Biggest S&P 500 Movers on Thursday

On Thursday, the S&P 500 saw significant movements, with notable gains and losses among various companies. Here’s a detailed look at the biggest movers of the day.

Advancers

Axon Enterprise (AXON)

Leading the pack, shares of Axon Enterprise surged by 14.1%. The company, known for its Taser products and body cameras, reported better-than-expected sales and profits for the first quarter. Axon also raised its full-year guidance, citing strong growth in its software and services segment, particularly in demand for its artificial intelligence (AI) policing systems. The company’s adjusted earnings per share came in at $1.41, surpassing analysts’ expectations of $1.30.

Epam Systems (EPAM)

Epam Systems experienced a 12.9% jump in its stock price after it exceeded consensus estimates with its quarterly results. The digital engineering and cloud-based software provider highlighted growth in IT services revenue and strong demand for AI-related services. Additionally, Epam announced an increase in its full-year sales outlook and a leadership change, with its current chief revenue officer set to become CEO later this year.

Enphase Energy (ENPH)

Enphase Energy saw its shares rise by 12.2% following the launch of a new plug-and-play solar energy system in Germany. This product targets users with limited roof space, such as apartment dwellers, and can also be utilized in off-grid locations. The stock’s gains marked a partial recovery from previous losses after its quarterly results fell short of expectations.

Decliners

Match Group (MTCH)

On the downside, Match Group, the operator of Tinder and other dating services, saw its shares plummet by 9.6%. The company reported a year-over-year decline in paying users across its platforms, including Hinge and OkCupid. Additionally, Match announced a workforce reduction of 13% to cut costs amid challenges related to user engagement.

Fortinet (FTNT)

Fortinet’s shares fell by 8.4% after the cybersecurity firm released its quarterly earnings. Although adjusted profits exceeded consensus forecasts, revenue missed expectations, and the company provided underwhelming guidance for the upcoming quarter and the full year. Despite this cautious outlook, Fortinet remains a strong player in the global firewall market.

Cencora (COR)

Cencora, a drug wholesaler and pharmaceutical solutions provider, experienced a 6.8% decline in its stock price. This drop reversed strong gains from the previous session, despite a solid earnings report. The company cited challenges in growth comparisons for GLP-1 weight-loss products and a slowdown in clinical trial activity.

AppLovin’s Stock Surge

AppLovin (APP) shares soared after the mobile app marketing provider announced the sale of its mobile game business for $400 million and reported quarterly results that exceeded Wall Street expectations. The company’s focus on AI-powered software products to assist developers in targeting ads and monetizing apps has positioned it favorably in the market. Following the announcement, AppLovin’s stock gained 12%, marking a significant recovery from a previous slump.

D-Wave Quantum’s Impressive Performance

D-Wave Quantum (QBTS) stock skyrocketed by 51% after reporting record revenue of $15 million, a staggering 509% increase from the previous year. The surge was driven by the sale of a quantum computing system to Germany’s Jülich Supercomputing Centre. D-Wave’s net loss narrowed significantly, and the company finished the quarter with a record cash balance, indicating a strong financial position moving forward.

Warner Bros. Discovery’s Potential Split

Shares of Warner Bros. Discovery (WBD) jumped on reports that the company is considering a split. This news follows a restructuring announced in December, aimed at creating divisions focused on global linear TV and its film studios. The potential split could enhance value creation opportunities for both divisions, and the stock gained more than 5% in Thursday trading.

Tapestry’s Positive Outlook

Tapestry (TPR), the parent company of Coach and Kate Spade, saw its shares rise after reporting better-than-expected fiscal third-quarter results. The company lifted its full-year revenue forecast, projecting growth of about 4% year-over-year. Tapestry’s management indicated that the expected tariffs would have an "immaterial impact" on its financial results, further boosting investor confidence.

Alphabet’s Resilience Amid Concerns

Despite losing about $150 billion in market capitalization due to fears of AI disruption in search, analysts remain bullish on Alphabet (GOOGL). Morgan Stanley views the recent dip as a buying opportunity, maintaining a price target of $185. The company’s shares rose by 2% following the report, indicating a potential recovery.

Coinbase’s Anticipated Earnings

Coinbase (COIN) is set to report its quarterly results, with traders expecting a modest response from the stock. Analysts predict a potential move of about 6.5% in either direction following the earnings announcement. The cryptocurrency exchange has seen mixed assessments from analysts, with price targets ranging from $169 to $400.

Crypto Stocks Rally as Bitcoin Surges

The cryptocurrency market experienced a boost as Bitcoin prices climbed above $100,000. This surge positively impacted crypto stocks, with Coinbase and other related companies seeing significant gains. The optimism surrounding trade agreements and potential economic growth contributed to this rally.

Cleveland-Cliffs Faces Challenges

Cleveland-Cliffs (CLF) shares tumbled by 16% after the steelmaker announced plans to idle several plants to optimize operations. The company aims to save over $300 million annually through these measures, but the announcement raised concerns among investors about its future performance.

Anheuser-Busch InBev Hits a 52-Week High

Anheuser-Busch InBev (BUD) shares reached a 52-week high after the company reported strong earnings, driven by lower costs despite falling volumes. The brewer’s disciplined resource allocation and overhead management strategies have positioned it well in a competitive market.

Shopify’s Surprise Loss

Shopify (SHOP) shares fell by 6% after the e-commerce platform reported a surprise net loss for the first quarter. Despite generating revenue that slightly exceeded expectations, the unexpected loss on equity investments raised concerns among investors, leading to a decline in stock price.

These movements reflect the dynamic nature of the stock market, influenced by company performance, market trends, and broader economic factors.