Market Movers Today: Apple, Amgen, Expedia, Fortinet
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Market Movers Today: Apple, Amgen, Expedia, Fortinet

Amgen and Apple surged on weight-loss drug buzz and record buyback, respectively. Expedia and Fortinet declined significantly.
Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

One of the highlights of today’s market so far is Apple’s (NASDAQ: AAPL) rise to $184.55 at the time of writing, up over 6.5% after the tech giant announced a record-setting $110 billion stock buyback. Amgen (NASDAQ: AMGN) is also seeing impressive gains due to the excitement surrounding its weight-loss drug. Notable losers today include Expedia (NASDAQ: EXPE) and Fortinet (NASDAQ: FTNT).

Amgen, Live Nation Entertainment, and Apple Lead the Pack

Amgen led the pack with an impressive 12.79% surge, reaching a live price of $314, up from the previous close of $278.39. Wall Street’s excitement over the company’s weight-loss drug fueled this remarkable increase, marking Amgen’s best day since 2009. Live Nation Entertainment (NYSE: LYV) followed closely with an 8.64% increase, as its stock price climbed to $95.9 from $88.27, driven by a boom in concert ticket sales that led to revenue outperforming estimates.

Apple also had a strong showing, rising by 6.66% to hit $184.55, up from $173.03. The company’s announcement of a $110 billion buyback and a positive earnings report propelled this jump, resulting in its most significant rally in 18 months.

Enphase Energy (NASDAQ: ENPH) gained 6.42%, with its price moving to $112.87 from $106.06, as the company’s expansion of deployments in Florida showcased strong investor interest. Booking Holdings (NASDAQ: BKNG) went up by 5.3%, reaching $3,657.09 from $3,472.91, as analysts adjusted their price targets upwards, reflecting confidence in the company’s growth.

Other notable gainers included Constellation Energy (NASDAQ: CEG) with a 5.12% rise, Digital Realty Trust (NYSE: DLR) with a 5.1% increase, Motorola Solutions (NYSE: MSI) advancing by 4.98%, Builders FirstSource (NYSE: BLDR) and First Solar (NASDAQ: FSLR) both seeing a 4.63% increase, and Arista Networks (NYSE: ANET) rising by 3.98%. These increases were driven by various factors, such as dividend declarations, AI stock plays, adjusted price targets, positive analyst reports, and strong corporate performance.

Expedia and Fortinet Among Notable Declines Today

On the other hand, several stocks experienced notable declines. Illumina (NASDAQ: ILMN) dropped by 3.09%, with its price at $120.16, down from $123.99, following mixed analyst adjustments and a widening adjusted operating loss.

Eli Lilly (NYSE: LLY) fell by 3.16%, with its price at $732.03, down from $755.91, amidst a competitive weight-loss drug market affecting investor sentiment. Cardinal Health (NYSE: CAH) decreased by 4.18%, with its live price at $98.68, down from $102.98, due to a missed earnings expectation and concerns over FDA warnings related to unapproved syringes.

Trimble (NASDSAQ: TRMB) saw a 5.08% decline, with its price at $57.04, down from $60.09, as the company’s downbeat quarterly forecast contributed to the negative movement. Ingersoll Rand (NYSE: IR) dropped by 6.54%, with its price at $86.78, down from $92.85, following earnings that, despite beating expectations, did not meet investor optimism.

DaVita (NYSE: DVA) fell by 6.71%, with its price at $132.69, down from $142.24, linked to a challenging healthcare market and investor reactions to quarterly results. Fortinet experienced an 8.18% decrease, with its live price at $59.87, down from $65.20, following a mixed earnings report and downward adjustments by analysts. Expedia plummeted by 13.85%, with its price at $117.24, down from $136.09, attributed to a disappointing earnings report and lowered price targets by analysts.

Disclaimer: Data in the article is accurate as of 3rd May 2024, 11:18 AM EDT.

Do you think Apple’s stock buyback is out of the ordinary? Let us know in the comments below.

Disclaimer: The author does not hold or have a position in any securities discussed in the article.