By Samiat Dec, 20, 2024 Featured

S&P 500 Performance; December 19th

The S&P 500 slipped 0.1% on December 19, 2024, after attempting to rebound from the prior day's sell-off.

Top Gainers:

Darden Restaurants (DRI):

Performance: +15% (largest gainer of the day).

Reason:

Strong same-restaurant sales growth, particularly from LongHorn Steakhouse.

Beat revenue and adjusted profit expectations for the fiscal second quarter.

Raised full-year revenue outlook.

Accenture (ACN):

Performance: +7.1%.

Reason:

Exceeded revenue and income forecasts.

Increased full-year sales outlook, citing strong growth in AI-related bookings.

GE Vernova (GEV):

Performance: +4.9%.

Reason:

Positive momentum following its spin-off from General Electric.

Increased full-year sales forecast, a new dividend, and a stock buyback plan.

Seen as a clean energy beneficiary, especially for AI-related energy demands.

Top Losers:

Lamb Weston (LW):

Performance: -20% (biggest loser).

Reason:

Reported unexpected quarterly losses due to weak international demand.

Lowered full-year guidance and announced a CEO change.

Micron Technology (MU):

Performance: -16%.

Reason:

Lower-than-expected sales guidance.

Soft demand in consumer-oriented markets and pricing pressure in the memory chip market.

Downgraded to "neutral" by Bank of America.

Vertex Pharmaceuticals (VRTX):

Performance: -11%.

Reason:

Mixed results from a Phase 2 clinical trial for a pain treatment drug.

Placebo showed similar results to the drug, causing concerns over its efficacy.

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