Stocks fell Monday as investors assessed the monthly U.S. jobs report that showed a slowdown in hiring, and looked ahead to inflation data and the beginning of corporate earnings season later this week.
These stocks were making moves Monday:
Micron Technology
(ticker: MU) jumped 7.2% to $62.78 after Samsung Electronics said it would make “meaningful” cuts to production of memory chips. Analysts at Citi said Samsung has roughly half the DRAM market. “We believe a cut by Samsung is a huge positive for the DRAM industry and when combined with Micron and Hynix’s production and capex cuts, should help ensure a DRAM recovery beginning in 2H23.” The analysts reiterated their Buy rating on Micron and $75 price target.
Shares of peer
Western Digital
(WDC) jumped 8.1%.
Pioneer Natural Resources (PXD) was rising 7.3% following a report from The Wall Street Journal that said Exxon Mobil (XOM) had held preliminary talks with the shale driller about a possible acquisition. Discussions between the two companies about a potential deal have been informal, people familiar with the matter told the Journal. Exxon was up 0.3%.
Tesla
(TSLA) said it plans to build a new factory in Shanghai to boost production of its Megapack batteries. Elon Musk, chief executive of the electric-vehicle maker, said the company’s next “Megafactory” would be capable of producing 10,000 Megapacks per year. The new Shanghai plant would supplement the output of its Megapack factory in California. Tesla shares were down 3.8%.
Apple
(AAPL) shares fell 2.6% following an IDC report that said shipments of traditional PCs fell 29% in the first quarter year over year, with
Apple
shipments falling the most compared with its peers.
Tupperware Brands
(TUP) shares tumbled 39.4% after the plastic food storage manufacturer issued a going-concern warning on Friday, saying it has
hired financial advisors “to assist in securing supplemental financing, and is engaging in discussions with potential investors or financing
partners.”
Greenbrier
(GBX) shares gained 9.7% after the railroad company posted better-than-expected adjusted earnings in its second quarter and raised revenue guidance.
Maintenance and cleaning products company
WD-40
(WDFC) fell 7.2% after slashing its earnings guidance for fiscal 2023.
Cinemark Holdings
(CNK) shares gained 4.6% after the movie theater company said Saturday, April 8., “captured the highest single day of attendance for the company since Christmas Day of 2019,” led by The Super Mario Bros. Movie, Air, John Wick: Chapter 4, and other films.
American depositary receipts of
Taiwan Semiconductor Manufacturing
(TSM) fell 3.6% after the chip maker posted a 3.6% jump in first-quarter revenue but said revenue in March fell 15% from a year earlier, the first year-over-year monthly decline in almost four years.
NetApp
(NTAP), the cloud-based data-services company, was upgraded to Buy from Hold with an unchanged price target of $75. The stock rose 2.4% to $64.48.
Block
(SQ) shares lost 2.2% after the payment company was downgraded to Market Perform from Outperform by analysts at Keefe Bruyette.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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