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Key Takeaways
- The S&P 500 slid 0.2% on Wednesday, Feb. 28, 2024, as new data showed economic growth last quarter was slightly below previous estimates.
- Shares of Viatris tumbled after the pharma company missed fourth-quarter estimates and announced a collaboration on Phase III heart attack and lupus treatments.
- Taser manufacturer Axon Enterprise posted better-than-expected quarterly results, boosted by cloud software demand, and its shares shot higher.
Major U.S. equities indexes fell as new data revealed the economy grew at a slightly slower pace than previously reported in the fourth quarter. The S&P 500 dropped 0.2%, while the Dow and the Nasdaq were down 0.1% and 0.6%, respectively.
The move lower on Wednesday came ahead of Thursday’s report on Personal Consumption Expenditures (PCE)—a key gauge of inflation that could factor into the Federal Reserve’s interest rate decisions in the months ahead.
Viatris (VTRS) shares posted the widest losses on the S&P 500, plunging 7.1% after the global pharmaceutical firm reported lower-than-expected revenue and profit for the fourth quarter. Viatris also announced an agreement to collaborate with Swiss firm Idorsia on the commercialization of two Phase III assets being developed to treat heart attack and lupus patients.
Shares of Resmed (RMD), which provides medical equipment for sleep apnea and respiratory conditions, fell 3.9%. The downturn followed news that Resmed’s founder sold approximately $5 million worth of shares in the company.
Match Group (MTCH) shares dropped 3.8% after dating app peer Bumble (BMBL) issued a pessimistic profit forecast and stressed the need for innovation to attract new generations of users to its platform. Shares of Bumble were down 14.8%.
Shares of Axon Enterprise (AXON) tore higher after the manufacturer of the Taser as well as other police and military equipment beat top- and bottom-line estimates for the fourth quarter. Demand for the company’s cloud software and its Taser 10 helped drive the strong results. Gains of 13.8% made Axon Wednesday’s top-performing S&P 500 stock.
Constellation Energy (CEG) shares advanced 9.7%, adding to gains of nearly 17% posted on Tuesday after the electric utility issued a strong full-year profit forecast and lifted its dividend. Analysts at KeyBanc upgraded Constellation Energy stock to Overweight, highlighting increased clarity around the company’s growth strategy.
Shares of eBay (EBAY) gained 7.9% after the online marketplace reported better-than-expected fourth-quarter sales and earnings. Although it faces heavy competition from Amazon (AMZN) and other retailers, eBay is focusing on core categories and applying artificial intelligence technology to support sellers on its site. The company also reported strong growth in advertising revenue.