Tesla, Broadcom, Dave & Buster’s, and More

U.S. equities gave up early gains and were mixed at midday Thursday in the wake of report showing wholesale inflation declined last month. The Dow lost ground, while the S&P 500 and Nasdaq were little changed.

Shares of Dave & Buster’s Entertainment (PLAY) plunged after the restaurant and entertainment chain missed profit and sales estimates, blaming macroeconomic headwinds limiting consumers’ discretionary spending.

Virgin Galactic (SPCE) shares plummeted following the space tourism firm’s announcement of a 1-for-20 reverse stock split to avoid being delisted from the New York Stock Exchange (NYSE).

Shares of Oxford Industries (OXM) declined as the clothing maker behind the Tommy Bahama brand posted worse-than-expected results and cut its guidance, warning that shoppers have become more cautious than it had anticipated.

Broadcom’s (AVGO) shares traded at a record high for a fourth consecutive session following its sales beat driven by artificial intelligence demand and 10-for-1 stock split announcement.

Shares of Tesla (TSLA) took off after CEO Elon Musk posted that investors were on their way to approving his $55.8 billion pay package.

Kimberly-Clark (KMB) shares gained as Bank of America double-upgraded the stock and lifted its price target, pointing to benefits from the consumer product firm’s reorganization moves. 

Oil and gold futures fell. The yield on the 10-year Treasury note declined. The U.S. dollar gained on the euro, pound, and yen. Most major cryptocurrencies traded in the red.