Gamestop (GME) and AMC Entertainment (AMC) were down 3.4% and 3.5%, respectively, adding to their steep losses yesterday. The two companies and other meme stock favorites took a beating on Monday as investor appetite for highly speculative bets further declined amid concerns on the pace of Fed's policy tightening.
Reemerging in the forum is IBM (IBM), up 1.9%. The computing giant reported higher Q4 results at the close of the bell on Monday, with software revenue up 8% year over year. Investors will now be setting their sights on Microsoft (MSFT), which is expected to report robust growth for its cloud software business.
Nvidia (NVDA) was 2.8% lower on a Bloomberg News report that the graphic cards maker is shelving its bid to acquire British chip company Arm Ltd. due to persistent regulatory concerns. Meta Platforms (FB) also announced yesterday that Nvidia's DGX A100 systems were used on its latest AI Research SuperCluster super computer.
Apple (AAPL) fell 1.6%. The company is set to report financial results on Thursday and investors are expecting the company to beat estimates on strong iPhone sales.
Netflix (NFLX) dropped 1.7%, continuing Monday's 2.6% slide following the company's dim outlook for subscriber growth. Robinhood Markets (HOOD) added 1% in yesterday's session despite a slump in crypto stock trading. The company was 3.2% lower on Tuesday morning.
Advanced Micro Devices (AMD) was 1.9% lower as investors remain on standby for a rush of big tech earnings this week. Peloton (PTON) rose 9.8% on Monday but was marginally lower pre-bell Tuesday.
Price: 96.79, Change: -3.36, Percent Change: -3.35
|--Globe Life Keeps Quarterly Dividend at $0.2075 a S...|
|CNH Industrial Subsidiary Prices $500 Million Debt O...|
|Insider Sell: Capital One Financial|
|Insider Sell: Murphy USA|
|Insider Sell: Lantheus Holdings|