fell 0.4%. The Nasdaq closed slightly lower on Tuesday, less than 0.1%.
Palantir Technologies ( PLTR ) shares surged for a second straight session, rising 6.2% on Tuesday, a new single-day gain for the S&P 500. Palantir shares rose following reports that the North Atlantic Treaty Organization (NATO) has acquired the big data analytics software company’s artificial intelligence (AI) military solutions.
Hewlett Packard Enterprise (HPE) shares rose 5.1% after Bloomberg reported that activist investor Elliott Investment Management has increased its stake in the IT services provider by more than $1.5 billion. People familiar with the matter told Investopedia that Elliott plans to engage with HPE leadership about potential steps to increase the value of the tech company.
Netflix (NFLX) executives outlined a series of optimistic goals at a business review meeting in March, including doubling the company’s revenue by 2030 and achieving a $1 trillion market value, according to The Wall Street Journal. Netflix shares rose 4.8% Thursday afternoon ahead of the release of its quarterly earnings report.
Albemarle (ALB), the world’s largest lithium producer, fell 5.9%, the biggest decliner in the S&P 500, after several research firms cut their price targets on the stock. Analysts cited a number of factors behind Albemarle’s lackluster earnings outlook, including the potential for trade tensions to weigh on global auto sales, which in turn keeps prices of battery components under pressure.
Bank of America took a cautious stance on the chemicals sector, citing cyclical demand weakness and headwinds related to global trade. Analysts said these factors have led to less confidence in upcoming earnings forecasts. Bank of America downgraded Dow Chemical (DOW) to “underperform” from “buy,” and the chemical giant’s shares fell 4.0% after two downgrades.
Molina Healthcare (MOH) fell 3.8% after Baird analysts downgraded the stock to “neutral” from “outperform.” The analyst team said companies in the managed care and health facilities sectors are unlikely to raise guidance in the near term given policy uncertainty related to the Medicare Part D program.
