MU
LEVI
IP
GSK
UBER
AVAV
As the U.S. stock markets opened on a downward note this Thursday, tech shares dragged the indices lower, fueled by an air of anticipation surrounding forthcoming economic data:
Micron (NASDAQ: MU) experienced a 6% dip after revealing a quarterly financial forecast that missed the lofty expectations set by investors. The downturn was largely influenced by the heightened fervor around artificial intelligence, which has been driving projections through the roof. Traders should assess whether this decline presents a buying opportunity or a signal to remain cautious.
Meanwhile, Levi Strauss (NYSE: LEVI) saw its shares plummet by 16%. The iconic jeans manufacturer's slump was attributed to a disheartening fiscal second-quarter revenue report, predominantly impacted by weak demand for its Dockers brand of khakis and chinos. Stock traders will be keenly analyzing if this downturn marks a transient hiccup or signals a more enduring trend in consumer preferences.
In the pharmaceutical sector, Walgreens Boots Alliance (NASDAQ: WBA) witnessed a 4.8% fall. The pharmacy chain's stock was hit hard after it slashed its fiscal 2024 guidance due to a tougher-than-expected retail landscape. Additionally, Walgreens announced plans to close more stores as part of its strategic overhaul, casting a shadow of uncertainty over its immediate future.
Other noteworthy mentions include GSK (NYSE: GSK), which fell slightly over 1.8% following a narrowed usage recommendation for all respiratory syncytial virus (RSV) vaccines by a U.S. health agency, encompassing its Arexvy vaccine. Uber (NYSE: UBER) saw a minor decline of 0.2% despite efforts to incentivize commuters to opt for public transport through a $1,000 credit scheme aimed at reducing emissions.
In the aerospace and defense sector, AeroVironment (NASDAQ: AVAV) faced a 7.1% decline after reporting a significant 57% drop in fourth-quarter earnings.
