Top Movers

Mixed Market Reaction Despite Tame Inflation Data

Intraday

By Athena Xu

7/11, 10:32 EDT
Alcoa Corporation
ConAgra Brands, Inc.
Coeur Mining, Inc.
Delta Air Lines, Inc.
E2open Parent Holdings, Inc.
Interactive Brokers Group, Inc.
PepsiCo, Inc.
Pfizer, Inc.
Ribbon Communications Inc.
RCI Hospitality Holdings, Inc.
WD-40 Company
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Intraday Top Moves

As of 10:28 a.m. in New York, the major indices are showing mixed reactions despite a tame inflation reading that has fueled hopes for potential Federal Reserve rate cuts in the coming months.

  • S&P 500 Index: Down 0.3%, reflecting cautious sentiment despite positive inflation data.
  • Nasdaq 100: Drops 1%, indicating pressure on technology stocks.
  • Dow Jones Industrial Average: Little changed, showing stability in blue-chip stocks.
  • MSCI World Index: Rises 0.2%, suggesting a more optimistic global outlook.

Highlights by Sector

Basic Materials

  • Alcoa (AA): Shares rise 1.2% after the aluminum producer’s preliminary adjusted EBITDA for the second quarter exceeded estimates.
  • Coeur Mining (CDE): Shares increase by 3.8% following the successful ramp-up of its expanded Rochester silver and gold mine in Nevada.

Consumer Goods

  • Conagra (CAG): Shares fall 3.3% after reporting a steeper-than-expected organic sales decline for the fourth quarter and issuing annual forecasts that missed consensus expectations.
  • PepsiCo (PEP): Shares drop 1.5% after reporting weaker-than-expected revenue for the second quarter and tempering its full-year outlook.

Technology

  • E2open (ETWO): Shares plummet 15% after the application-software company reported first-quarter results that missed expectations.
  • Interactive Brokers Group (IBKR): Shares slide 2.5% after Keefe, Bruyette & Woods downgraded the stock to market perform from outperform.

Healthcare

  • Pfizer (PFE): Shares rise 0.9% as the drugmaker advances the development of its once-daily weight-loss pill, danuglipron.

Notable Gains and Losses

  • Delta Air Lines (DAL): Shares tumble 7% after the carrier’s third-quarter adjusted earnings per share forecast missed estimates.
  • RCI Hospitality (RICK): Shares rise 12% after the operator of nightclubs and restaurants announced an increase in its share repurchase program by $25 million.
  • Ribbon Communications (RBBN): Shares jump 13% after Rosenblatt Securities initiated coverage with a buy rating and a $5 price target.
  • WD-40 (WDFC): Shares climb 4.6% following third-quarter earnings per share that beat the average analyst estimate.

Key Movers & Takeaway

Today's market movements are characterized by mixed reactions to earnings reports and analyst ratings. The technology sector is under pressure, as evidenced by the significant drop in E2open and Interactive Brokers Group. Conversely, the basic materials sector is seeing gains with Alcoa and Coeur Mining performing well. Notably, Delta Air Lines' disappointing earnings forecast has led to a sharp decline in its stock, while RCI Hospitality and Ribbon Communications are experiencing substantial gains due to positive corporate actions and analyst coverage.

Key Movers Table by Market Cap

LargeCap Movers (>$20B)

Stock Ticker Price Change Key Takeaway
Alcoa AA +1.2% Preliminary adjusted EBITDA for Q2 exceeded estimates
Pfizer PFE +0.9% Advancing development of once-daily weight-loss pill
PepsiCo PEP -1.5% Weaker-than-expected Q2 revenue and tempered full-year outlook
Delta Air Lines DAL -7.0% Q3 adjusted EPS forecast missed estimates

Mid-Cap Movers ($5B-$20B)

Stock Ticker Price Change Key Takeaway
Coeur Mining CDE +3.8% Successful ramp-up of expanded Rochester mine
Interactive Brokers Group IBKR -2.5% Downgraded to market perform by Keefe, Bruyette & Woods

SmallCap Movers ($50M-$5B)

Stock Ticker Price Change Key Takeaway
RCI Hospitality RICK +12.0% Increased share repurchase program by $25 million
Ribbon Communications RBBN +13.0% Initiated coverage with buy rating and $5 price target by Rosenblatt Securities
WD-40 WDFC +4.6% Q3 earnings per share beat average analyst estimate
E2open ETWO -15.0% Q1 results missed expectations

Top Overbought/Oversold by 14-Day RSI

Overbought Stocks

Stock Ticker RSI
Faraday Future Intelligent Electric FFIE 97.9
Defiance Silver DNCVF 89.2
Novavax NVAX 88.9
Bristow Group VTOL 88.6
Ardmore Shipping ASC 88.4

Oversold Stocks

Stock Ticker RSI
Seritage Growth Properties SRG 9.2
Dlocal DLO 15.0
Evolent EVH 17.3
Cerence CRNC 17.9
Papa John’s PZZA 17.9