Market Updates
U.S. Movers: AAR, China ADRs, Caterpillar, Snowflake
Scott Peters
24 Sep, 2024
New York City
Snowflake declined 0.5% to $112.67 after the cloud data management company announced its plans to raise $2 billion through a convertible bond offering.
AAR Corp. decreased 3.8% to $66.33 despite the aviation services provider reporting better-than-expected quarterly results.
The company said revenue in the fiscal first quarter ending in August increased 20% to $661.7 million from $448.4 million, net income swung to a profit of $18 million from a loss of $0.6 million, and diluted earnings per share were 50 cents compared to a loss of 2 cents a year earlier.
Caterpillar jumped 3.8% to $385.08 after the People's Bank of China announced several stimulus measures to revive the faltering economic growth and support investor confidence.
China-linked stocks advanced between 3% and 7% after the People's Bank of China announced several measures ahead of the holiday week to revive faltering economic growth and property markets.
JD.com, Alibaba Group, Baidu, Tencent Holdings, and Yum China jumped in New York trading.
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