Market Updates
U.S. Movers: Bank of America, Berkshire Hathaway, Oil Stocks, Hims & Hers, Levi Strauss, Nvidia
Scott Peters
03 Oct, 2024
New York City
Levi Strauss dropped 7.2% to $19.49, and the denim maker reported mixed results in the third quarter.
Bank of America declined 0.9% to $38.91 after Warren Buffett Controlled Berkshire Hathaway continued to lighten its holding in the bank.
Berkshire sold 8.5 million shares over the last three days for $338 million, according to the latest SEC filing.
Berkshire, the diversified conglomerate, started selling its holding in the bank since mid-July and now lowered its stake to 10.2%.
Hims & Hers Health dropped 14% to $16.30, and investors fear a sharp fall in demand for its pharmaceutical preparation as an alternative to Eli Lilly's GLP-1 treatment.
The Food and Drug Administration said that the GLP-1 treatment shortage has been resolved, which is likely to reduce the addressable market for Hims & Hers compounds.
Hims & Hers sells injections of semaglutide, a key ingredient used in Wegovy, the rival drug made by Novo Nordisk, which remains on the FDA's shortage list.
Nvidia Corp. jumped 3.1% to $122.59, and the company's chief executive confirmed that Blackwell, its next generation artificial intelligence processor, "is in full production."
“Blackwell is in full production, Blackwell is as planned, and the demand for Blackwell is insane,” CEO Jensen Huang said in an interview with CNBC on Wednesday.
Crude oil explorers traded higher after crude oil prices extended their weekly rise to above 5% after tensions escalated in the Middle East.
Exxon Mobil jumped 1% to $122.96, Chevron rose 0.7% to $122.96, and Occidental Petroleum added 1.6% to $54.30.
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