U.S. Movers: Bloomin Brands, Coinbase, PGT Innovations, Marathon Digital, Walt Disney

Scott Peters
03 Jan, 2024
New York City

Stocks declined for the second day this week after investors recalibrated their rate-cut expectations amid ongoing economic uncertainties. 

The S&P 500 index decreased 0.5% to 4,718.48, and the Nasdaq Composite dropped 0.6% to 14,679.88.

The yield on 2-year Treasury notes increased to 4.34%, 10-year Treasury notes inched higher to 3.96%, and 30-year Treasury bonds eased to 4.11%.

PGT Innovations increased 3.5% to $41.70 after the window and door maker received an unsolicited offer from Miter Brands for $41.50 a share.

PGT agreed to a $41 per share offer from Masonite International on December 18.

Bloomin' Brands increased 2.6% to $28.01 after the owner of Outback Steakhouse added two board members, as agreed with activist investor Starboard Value.

Walt Disney decreased 0.03% to $90.66, and activist investor ValueAct Capital agreed to support the company's latest slate of board members, giving the management a leg up against activist investor Trian Partners.

Cryptocurrency-focused stocks traded down after Bitcoin declined 5.5% to $42,395.60.

Marathon Digital Holdings dropped 10.5% to $20.58, and Coinbase Global declined 7.5% to $146.0.

Apple declined 0.7% to $184.09 and extended its loss for the second day after falling 3.6% in the previous session following a downgrade by Barclays analysts.

BYD Class H shares in New York traded down 2.5% to $26.85 despite the company ramping up sales of its new energy vehicles in 2023 to 3 million.

BYD produced 1.6 million battery-powered passenger cars and 1.4 million hybrid cars.

Tesla still leads the battery-powered vehicle segment with 1.8 million vehicles in 2023.