Midday movers: Micron, Levi Strauss, Walgreens and International Paper fall

27/06/2024

(Updated - June 27, 2024 12:09 PM EDT)

Investing.com -- U.S. stock futures were choppy Thursday following the release of mixed economic data. Core durable goods orders declined unexpectedly, boosting hopes a weaker economy will prompt rate cuts from the Fed later this year. However, jobless claims also decline, indicating a healthy labor market.

Here are some of the biggest U.S. stock movers today:

Micron (NASDAQ:MU) stock fell 7% after the chipmaker unveiled a current quarter financial outlook that disappointed sky-high investor expectations stemming from a surge in enthusiasm around artificial intelligence.

Levi Strauss (NYSE:LEVI) stock slumped 16% after the jeans manufacturer reported a miss in its fiscal second-quarter revenue, hit by sluggish demand at Docker’s, its khaki and chinos brand.

Walgreens Boots (NASDAQ:WBA) alliance stock plunged 25% after the pharmacy chain cut its fiscal 2024 guidance due to a worse-than-expected retail environment and announced it would close more stores as part of a strategic review.

GSK (GSK) stock fell over 0.5% after a U.S. public health agency narrowed its usage recommendation for all respiratory syncytial virus (RSV) vaccines, including the British drugmaker Arexvy vaccine.

Uber (NYSE:UBER) stock fell 0.4% after the ride-hailing company said it will pay $1,000 in credits to certain commuters in the U.S. and Canada who ditch their cars for five weeks in favor of public and other transport services, in its latest effort to drum up business and help reduce emissions.

International Paper (IP) stock fell over 7% after Bloomberg reported that Suzano is no longer pursuing a takeout of the paper and packing group, with the Brazilian pulp giant said to have reached its maximum price.

AeroVironment (NASDAQ:AVAV) (AVAV) stock fell 15% after the missile and drone maker reported a 57% drop in fourth-quarter earnings.

Rivian (NASDAQ:RIVN) stock fell 7% after it reaffirmed full year 2024 guidance for vehicles produced and adjusted EBITDA, two days after the US electric vehicle maker announced a $5 billion investment from Volkswagen (ETR:VOWG_p).

CoreSite Realty (COR) declined after analysts said Walgreens' plan to close stores will be a headwind for the company.

Chipotle Mexican Grill (NYSE:CMG) fell 5% a day after its 50-for-1 stock split became effective.

Additional reporting by Louis Juricic

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