Weekly Roundup: Broadcom Sparks Tech Selloff, Coinbase Slips, Humana Advances

Weekly Roundup: Broadcom Sparks Tech Selloff, Coinbase Slips, Humana Advances

On this episode of Stock Movers, we look at some of the week's biggest gainers and decliners: - Broadcom (AVGO) shares plunged by the most in more than 16 months after the company’s forecast for sales of its artificial intelligence chips disappointed investors. The outlook spooked investors, triggering a rotation out of AI-related tech stocks which led to a broader market selloff on Friday. The concerted slide in stocks, bonds and crypto was the biggest setback in months for the latest leg of the bull market, which traces to the end of March when negotiations began in earnest to end war in Iran. Concern has grown recently about the sustainability of an AI-fueled rally that had pushed the Philadelphia Semiconductor Index toward its best quarter ever. - Coinbase (COIN) shares fell on Friday trading after Baird named the crypto exchange a new bearish pick due to weak trading volumes. Analyst David Koning sees lower trading volumes and the US crypto market legislation likely not passing until after mid-term elections weighing on Coinbase’s valuation. - Humana (HUM) shares advanced in trading this week, after Morgan Stanley increased its price target on the managed care firm to $249 from $217. The health-care sector broadly climbed on Thursday, in contrast to the tech stock decline. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

Closing Bell: Chipotle Rises, Tech Stocks Lead Selloff, Lululemon Sinks

On this episode of Stock Movers: Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec. - Chipotle (CMG) shares traded higher against a broader market selloff after JPMorgan upgrades to overweight from neutral citing a “rare valuation opportunity” for the stock.  - AI-related tech stocks led a steep decline in equities on Friday. Broadcom's (AVGO) disappointing AI outlook triggered the selloff, with companies like Meta (META), Micron (MU), Arm (ARM) and Marvell (MRVL) seeing some of the biggest slides. - Lululemon (LULU) shares tumbled to their lowest level in eight years after the upscale yogawear company cut its annual forecast due to deteriorating performance in North America. The shares fell as much as 12% when markets opened Friday in New York, touching their lowest level since May 2018. The stock has now declined more than 40% since the start of the year, making it one of the worst performers in the S&P 500 Index over the period. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

Meta Slumps, Lululemon Sinks, Warner Bros. Discovery Falls

Today's biggest winners and losers in the stock market. On this episode of Stock Movers: - Meta (META) are down after the Financial Times reported that the Facebook parent is considering raising tens of billions of dollars in a stock offering as it looks to boost its AI-related capital expenditures. The report cited three people familiar with the plans. - Lululemon (LULU) shares tumbled to their lowest level in eight years after the upscale yogawear company cut its annual forecast due to deteriorating performance in North America. The shares fell as much as 12% when markets opened Friday in New York, touching their lowest level since May 2018. The stock has now declined more than 40% since the start of the year, making it one of the worst performers in the S&P 500 Index over the period. - Warner Bros. Discovery (WBD) are trading lower on a Reuters report that a group of US states are planning to file a lawsuit to block Paramount Skydance's acquisition of the media and entertainment company. It was not immediately clear which states would sue, but California Attorney General Rob Bonta told Reuters in an interview on Thursday his office would be making a decision on potential action soon. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

Lululemon Drops, Docusign Falls, and Coinbase Sinks as Baird Names New Bearish Pick on Crypto Volumes

On this episode of Stock Movers: - Lululemon (LULU) shares fell to their lowest level in eight years after the company cut its annual forecast due to deteriorating performance in North America. The company now sees revenue in a range of $11 billion to $11.15 billion for the fiscal year, below the average of estimates compiled by Bloomberg. - Docusign (DOCU) shares fall after the company forecast revenue for the second quarter of $865 million to $869 million, near an estimate of $866 million. Analysts notes that its still a wait-and-see story as the company ramps Intelligent Agreement Management (IAM), its AI-powered platform for contracts. - Coinbase (COIN) shares drop after Baird names the crypto exchange a new bearish pick due to weak trading volumes. Analyst David Koning sees lower trading volumes and the US crypto market legislation likely not passing until after mid-term elections weighing on Coinbase’s valuation. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

Lululemon Sinks, Chipotle Mexican Grill Rises, Cooper Gains on 2Q Profit Beat

On this episode of Stock Movers: -Lululemon (LULU) shares fell to their lowest level in eight years after the company cut its annual forecast due to deteriorating performance in North America. The company now sees revenue in a range of $11 billion to $11.15 billion for the fiscal year, below the average of estimates compiled by Bloomberg. -Chipotle Mexican Grill (CMG) shares rise after JPMorgan upgrades to overweight from neutral citing a “rare valuation opportunity” for the stock. Analyst John Ivankoe says “the stock’s multiple has now fully re-rated to reflect a more moderate - yet still well above average - growth profile” -Cooper (COO) shares gain after the contact-lens maker posted second quarter sales and adjusted profit that topped estimates. The company also gave updates about its ongoing strategic review that analysts found encouraging. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.