In a day of significant market movement, Hesai and H & E Equipment Services emerged as standout performers. Hesai, a prominent Chinese automaker supplier, saw its stock soar by approximately 10% after Goldman Sachs upgraded it to a buy rating from neutral. Meanwhile, H & E Equipment Services experienced a remarkable 105.5% surge following United Rentals' announcement of its acquisition plans for the company. The acquisition deal values H & E at roughly $4.8 billion, with United Rentals offering $92 per share in cash.
Elsewhere in the market, KB Home reported encouraging quarterly earnings, posting $2.52 per share, surpassing analyst expectations of $2.45 as polled by LSEG. This positive news propelled KB Home's stock up by 4.8%. However, the aerospace giant Boeing faced a setback, with shares falling 2.1% after revealing that airplane deliveries for 2024 are expected to be over 348, about a third fewer than the previous year.
Airbus made headlines with its report of 766 airplane deliveries last year, maintaining its status as a leader in the aerospace industry. In contrast, Signet Jewelers saw its shares plummet by 21.7% as the parent company of Kay Jewelers and Zales lowered its fourth-quarter guidance, reflecting challenges in the retail sector.
In technology news, Applied Digital's stock jumped around 10% following Macquarie's decision to invest up to $5 billion in the company's artificial intelligence data centers. Additionally, Macquarie will acquire a 15% stake in Applied Digital's high-performance computing segment, underscoring the growing interest in digital infrastructure.
The chemical manufacturer Celanese experienced a 5.4% increase in its stock value after Bank of America issued a rare double upgrade from underperform to buy. United Rentals also benefited from positive market sentiment, rising by 5.9%.
On the downside, Eli Lilly's shares tumbled by 6.6% after the pharmaceutical company announced that demand for its weight loss and diabetes drugs would fall short of lofty expectations. The firm revised its full-year 2024 revenue forecast to approximately $45 billion, down from an earlier estimate of $45.4 billion to $46 billion.
Instacart enjoyed a 4.4% boost in its stock price as BTIG upgraded the grocery delivery company's shares to a buy rating, citing it as a "secular growth category leader."
Leave a Reply