In a volatile trading session, several prominent stocks and exchange-traded funds (ETFs) experienced substantial shifts, with some plummeting and others gaining. On a day marked by significant financial movements, Iren, formerly known as Iris Energy, saw a sharp decline of 23%. Despite this, the company reported a revenue of $32.3 billion, slightly surpassing the consensus estimate of $32.02 billion. Meanwhile, other energy sector players such as GE Vernova and Talen Energy also faced steep drops of about 20% and more than 22%, respectively.
Amid these fluctuations, AT&T shares rose nearly 6% after the telecommunications giant reported fourth-quarter adjusted earnings of 54 cents per share. In contrast, Ralph Lauren's stock fell 3% following a downgrade from "outperform" to "market perform" by Raymond James. The technology sector was not spared from the market's turbulence either, with Microsoft and Oracle experiencing declines of more than 3% and over 11%, respectively.
The VanEck Semiconductor ETF (SMH) lost more than 9%, reflecting broader challenges within the semiconductor industry. Core Scientific and TeraWulf saw significant losses, with shares sliding 28% and 27%, respectively. Broadcom and Micron were also hit hard, dropping around 17% and 11%.
Despite the widespread downturns, Titan Machinery's stock surged by 10% following an upgrade to "outperform" from "neutral" by Baird, showcasing that some companies still managed to capture investor confidence. Nevertheless, the financial services sector faced setbacks as Coinbase and MicroStrategy fell by 7% and 5%, respectively.
SoFi Technologies slipped 10% after releasing a less-than-optimistic outlook for the first quarter. In addition, Advanced Micro Devices (AMD) slid nearly 6%, adding to the list of tech companies facing challenges in the current market environment.
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