Top Stock Movers: General Motors, Netflix, Albertsons, and More
Shares of Bank of America (BAC) and Citigroup (C) led financials higher after both banks reported stronger-than-expected results for the first quarter, continuing the upbeat earnings momentum from the sector.
Netflix (NFLX) also climbed following a report from The Wall Street Journal detailing the company’s ambitious growth plans, including a potential doubling of revenue by 2030, discussed during a recent business review meeting.
In contrast, Albertsons (ACI) tumbled sharply after issuing a disappointing profit forecast for fiscal 2025, shaking investor confidence in the grocer’s near-term outlook.
Hewlett Packard Enterprise (HPE) surged after CNBC reported that activist investor Elliott Investment Management had amassed a stake worth over $1.5 billion in the company, sparking speculation of potential strategic moves.
Among automakers, General Motors (GM) and Ford (F) slipped after Monday gains. The prior rally was driven by former President Donald Trump’s comments expressing support for domestic auto manufacturers, saying they need “a little more time” to relocate production to the U.S.
Shares of Allegro MicroSystems (ALGM) nosedived after ON Semiconductor (ON) withdrew its acquisition offer for the chip component maker, sending the stock into retreat.
In commodities and currency markets, crude oil futures and the 10-year Treasury yield both declined, while the U.S. dollar gained against the euro and yen, but slipped versus the British pound. Cryptocurrency prices were mixed, with Bitcoin ticking slightly higher.
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