Movers & Shakers: Boeing and Autodesk stocks sink, Beyond Meat’s soars, and other stocks on the move

by | Feb 24, 2023 | Stock Market

Here are some of the big stock movers on Friday, as the broader stock market sells off in the wake of worrisome inflation data. Boeing Co.’s stock
slumped 4.1% in morning trading, enough to pace the Dow Jones Industrial Average’s
decliners, as the airplane maker halted deliveries of the 787 Dreamliner. The Federal Aviation Administration said deliveries are temporarily halted as Boeing is conducting additional analysis on a fuselage component.

Autodesk Inc. shares
tumbled 10.5% to lead the S&P 500 index’s
losers, after the enterprise software company provided downbeat first-quarter and full-year profit outlooks, which overshadowed a fourth-quarter profit beat. Shares of Live Nation Entertainment Inc.
were the S&P 500’s next-biggest decliners, falling 10.4% after the events promoter reported a wider-than-expected fourth-quarter loss, while revenue beat forecasts. Meanwhile, the Dow sank 502 points, or 1.5%, and the S&P 500 shed 1.75. Among some gainers, Beyond Meat Inc. shares
jumped 25.3% toward a 5 1/2-month high, after reporting a narrower-than-forecast loss. Analysts at Mizuho Securities USA say a new strategy, that narrows to channels and segments resonating the most with consumers, may build a better foundation for multi-year revenue growth. Block Inc. shares
rose 2.1% as the payments company previously named Square forecast earnings in line with Wall Street estimates. Shares of Turning Point Brands Inc.
climbed 4.8% after maker of Zig-Zag rolling paper reported fourth-quarter profit and revenue that beat expectations. Sweetgreen Inc. shares
slumped 2.7% after the salad-focused fast-food chain reported a fourth-quarter loss that was wider than analyst estimates and guided for revenue below Wall Street estimates. Elsewhere, Nektar Therapeutics’ stock
plummeted 44.2% after a lupus study failed to meet its primary endpoint, and the company said that partner Eli Lilly & Co.
would not proceed with a Phase 3 study, while Sellas Life Sciences Group Inc.’s stock
plunged 55.4% to lead the Nasdaq exchange’s losers after the biopharmaceutical company announced a public offering of common stock and warrants to buy shares. Cingulate Inc.’s stock
rocketed 46.3% after the biopharmaceutical company reported positive results from a trial of its attention deficit/hyperactivity disorder (ADHD) treatment.

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