Biggest stock movers today: CSCO, CB, and more
SeekingAlpha 16/05/2024 18:42
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Trevor Williams

Stock futures are mixed in early trading on Thursday after cooler CPI data sent U.S. stock indices to all-time record highs.

Here are some of Thursday's biggest stock movers:

Biggest stock gainers

  • Cisco Systems ($Cisco Systems, Inc. CSCO$ ) shares rose 4.3% after the networking giant reported solid FQ3 results and an upbeat outlook. The company expects to earn between $0.84 and $0.86 per adjusted share in FQ4, surpassing the consensus estimate of $0.84, with sales projected to be between $13.4B and $13.6B, compared to the consensus of $13.54B. Additionally, Cisco anticipates adjusted gross margins for the period to be between 66.5% and 67.5%. For FY2024, Cisco has raised its revenue guidance to a range of $53.6B to $53.8B, up from the previous range of $51.5B to $52.5B and exceeding the consensus estimate of $53.63B.
  • Chubb Limited ($Chubb Limited CB$ ) stock soared more than 9.7% following news that Berkshire Hathaway ($Berkshire Hathaway Inc. Class A BRK.A$ $Berkshire Hathaway Inc. Class B BRK.B$ ) disclosed a stake of 25.9M shares in the insurer, which was valued at $6.7B at the end of Q1 2024.
  • Shares of AST SpaceMobile ($AST SPACEMOBILE INC ASTS$ ) jumped over 38% following the announcement of a commercial agreement with AT&T ($AT&T Inc. T$ ) to bring its space-based broadband network direct to everyday cell phones, with the partnership set to last until 2030. AST SpaceMobile (ASTS) plans to launch its first commercial satellites into low-earth orbit from Cape Canaveral this summer.

Biggest stock losers

  • GameStop ($GameStop Corp. Class A GME$ ) and other meme stocks extended their declines on Thursday, retracing from the sharp gains earlier in the week. The meme mania was fueled by a tweet from Keith Gill, also known as Roaring Kitty, a retail investor credited with igniting the meme-stock craze in 2021. GameStop (GME) plunged 15%, while AMC Entertainment Holdings ($AMC Entertainment Holdings, Inc. Class A AMC$ ) lost 12% and BlackBerry Limited ($BlackBerry Limited BB$ ) dropped approximately 4.6%.


The content is provided as general information only and should not be taken as investment advice. All the contents shall not be taken as a recommendation to buy or sell any security or financial instruments. Any action you take resulting from information, analysis, or commentary on this article is your responsibility. Please consult your investment advisor before making any investments.

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