In a whirlwind day for the stock market, several major companies experienced significant shifts in their share prices, reflecting various news developments. Here’s a roundup of the day’s key market movers:
Apple (AAPL): Apple shares dipped more than 2.6% in response to reports from Bloomberg News that China is considering extending its ban on iPhone use to state-owned corporations. The news followed a report by The Wall Street Journal a day earlier, which indicated that China was moving to prohibit the use of iPhones and other foreign-branded devices in government agencies.
Dutch Bros (BROS): The popular drive-through coffee chain saw a 6% drop in premarket trading. This decline followed the company’s announcement of a public offering of $300 million in shares of its Class A common stock after the market’s close on Wednesday.
Dave & Buster’s (PLAY): Shares of the entertainment and dining company fell more than 3% after reporting weaker-than-expected second-quarter earnings. Dave & Buster’s posted a profit of 60 cents per share on revenue of $542 million, missing analyst expectations of 93 cents per share on revenue of $559 million. Comparable sales also declined year over year on a pro forma basis.
McDonald’s (MCD): The fast-food giant gained nearly 1% in premarket trading after receiving an upgrade from Wells Fargo, which elevated the stock from “equal weight” to “overweight.” Wells Fargo praised McDonald’s for its innovative initiatives and expressed optimism about potential upside in the second half of the year.
ChargePoint Holdings (CHPT): Shares of the electric vehicle charging infrastructure company tumbled by 11.6% after it fell short of estimates for the fiscal second quarter. ChargePoint reported $150 million in revenue, slightly below the $153 million expected by analysts. Additionally, the company announced plans to reduce its global workforce by approximately 10%.
WestRock (WRK): WestRock shares surged by 6.7% following reports by The Wall Street Journal that the company is nearing a merger with Europe’s Smurfit Kappa. If completed, this merger could create a global paper and packaging giant with an estimated value of around $20 billion.
C3.ai (AI): The artificial intelligence software company experienced a 9.2% drop after forecasting a larger-than-expected operating loss for the fiscal second quarter. C3.ai projected an operating loss ranging from $27 million to $40 million, while analysts had anticipated a loss of $20.5 million. In the latest quarter, C3.ai reported a loss of 9 cents per share (excluding items) on revenue of $72.4 million, slightly exceeding analysts’ expectations.
Roku (ROKU): Roku’s stock slipped by 1% in early morning trading following a downgrade from Loop Capital, which lowered
