China-linked were in focus after the People's Bank of China announced several stimulus measures to revive faltering economic growth and support investor confidence and property market activities. AAR Corp. said it swung to net profit in its latest quarter. Snowflake announced its plans to raise $2 billion. 

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FedEx reported sharply lower earnings in the latest quarter, and the parcel delivery company lowered its annual outlook. MillerKnoll swung to a loss after revenue declined in the latest quarter.

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Steelcase reported weaker-than-expected quarterly results. Darden Restaurants' quarterly results fell short of market expectations, but the company reiterated its annual sales and earnings outlook. Home builders surged in the hopes of lower mortgage rates after the Fed delivered a surprise jumbo-sized rate cut.

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Casella Waste Systems announced its plans to launch a secondary stock offering. General Mills reported a decline in quarterly earnings after input costs rose. Intuitive Machines won a large order from NASA for a space exploration project. 

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Microsoft announced a new stock buyback program and hiked its quarterly dividend. Intel plans to create a new entity for its foundry business, enabling the unit to access more capital.

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U.S. Movers: Adobe, Boeing, RH

Sep 13, 2024
Scott Peters
RH, the furniture retailer, reported better-than-expected quarterly results and indicated strong revenue growth in the current quarter. Adobe reported weaker-than-expected quarterly results.

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Nvidia CEO confirmed that the company plans to release its most advanced AI chip in the fourth quarter. Alaska Air Group raised its third-quarter earnings outlook. Oxford Industries tightened its annual sales and earnings outlook.

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GameStop reported a decline in revenue in its latest quarter and announced its plan to sell up to 20 million shares. Dave & Buster's reported better-than-expected quarterly results.

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Oracle Corp. reported better-than-expected quarterly results. The European Court of Justice ended the long running tax dispute demanding ?13 billion from Apple.

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Boeing averted a potential strike after the company and its workers union reached an agreement. Big Lots sold its business and plans to file for bankruptcy. Dell Technologies and Palatir Technologies were selected to be added in the S&P 500 index.

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AeroVironment reported better-than-expected quarterly results, and the company raised its annual outlook. Topgolf Callaway plans to split into two companies, separating its golf equipment business from its entertainment unit. 

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Dollar Tree reported lower-than-expected second quarter results, and the deep discount retailer lowered its annual earnings per share outlook. Dick's Sporting Goods reported better-than-expected second quarter results, and the specialty retailer lifted its annual earnings outlook range.

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Semiconductor stocks plunged more than 5% as the market sell-off intensified on Wall Street. Oil complex stocks dropped 3%, and the demand growth worries in the U.S. and China overshadowed Libya supply disruptions. Bank of America eased, and Berkshire Hathaway trimmed its stake.

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Dell reported higher sales and earnings, and quarterly results were driven by the strong demand for its servers for artificial intelligence applications. Lululemon said comparable store sales disappointed. MongoDB lifted its annual revenue outlook. 

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Salesforce reported higher sales and earnings in the current quarter and lifted its annual outlook. Dollar General trimmed its annual outlook, citing weak consumer demand. Best Buy said comparable store sales declined at a slower pace.

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