As March draws to a close, certain stocks are causing ripples in the market with unexpected impacts on shares. There are announcements of upcoming projects and significant movements in the stock market. Here are some updates on these market-moving stocks.
Nvidia
Nvidia surged over 1% as it announced its highly anticipated next-generation chips in the artificial intelligence sector. Analysts from various Wall Street firms raised their price targets for Nvidia following the announcement.
The company is set to release the initial version of its AI graphics processors, codenamed Blackwell, later this year. In response, competitor Advanced Micro Devices saw a 4.8% decline in its stock price.
Super Micro Computer
Super Micro witnessed a 9% drop after filing to sell an additional two million shares through Goldman Sachs.
The move aims to generate around $2 billion for Super Micro Computer, which plans to allocate the proceeds towards inventory purchases, working capital, expansion of manufacturing capacity, and increased investments in research and development.
Unilever
Unilever’s U.S. shares climbed 2.8% after announcing intentions to spin off its ice cream unit, encompassing brands like Ben & Jerry’s and Magnum. This strategic shift is part of a larger restructuring plan affecting approximately 7,500 jobs.
Cryptocurrency
Stocks experienced a downturn as the price of bitcoin fell, plummeting over $10,000 from its recent record high.
MicroStrategy, the largest corporate holder of Bitcoin, saw a 5.7% decline, while crypto exchange Coinbase fell by 4%. Crypto mining stocks, including Riot Platforms and Marathon Digital, also faced declines.
Nordstrom
Nordstrom’s shares surged by 9.4% following reports suggesting the luxury department store chain is exploring going private. Nordstrom is reportedly collaborating with investment banks Morgan Stanley and Centerview Partners to gauge interest from private equity firms.
Tencent Music rallied 6.4% after releasing its quarterly earnings report, showing a growth of over 20% in paying users on an annualized basis, despite a decrease in total revenue compared to the previous year.
DLocal, a packaged software provider, saw a steep decline of nearly 17.5% after reporting weaker-than-expected earnings for the fourth quarter. Full-year revenue guidance fell near the lower end of analyst expectations.
Data technology stocks Snowflake and MongoDB diverged following downgrades to sell by Redburn Atlantic Equities, citing a lack of advantage tied to generative AI. Snowflake rose by 0.9%, while MongoDB declined by 0.7%.
Cognex and Chart Industries
Both rose following upgrades to buy from neutral by UBS. Cognex gained 2.6% as UBS highlighted the software provider’s potential for high-quality growth at a discounted valuation.
Chart Industries increased by 3.5% after UBS praised the company’s execution of its management plan in the clean energy and industrial gas equipment sectors.
Endava
AÂ British software stock surged by 4.6% following an upgrade to overweight from neutral by JPMorgan. JPMorgan suggested that Endava offered significant upside potential, especially after a 50% decline in its stock price in 2024.
Avis Budget Group
It saw a 7% increase in its shares after Bank of America initiated coverage with a buy rating, considering the company to be at an attractive entry point. Bank of America’s price target of $170 represented a 57% premium over Monday’s closing price.
