S&P 500 Performance; December 19th
The S&P 500 slipped 0.1% on December 19, 2024, after attempting to rebound from the prior day's sell-off.
Top Gainers:
Darden Restaurants (DRI):
Performance: +15% (largest gainer of the day).
Reason:
Strong same-restaurant sales growth, particularly from LongHorn Steakhouse.
Beat revenue and adjusted profit expectations for the fiscal second quarter.
Raised full-year revenue outlook.
Accenture (ACN):
Performance: +7.1%.
Reason:
Exceeded revenue and income forecasts.
Increased full-year sales outlook, citing strong growth in AI-related bookings.
GE Vernova (GEV):
Performance: +4.9%.
Reason:
Positive momentum following its spin-off from General Electric.
Increased full-year sales forecast, a new dividend, and a stock buyback plan.
Seen as a clean energy beneficiary, especially for AI-related energy demands.
Top Losers:
Lamb Weston (LW):
Performance: -20% (biggest loser).
Reason:
Reported unexpected quarterly losses due to weak international demand.
Lowered full-year guidance and announced a CEO change.
Micron Technology (MU):
Performance: -16%.
Reason:
Lower-than-expected sales guidance.
Soft demand in consumer-oriented markets and pricing pressure in the memory chip market.
Downgraded to "neutral" by Bank of America.
Vertex Pharmaceuticals (VRTX):
Performance: -11%.
Reason:
Mixed results from a Phase 2 clinical trial for a pain treatment drug.
Placebo showed similar results to the drug, causing concerns over its efficacy.
The S&P 500 slipped 0.1% on December 19, 2024, after attempting to rebound from the prior day's sell-off.
Top Gainers:
Darden Restaurants (DRI):
Performance: +15% (largest gainer of the day).
Reason:
Strong same-restaurant sales growth, particularly from LongHorn Steakhouse.
Beat revenue and adjusted profit expectations for the fiscal second quarter.
Raised full-year revenue outlook.
Accenture (ACN):
Performance: +7.1%.
Reason:
Exceeded revenue and income forecasts.
Increased full-year sales outlook, citing strong growth in AI-related bookings.
GE Vernova (GEV):
Performance: +4.9%.
Reason:
Positive momentum following its spin-off from General Electric.
Increased full-year sales forecast, a new dividend, and a stock buyback plan.
Seen as a clean energy beneficiary, especially for AI-related energy demands.
Top Losers:
Lamb Weston (LW):
Performance: -20% (biggest loser).
Reason:
Reported unexpected quarterly losses due to weak international demand.
Lowered full-year guidance and announced a CEO change.
Micron Technology (MU):
Performance: -16%.
Reason:
Lower-than-expected sales guidance.
Soft demand in consumer-oriented markets and pricing pressure in the memory chip market.
Downgraded to "neutral" by Bank of America.
Vertex Pharmaceuticals (VRTX):
Performance: -11%.
Reason:
Mixed results from a Phase 2 clinical trial for a pain treatment drug.
Placebo showed similar results to the drug, causing concerns over its efficacy.