NVIDIA shares fell by 6.2% after a 3.2% drop on Friday, marking three consecutive sessions of decline. The leading artificial intelligence chip maker lost its position as the world’s most valuable company to Microsoft and Apple in terms of market value.
Apple’s stock rose by 1.1% despite facing accusations from the European Union for non-compliance with a new digital competition law regarding its App Store rules. The EU claims that these rules prevent app developers from freely directing consumers to alternative channels for offers and content.
On the other hand, The Wall Street Journal reported that Apple has been in talks with Metaplatforms, the parent company of Facebook and Instagram, about potentially integrating Goal’s generative AI model into Apple Intelligence, the company’s AI strategy for iPhones, iPads, and Macs. Meta’s shares increased by 0.7%.
Trump’s media and technology group saw a 22% jump after announcing that it expects to raise over $69.4 million from the recent exercise of warrants. The company, which owns former President Donald Trump’s Truth Social platform, received approval from the Securities and Exchange Commission for its registration statement and resale of shares and warrants.
United Parcel Service agreed to sell its Coyote Logistics business to the external logistics provider RXO for $1.025 billion. UPS had acquired the Coyote business in 2015 for $1.8 billion. Following the news, UPS shares rose by 2% while RXO shares surged by 21%.
Eli Lilly gained 0.8% as the company seeks FDA approval to expand the usage of its weight-loss drug Zepbound to include sleep apnea treatment. This announcement caused ResMed’s shares to fall by 13%, as the company produces devices for treating sleep apnea and COPD.
Alnylam Pharmaceuticals experienced a 35% surge in its stock after announcing positive results from a study on a heart disease treatment. Say’s stock rose by 6.2% after Goldman Sachs assumed coverage of the payment company with a purchase recommendation and a price target of $42.
Upcoming earnings reports this week include FedEx, Carnival, Micron Technology, Pagox, General Mills, Jefferies Financial Group, Levi Strauss, Nike, Walgreens Boots Alliance, and McCormick and Company.
For more information, please contact Joe Woelfel at joseph.woelfel@barrons.com.
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