Stocks traded mixed Thursday after weekly jobless claims declined but were higher than expected and housing starts slumped. The
briefly crossed 5,500 for the first time during the session before pulling back.
fell 3.5% after it relinquished its recently obtained title as the world’s most valuable company back to
Nvidia
’s
valuation still topped the market value of
Apple
.
Microsoft was down 0.2% on Thursday and Apple declined 2.2%.
fell 0.4% and
was down 0.3%. Both stocks couldn’t hold onto initial gains after Elon Musk acknowledged the companies as providers of server infrastructure for Musk’s xAI start-up.
gained 4.6% to $161.78 after Piper Sandler analyst Harsh Kumar named the chip maker a “top pick in the large cap space.” The analyst said the firm feels “there are additional tailwinds set to come for both the server and PC businesses. These tailwinds coupled with embedded hitting bottom in the June quarter; we view AMD as having bright prospects moving into the back half of the year.”
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Trump Media & Technology Group
declined 15%, extending sharp losses from Tuesday, after the company, the parent of former President Donald Trump’s Truth Social platform, said the Securities and Exchange Commission had signed off on its registration statement and on the resale of shares and warrants. The selling shareholders can publicly resell the securities and the warrants are eligible to be exercised for cash, putting further pressure on the stock, however.
were up 8.5%. The biopharmaceutical company said a Phase 3 trial of its twice-yearly HIV prevention treatment was found to be 100% effective.
reported fiscal third-quarter earnings of $3.13 a share, 3 cents below analysts’ estimates. The professional services company said that so far this year generative AI new bookings have totaled $2 billion. Shares rose 7.3%.
KB Home
’s
second-quarter earnings beat analysts’ estimates and home orders in the period rose 2% to 3,997. The home builder estimates fiscal-year housing revenue of $6.7 billion to $6.9 billion, with an average selling price of $485,000 to $495,000. Its prior outlook called for housing revenue in the range of $6.5 billion to $6.9 billion. The stock rose 2.9%.
reported better-than-expected first-quarter adjusted earnings and backed its fiscal-year guidance. The stock fell 3.3%, however, after
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warned of continuing pressures in its pharmacy segment in the second quarter.
fell 11% after the electronics-manufacturing services company reported fiscal third-quarter earnings that were down from a year earlier, and on its conference call mentioned “softness” in several markets.
Darden Restaurants earned $2.65 a share from continuing operations in its fiscal fourth quarter, higher than analysts’ forecasts of $2.61. The owner of Olive Garden and Ruth’s Chris Steakhouse restaurants said it expects fiscal 2025 total sales of $11.8 billion to $11.9 billion compared with expectations of $11.94 billion. The stock was up 1.5%.
Write to Joe Woelfel at joseph.woelfel@barrons.com
