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Stock futures inched higher on Wednesday as market participants await the Fed’s interest rate decision.
Here are some of Wednesday’s biggest stock movers:
Biggest stock gainers
Despite a bleak fourth-quarter projection, Advanced Micro Devices (NASDAQ:AMD) shares rose more than 6% when Wall Street rushed to its defense after the chipmaker provided some encouraging indicators for its upcoming artificial intelligence chip. AMD offered a bullish 2024 outlook for its AI chip division, which helped the stock recover. “We expect data center GPU revenue to hit approximately $400 million in Q4 and exceed $2 billion in 2024,” said CEO Lisa Su, “with revenue steadily increasing throughout the year.”
Shares of XPeng (NYSE:XPEV) rose over 5% after a significant milestone in Smart EV monthly deliveries. The company achieved a record with 20,002 units delivered in October, showcasing an impressive 31% M/M increase and a remarkable 292% Y/Y surge.
Scotts Miracle-Gro (NYSE:SMG) rose 18% after the company exceeded expectations in Q4. CFO Matt Garth highlighted, “In fiscal 2024, we are focusing on maximizing value with our retail partners and managing controllables. Our guidance is grounded in our ability to increase shareholder value through margin recovery, strong free cash flow generation, and improved financial flexibility.”
CRISPR Therapeutics (NASDAQ:CRSP) shares surged 11% following a positive response from a panel of independent experts advising the US FDA on a groundbreaking gene editing therapy co-developed by CRISPR Therapeutics (CRSP) and Vertex Pharma (NASDAQ:VRTX) for sickle cell disease (SCD). The therapy, named exagamglogene autotemcel or exa-cel, utilizing CRISPR/Cas9 gene editing technology, is currently undergoing FDA review for SCD patients aged 12 years and older experiencing vaso-occlusive crises, a severe manifestation of the blood disorder.
Biggest stock losers
WeWork’s (NYSE:WE) stock plunged 51% after the company indicated plans to file for Chapter 11 bankruptcy as soon as next week, a significant shift in events for the flexible office-space startup over the previous four years, as reported by sources familiar with the matter to the Wall Street Journal.
Paycom Software (NYSE:PAYC) shares plummeted more than 37% following mixed Q3 results and a disappointing Q4 outlook. In comparison to the $452.3M consensus, the company anticipates Q4 sales of $420M–$425M and adjusted EBITDA of $169M–$174M, as compared to the $189M Visible Alpha consensus.
Yum China’s (NYSE:YUMC) stock slipped more than 19% following lower-than-expected Q3 results. CFO Andy Yeung emphasized, “Looking ahead, the fourth quarter is a seasonally small quarter in terms of sales and profits; hence, small fluctuations in sales could have a more pronounced impact on our margins. It is important to highlight that during the fourth quarter last year, we received temporary relief of $26 million, which is not expected to repeat this year.”
Estee Lauder (NYSE:EL) shares plunged 17% after the company’s full-year guidance was reduced, citing a weaker rebound in net sales and margins. The company now estimates FY2024 adjusted diluted EPS to fall between 33% and 25%, with net revenues falling between -2% and +1% from the previous year. Adjusted diluted EPS is now expected to be between $2.17 and $2.42, which is lower than the earlier forecast of $3.50-$3.75 and the consensus of $3.60.
