The stock market presented a mixed picture as the S&P 500 and the Dow Jones Industrial Average experienced slight gains, while the Nasdaq Composite edged lower. In the spotlight, Nvidia (NVDA, Financial) reached a significant milestone, becoming the first chipmaker to achieve a $2 trillion market capitalization, although it later pared some gains. This achievement comes on the heels of a stellar earnings report and optimistic guidance that has fueled a broader rally in technology and artificial intelligence-related stocks.
In other market news, Intuitive Machines (LUNR, Financial) saw its Class A shares surge following the successful landing of its Odysseus lunar lander on the moon's surface, marking a historic moment for the company and the U.S. space industry. This event prompted brokerages to raise their target prices on the stock, reflecting the company's newfound prominence.
Amidst takeover rumors, Sealed Air (SEE, Financial) experienced a notable increase in its stock price. Speculation is rife that Berry Global (BERY, Financial) may be considering a bid for the packaging company, which has been without a permanent CEO since late October. Private equity firm KKR (KKR, Financial) is also mentioned as a potential interested party, given its past association with Sealed Air.
Amazon (AMZN, Financial) founder Jeff Bezos and Nvidia (NVDA, Financial) are reported to be investing in Figure AI, a startup focused on building humanoid robots. The investment round, which also includes Microsoft (MSFT, Financial) and OpenAI, is said to value Figure AI at $2 billion. This move underscores the growing interest in artificial intelligence and robotics among major tech players.
United Airlines (UAL, Financial) is reportedly shifting its focus from Boeing (BA, Financial) to Airbus (EADSY) for replacing delayed 737 MAX orders, a decision that could have significant implications for both aircraft manufacturers. The delays have hindered United's growth plans and continue to affect Boeing's performance.
The U.S. Federal Trade Commission has filed a complaint against H&R Block (HRB, Financial), alleging unfair practices related to the deletion of consumer tax data and deceptive marketing of its 'free' products. The company's stock, however, managed to climb, potentially due to investors overlooking the regulatory challenge.
Apple (AAPL, Financial) is testing a generative AI tool to enhance its AppleCare technical support services, demonstrating the company's commitment to integrating AI into its customer service operations. This development could streamline the support process and improve customer satisfaction.
NIO Inc (NIO, Financial) shares took a hit following a downgrade by J.P. Morgan, which cited weaker demand for cars among Chinese consumers and concerns over the company's sales momentum. The downgrade comes amidst a challenging market environment for electric vehicle manufacturers in China.
The native token of decentralized exchange Uniswap (UNI-USD, Financial) experienced a significant surge following a proposal to upgrade the protocol's governance system. This proposal aims to reward UNI coin holders for staking and delegating their tokens, potentially increasing the resilience and decentralization of Uniswap's governance.
HSBC Holdings (HSBC, Financial) has announced its intention to offer various securities, including subordinated debt securities and ordinary shares, although the specifics of the offering are yet to be determined. This move could provide the financial institution with additional capital for its operations.
PDD Holdings (PDD, Financial) faced scrutiny as U.S. lawmakers raised concerns that the company's Temu e-commerce site may not be adequately preventing the use of forced labor by suppliers. This comes amid broader tensions between the U.S. and China over human rights issues.
Germany's legalization of recreational cannabis use is set to create new opportunities for businesses in the industry. The law, which passed the German parliament, allows for public consumption and home cultivation, potentially opening the market to Canadian and U.S. marijuana companies.
Guardant Health (GH, Financial) reached a new 52-week low despite reporting better-than-expected financial results for Q4 2023. The company's guidance, which was in line with expectations, seemed to disappoint investors looking for more robust growth projections.
Senator Elizabeth Warren has called for regulatory scrutiny of Walmart's (WMT, Financial) proposed acquisition of TV maker Vizio (VZIO, Financial), citing concerns about the extension of Walmart's market dominance and the potential threat to competition.
Vodafone (VOD, Financial) ADRs saw an uptick amid renewed takeover speculation, with rumors suggesting that both Goldman Sachs and Jefferies may be involved in advising a potential acquirer. The identity of the buyer remains unknown, but there is speculation that it could be a U.S.-based or European company.
Viking Holdings Ltd. has filed for an initial public offering, although the number of shares and other details have not been disclosed. The cruise operator is reportedly working with several financial institutions as advisors for the potential offering.
AstraZeneca's (AZN, Financial) drug Fasenra has shown positive results in a Phase 3 study for the treatment of eosinophilic granulomatosis with polyangiitis, meeting the primary endpoint and demonstrating non-inferiority to the drug mepolizumab.
