Major U.S. indexes experienced a slight downturn at midday on Friday, pausing the record-setting rally that followed the presidential election last month. The Dow, S&P 500, and Nasdaq all retreated from recent highs.
Table Content:
- Super Micro Computer Faces Nasdaq Delisting Concerns
- Charles Schwab’s Sweep Cash Remains Flat
- EVgo Secures $1.25 Billion Loan Guarantee
- Broadcom Soars on Strong AI Demand
- Penn Entertainment Upgraded by JPMorgan
- RH Raises Full-Year Outlook Despite Housing Market Weakness
- Market Overview: Oil Rises, Gold Dips, Cryptocurrencies Decline
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Super Micro Computer Faces Nasdaq Delisting Concerns
Super Micro Computer (SMCI) shares plummeted amid growing concerns that the computer server manufacturer could be removed from the Nasdaq 100 Index. This potential delisting weighed heavily on the company’s stock price.
Charles Schwab’s Sweep Cash Remains Flat
Shares of Charles Schwab (SCHW) also declined after the discount brokerage and asset management firm reported stagnant sweep cash figures for November, remaining unchanged from the previous month. This lack of growth disappointed investors.
EVgo Secures $1.25 Billion Loan Guarantee
EVgo (EVGO) shares surged after the electric vehicle charging station network received a substantial $1.25 billion loan guarantee from the federal government. This significant financial backing boosted investor confidence in the company’s future prospects.
Broadcom Soars on Strong AI Demand
Broadcom (AVGO) emerged as the top performer in the S&P 500, with its shares reaching an all-time high. The chipmaker’s impressive performance was driven by better-than-expected financial results and a positive outlook fueled by strong demand for its artificial intelligence (AI) products.
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Penn Entertainment Upgraded by JPMorgan
Shares of Penn Entertainment (PENN) experienced gains following an upgrade and price target increase from JPMorgan. The investment bank anticipates growth for the casino operator as its strategic investments begin to yield positive returns.
RH Raises Full-Year Outlook Despite Housing Market Weakness
RH (RH) shares jumped after the home furnishings retailer raised its full-year outlook and reported a surprising swing to profit, defying the challenges posed by a weak housing market. This positive financial performance exceeded expectations.
Market Overview: Oil Rises, Gold Dips, Cryptocurrencies Decline
Oil futures saw an increase while gold prices declined. The yield on the 10-year Treasury note advanced. The U.S. dollar strengthened against the pound and yen but weakened against the euro. Most major cryptocurrencies traded lower.
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In summary, Friday’s midday trading session saw a mixed performance across various sectors, with notable gains for Broadcom and EVgo, while Super Micro Computer and Charles Schwab faced declines. Market trends indicated rising oil prices, falling gold prices, and a weaker performance for major cryptocurrencies.
