Movers: Energy Stocks, Home Builders, Lordstown Motor, Meta Platforms, Walgreen Boots

Scott Peters
27 Jun, 2023
New York City

The S&P 500 index increased 0.4% to 4,343.69 and the Nasdaq Composite rose 0.5% to 13,403.09.  

The yield on 2-year Treasury notes increased to 4.69%, 10-year Treasury notes inched lower to 3.71% and 30-year Treasury bonds edged down to 3.82%. 

Home builders continued it extend gains after new home sales rose more than expected in May. 

PulteGroup, Inc advanced 2.7% to $78.06, Toll Brothers added 2.5% to $77.80 and NVR Inc gained 2% to $6,270.11. 

Energy stocks were in focus after crude extended this year's loss. 

Exxon Mobil decreased 0.4% to $103.05, Chevron Corp declined 0.1% to $153.99 and Hess Corp fell 0.8% to $133.99. 

Tech stocks were under pressure on the persistent worries of rate hike at the next meeting. 

Meta Platforms increased 2% to $284.07, Alphabet Inc declined 0.6% to $116.95 and Microsoft Inc increased 0.3% to $330.85. 

Meta Platforms increased 2% to $284.07, Alphabet Inc declined 0.6% to $116.95 and Microsoft Inc increased 0.3% to $330.85. 

Facebook and WhatsApp parent Meta extended this year's gain to 129% on the optimism of video advertising revenue growth on Instagram and a surge in WhatsApp's monthly active userbase to 200 million. 

Google's parent Alphabet was under pressure after UBS and Bernstein downgraded the stock on the worries of rising competition from AI-powered chat bots. 

Lordstown Motors Corp plunged 33.8% to $1.79 after the U.S. electric truck maker filed for bankruptcy protection. 

Separately, the company also sued Taiwan-based Foxconn for a financing deal that fell apart. 

Walgreens Boots Alliance Inc dropped 8.9% to $28.97 after the pharmacy retail chain reported lower-than-expected fiscal third quarter earnings. 

The company  also lowered its full-year earnings outlook.  

Revenue in the fiscal third quarter ending in May increased to $35.2 billion from $32.6 billion and net earnings attributable to shareholders plunged to $118 million from $289 million and diluted earnings per share dropped to 14 cents from 33 cents a year ago. 

For the full fiscal year 2023, Walgreens Boots Alliance now expects adjusted earnings per share between $4.00 and $4.05 from the previous estimate of $4.45 to $4.65, reflecting challenging consumer and macroeconomic conditions, and lower COVID-19 vaccine and testing volumes.

For the fiscal year 2024, the company is forecasting "low- to mid-single digit adjusted operating income growth, with the U.S. Healthcare and U.S. Retail Pharmacy performance more than offsetting headwinds from lower sale and leaseback program benefits, lower COVID-19 contribution, and the sale of holdings in AmerisourceBergen."