On Thursday, Microsoft edged out NVIDIA to become the most valuable company in the world, with a market value of $3.31 billion compared to Nvidia’s $3.22 billion. Nvidia’s decline was part of a broader trend in chip stocks, with investors taking profits in technology stocks. Analysts at Citi raised their price target on Microsoft to $520, maintaining their Buy rating. Meanwhile, Trump’s media and technology group saw a 1.8% rise in pre-market trading, following a recent decline in the parent company of Truth Social, led by former President Donald Trump. Sarepta Therapeutics saw a 34% increase after the FDA approved expanding indications for its Duchenne muscular dystrophy treatment. Gilead Sciences rose 6.3% after positive results from a Phase 3 trial of its HIV prevention treatment. Smith & Wesson Brands reported a 9.9% increase in fourth-quarter sales, although shares dropped 4% after projecting a decline in first-quarter sales. Earnings reports were expected from maxcar and FactSet Research Systems, with both companies seeing a slight decline in pre-market trading ahead of their reports.
For more information, contact Joe Woelfel at joseph.woelfel@barrons.com.
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