Stocks closed lower Wednesday, with the
Nasdaq Composite
extending its losing streak to three days.
These stocks made notable moves:
Apple
stock (ticker: AAPL) fell 3.6% after The Wall Street Journal reported that China ordered government officials and employees at some regulators not to use Apple iPhones or other foreign-branded devices for work, citing people familiar with the matter.
AMC Entertainment
(AMC) was down 37% after the company said it has entered an agreement to sell up to 40 million shares of class A common stock through an at “at-the-market” offering program.
Overstock.com
(OSTK), which operates Bed Bath & Beyond, fell 23% after the online retailer shared a third-quarter performance update that included year-over-year declines in revenue and average order value.
AeroVironment
(AVAV) soared 21% to $115.05 after the defense supplier’s results flew past fiscal first-quarter earnings estimates. The stock was upgraded to Outperform from Neutral at Baird and received a price-target lift to $120 from $115 at RBC Capital.
Asana
stock (ASAN) fell 13% even though the business software provider’s results exceeded analysts’ estimates for the second quarter. Asana reported an adjusted loss of 4 cents per share, while analysts were expecting a loss of 11 cents per share.
First Solar
(FSLR), the country’s largest solar manufacturer, fell 2.4%.
Morgan Stanley
upgraded the stock to Equal Weight from Underweight.
Roku
shares (ROKU) climbed 2.9% after the technology company said it would fire 10% of its workforce.
Southwest Airlines
(LUV) fell 2.6% after the airline was downgraded to Neutral from Outperform at Exane BNP Paribas.
American Airlines
(AAL) traded flat after being upgraded to Outperform from Neutral.
Manchester United
shares (MANU) gained 2.2% after plunging more than 18% Tuesday in response to a report that the English soccer club will no longer be sold. It was the stock’s biggest one-day selloff.
Write to Callum Keown at [email protected], Callum Keown at [email protected] and Emily Dattilo at [email protected]
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