:max_bytes(150000):strip_icc()/latestGainersLosers5-0d3967e8daac41659fd0294f3ffa0dc2.png "Uber Soars After First-Ever Buyback Authorization")
Key Takeaways
- The S&P 500 gained 1.0% on Wednesday, Feb. 14, 2024, recovering some of the ground it lost in the prior session after hotter-than-expected inflation data.
- Shares of Uber soared after the ride-hailing company announced its first-ever stock buyback program.
- Despite posting strong overall financial results, MGM Resorts reported weakness in its regional operations, and its shares dropped.
Major U.S. equities indexes rebounded on Wednesday, recovering some of the ground they lost in the previous session. The S&P 500 advanced 1.0%, while the Nasdaq and the Dow were up 1.3% and 0.4%, respectively.
Shares of Uber Technologies (UBER) led the S&P 500 higher, soaring 14.7% after the ride-hailing and food-delivery company announced its first-ever share repurchase program. Uber disclosed the plan to buy back up to $7 billion in shares after posting its first annual net profit as a public company when it reported earnings last week.
IQVIA Holdings (IQV), a life sciences company serving the health information technology and clinical research industries, reported fourth-quarter sales and profits that exceeded consensus estimates. The company achieved strong growth and an increased backlog in its research and development (R&D) solutions segment. IQVIA shares jumped 13.1% on Wednesday.
A strong earnings report also helped lift shares of Charles River Laboratories (CRL), which added 11.3% after the health care diagnostics and research firm posted better-than-expected results for the fourth quarter and released upbeat 2024 guidance. The company anticipates its recently completed acquisition of Noveprim, which provides non-human primates for drug research, will boost its profits this year.
Shares of Akamai Technologies (AKAM) posted Wednesday’s steepest losses among S&P 500 stocks, falling 8.2%. Although the cloud computing and cybersecurity software firm beat fourth-quarter profit estimates, its revenue for the period and its guidance for the next quarter fell short of expectations. Despite a strong performance in cloud and security software, softness in Akamai’s legacy content delivery network (CDN) business negatively affected the results and outlook.
Although casino and hotel operator MGM Resorts International (MGM) beat top- and bottom-line estimates for the fourth quarter, its shares slipped 6.3%. Despite the strong overall results, the company reported a revenue decline in its regional operations, reflecting the impact of a strike by workers at MGM Grand Detroit and lower high-end gaming activity at MGM National Harbor.
Shares of Kraft Heinz (KHC) dropped 5.5% after the packaged food giant reported a decline in sales, which came under pressure from higher prices and lower demand. The maker of macaroni and cheese, ketchup, and other food products noted that it faces headwinds related to consumer pressure, although it expects the situation to improve.