Stocks are trading lower midday.
The S&P 500 slipped 0.11%, with the tech-focused Nasdaq Composite edging down 0.03%. The Dow Jones Industrial Average declined by 0.47%, and the Russell 2000 Index gave up 1.49%.
Bitcoin, which reports say could benefit from relaxed regulation under the new Trump administration, climbed another 3% to $89,204. It has gained 17% over the past five days.
S&P 500 big stock movers today
Five S&P 500 stocks making big midday moves are:
Tyson Foods (TSN) +8.3% Dexcom (DXCM) +5.4% Live Nation (LYV) +4.5% Adobe (ADBE) +4.3% Honeywell (HON) 3.1%
The worst-performing five S&P 500 stocks with the largest midday drop are:
Mosaic (MOS) -8.4% Super Micro Computer (SMCI) -6.1% Tesla (TSLA) -5.9% FMC (FMC) -5.8% Western Digital (WDC) -5.8%
Stocks also worth noting include:
Nvidia (NVDA) +1.8%Apple (AAPL) +0.2%Shopify (SHOP) +25%GE Vernova (GEV) -5.9%Coinbase (COIN) -1.1%
Honeywell climbed 3% after investment firm Elliott Management disclosed a $5 billion stake and urged the group to split into two entities.
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Shopify soars on earnings and outlook
Shopify shares surged more than 25% after the e-commerce-tech giant reported better-than-expected Q3 revenue and forecast a robust holiday season. The stock is likely to see its best day ever.
The e-commerce platform operator earned 64 cents a share, up 16%. It also posted revenue of $2.16 billion, up 26% and topping Wall Street’s $2.12 billion estimate. The company posted operating profit of $283 million, more than double the $122 million in the year-earlier quarter.
Related: Analysts revise Shopify stock price targets ahead of the holidays
Shopify expects Q4 revenue to grow in the mid- to high-twenties, beating analysts’ forecasts of 22.8%.
“As the busiest shopping season of the year for our merchants approaches, they trust Shopify to provide the tools, unmatched speed, and reliability to maximize their success,” Shopify President Harley Finkelstein said.
Honeywell higher after Elliott takes stake
Honeywell climbed 3% after investment firm Elliott Management disclosed a $5 billion stake and urged the group to split into two entities.
The investor recommended that Honeywell should separate its aerospace and automation divisions.
Related: Analysts reboot stock price target for GE Aerospace after earnings
Elliott Managing Partner Jesse Cohn and Partner Marc Steinberg wrote in a Tuesday letter that “the conglomerate structure that once suited Honeywell no longer does.”
Cohn and Steinberg argued that Honeywell’s structure has become a liability. They estimate a potential 75% increase in value over the next two years if the company were to separate the aerospace and automation divisions.
GE Vernova falls on CEO remarks
GE Vernova stock fell 6% after the world’s third-largest wind-turbine manufacturer’s CEO, Scott Strazik, said he would hold off on his search for new offshore turbine orders as he awaits a better economic environment, the Financial Times reported.
Strazik cited high interest rates and supply-chain pressures that have recently challenged the offshore wind sector. Donald Trump’s reelection has also sparked concern as he might block offshore wind projects and halt green energy tax credits in the U.S.
More Tech Stocks:
Veteran trader makes surprising call between Palantir, Nvidia stockCathie Wood buys $15.7 million of tumbling tech stockNvidia to reap billions in big tech AI spending
Strazik noted bipartisan U.S. support for clean energy, highlighting job creation and national security benefits tied to renewable investments.
“It’s very clear these investments are creating jobs … new manufacturing capacity, exports, US competitiveness and, frankly, US national security interests are protected with these investments,” Strazik told The Financial Times.
Related: Veteran fund manager sees world of pain coming for stocks
