Top Stock Movers Now: Broadcom, Costco, MongoDB, and More

Key Takeaways

• U.S. equities were mixed at midday Friday, March 8, 2024 as chip stocks lost ground following outlooks from Broadcom and Marvell Technology that disappointed investors. 
• Costco Wholesale shares fell after the retailer missed revenue estimates.
• MongoDB shares dropped following a weaker-than-expected outlook from the database platform provider for developers.

U.S. equities were mixed at midday Friday as chip stocks lost ground following outlooks from Broadcom (AVGO) and Marvell Technology (MRVL) that disappointed investors. The Dow was in the green, but the S&P 500 and Nasdaq were down.

General Electric (GE) shares got another boost as JPMorgan upgraded the stock and raised its price target a day after the company’s GE Aerospace business announced a planned $15 billion stock buyback when it becomes a standalone company April 2. 

Biogen (BIIB) shares advanced after the Food and Drug Administration (FDA) delayed an approval decision for an Alzheimer’s treatment from Eli Lilly (LLY) that would rival Biogen’s Leqembi. Eli Lilly shares slid.

Costco Wholesale (COST) was the worst-performing stock in the S&P 500 after the warehouse retailer’s sales were short of forecasts and the company didn’t announce any increase in its membership fees.

Marvell Technology (MRVL) shares declined after its guidance missed estimates as soaring demand for artificial intelligence (AI) chips didn’t offset declines in the rest of its businesses.

Shares of MongoDB (MDB) dropped on a weaker-than-expected outlook from the database platform provider for developers. MongoDB said it was losing some of its business in the new fiscal year. 

Oil futures fell, but the price of gold continued to set record highs. The yield on the 10-year Treasury note was little changed. The U.S. dollar gained versus the euro, but lost ground to the pound and yen. Most major cryptocurrencies traded higher.

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