U.S. Movers: BP, indivior, Nvidia

Scott Peters
09 Jul, 2024
New York City

BP plc declined 4% to $35.01 after the British oil company announced an impairment charge of up to $2 billion and weaker refining margin in the second quarter. 

The oil explorer and refiner said the after-tax impact of the charge could be between $1 billion and $2 billion, primarily linked to a review of a refinery in Germany and other worldwide assets. 

The company added weaker refining margins are likely to negatively impact earnings between $500 million and $700 million, primarily because of the narrower margin differential in the U.S. refining. 

Refining margins are likely to be adversely impacted "mainly relating to weaker middle distillate margins and narrower North American heavy crude oil differentials, and a higher level of turnaround activity, partially offset by the absence of the first quarter Whiting refinery outage of around $0.5 billion. 

The oil trading result is expected to be weak following a strong result in the first quarter," the company said in a regulatory filing in the U.K. 

The company said its capital expenditure plans of $16 billion are likely to be evenly split between the first and second half, and it estimated $1.2 billion of payment in 2024 related to the Gulf of Mexico oil spill. 

Nvidia Corp. soared 3.9% to $132.88 after KeyBanc increased its target price for the stock to $180. 

Indivior PLC plunged 35% to $9.85 after the UK-based drug maker lowered its annual earnings outlook and said it was discontinuing production of Perseris, a schizophrenia drug. 

The drugmaker revised down its 2024 revenue outlook to between $1.15 billion and $1.22 billion from the earlier guidance range of between $1.24 billion and $1.33 billion.

The company lowered its adjusted operating profit range between $285 million and $320 million from the previous estimate of between $330 million and $380 million.