Important points
Incyte’s stock price fell after the company halted development of one drug and suspended enrollment in another clinical trial.
Major U.S. stock indexes were mixed on Tuesday. As investors digested Walmart’s (WMT) strong quarterly results and awaited earnings reports from many other major companies, concerns about escalating global tensions clouded the outlook.
The S&P 500 rose 0.4%, and the tech-heavy Nasdaq closed 1.0% higher. The Dow stalled, falling 0.3%.
Shares of Super Microcomputer (SMCI) soared 31.2% on Tuesday, making it the S&P 500’s top performer after the server maker filed a compliance plan to avoid delisting by Nasdaq.
Vistra (VST) shares rose 5.6% after the power generation company announced a private placement of senior secured notes seeking to raise at least $1.25 billion for debt repayments and other general purposes. JPMorgan late last week included Vistra in its top stocks for 2025, noting Vistra’s strong production capacity.
Much of the market’s attention this week has focused on Nvidia (NVDA), the world’s most capitalized company, which is scheduled to release its much-anticipated quarterly report on Wednesday afternoon. Analysts expect the semiconductor giant to post strong sales and profit growth year-on-year. Still, investors will be watching for updates on shipments of Nvidia’s new Blackwell artificial intelligence (AI) chips following reports of possible overheating issues and concerns about supply constraints. Nvidia stock rose 4.9% on Tuesday.
GE Vernova (GEV), the energy technology company that completed its spinoff from General Electric in April, announced a deal to acquire the large gas turbine combustion components business from Woodward (WWD). GE Bellnova said the acquisition was part of a broader strategy to strengthen its domestic supply chain, sending shares up 4.5%.
Incyte (INCY) stock plunged 8.3%, the biggest decline among the S&P 500 stocks, as the drug company issued negative updates on two experimental drug candidates. The company announced that it will no longer develop a compound aimed at treating cholestatic pruritus (CP), a liver disease that causes severe itching, following disappointing data from clinical trials. . Incyte also suspended enrollment in an ongoing Phase 2 trial of its chronic urticaria treatment.
Moderna (MRNA) stock fell 5.6% after analysts at Berenberg began rating the stock as a “hold.” The company notes that Moderna is disbursing its COVID-19 funding rapidly and remains vulnerable to commercial pressures and uncertainty under the incoming presidential administration, and the vaccine maker We believe it is unlikely that we will achieve our break-even target in 2028.
Financial software provider Intuit (INTU) has reportedly discussed the possibility of developing a mobile app that would allow taxpayers to file their returns with the Internal Revenue Service for free. The stock price fell 5.1%. Intuit, known for its TurboTax filing software, risks losing customers and revenue if the government launches a free and widely available tax filing platform.
Jacobs Solutions (J) stock fell 4.9% after the construction services company announced its fourth quarter fiscal 2024 results. Sales increased year-over-year, but profits were below consensus expectations and gross profit margin was flat year-over-year. before. During the quarter, Jacobs completed the spin-off of its Critical Mission Solutions and Cyber and Intelligence businesses. The company expects a more streamlined portfolio and efficient operating structure to drive mid-to-high single-digit revenue growth compared to the current fiscal year. year.
