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
BA,
-4.17%
slumped 4.2% in afternoon trading, enough to pace the Dow Jones Industrial Average’s
DJIA,
-1.02%
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
ADSK,
-12.65%
tumbled 12.5% to lead the S&P 500 index’s
SPX,
-1.18%
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.
LYV,
-9.22%
were the S&P 500’s next-biggest decliners, falling 9.2% after the events promoter reported a wider-than-expected fourth-quarter loss, while revenue beat forecasts.
Adobe Inc.’s stock
ADBE,
-7.45%
shed 7.6% to be the S&P 500’s third-biggest decliner, after a report that the Department of Justice was preparing to block the the digital media and publishing company’s $20 billion acquisition of Figma.
Meanwhile, the Dow sank 326 points, or 1.0%, and the S&P 500 shed 1.1%.
Among some gainers, Beyond Meat Inc. shares
BYND,
+10.27%
jumped 10.3% 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
SQ,
+3.64%
rose 4.3% as the payments company previously named Square forecast earnings in line with Wall Street estimates.
Shares of Turning Point Brands Inc.
TPB,
+5.67%
climbed 5.3% after maker of Zig-Zag rolling paper reported fourth-quarter profit and revenue that beat expectations.
Elsewhere, Nektar Therapeutics’ stock
NKTR,
-48.65%
plummeted 49.5% after a lupus study failed to meet its primary endpoint, and the company said that partner Eli Lilly & Co.
LLY,
-1.24%
would not proceed with a Phase 3 study, while Sellas Life Sciences Group Inc.’s stock
SLS,
-54.34%
plunged 55.6% 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
CING,
+33.33%
rocketed 48.7% after the biopharmaceutical company reported positive results from a trial of its attention deficit/hyperactivity disorder (ADHD) treatment.
