Movers: Ambac, AMD, Credit Suisse, Levi's, Tilray

Scott Peters
07 Oct, 2022
New York City

Stocks on Wall Street dropped sharply after the latest jobs report provided another signal for the Fed to continue its rate hike campaign. 

The good news on the economy meant bad news for Wall Street as investors focused on the Fed action. 

The S&P 500 index declined 2.4% to 3,56.23 and the Nasdaq Composite index dropped 3.3% to 10,706.89. 

Tech stocks led the decliners and the energy complex led the gainers. 

Apple Inc, Amazon.com, Inc, Meta Platforms Inc, Alphabet Inc and Netflix Inc plunged between 4% and 6%. 

Exxon Mobil, Chevron, Hess Corp and Schlumberger trade higher but reversed earlier gains to losses in the afternoon trading.  

Crude oil increased $3.45 to $92.35 a barrel and natural gas fell 10 cents to $6.87 a thermal unit.  

Advanced Micro Devices, Inc declined 11.3% to $60.27 after the chipmaker lowered its sales forecast on a weaker-than-expected personal computer market. 

Ambac Financial Group soared 15.5% to $14.75 after the municipal bond insurer agreed to a settlement with Bank of America for $1.8 billion linked to the insurance issued to the bank's subsidiary Countrywide Financial prior to its acquisition in 2008. 

Credit Suisse soared 13.8% to $4.88 after the financial service company said it plans to buy back $3 billion of its senior debt. 

Levi Strauss dropped 9.8% to $14.37 after the apparel maker lowered its full-year sales and earnings outlook. 

Tilray Inc plunged 18.8% to $3.17 after the cannabis company reported larger-than-expected loss and revenue missed analysts' estimate. 

Cannabis-related stocks surged in Thursday's trading after President Joe Biden announced grand pardon for those convicted of federal charges linked to marijuana possession. 

President Biden also ordered reviewing how marijuana is classified under federal drug laws. 

Aurora Cannabis, Canopy Growth Corp and Cronos Group plunged between 15% and 25%.