Biggest stock movers today: DPZ, NOK, TSM, and more
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Contributor since / Followers
Contributor since / Followers
4 months ago
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Following a plunge for the Nasdaq on Wednesday, stock futures were trading mixed on Thursday as jobless claims data came in higher than expected.
Here are some of Thursday’s biggest stock movers:
Biggest stock gainers
- Chipmaker Taiwan Semiconductor (NYSE:TSM) surged 4% after smashing Q2 earnings, fueled by surging demand for advanced chips used in artificial intelligence. Revenue jumped 40% Y/Y to NT$673.51B, with net income rising 36%. The company also provided an optimistic outlook, projecting Q3 revenue between $22.4B and $23.2B, exceeding analyst expectations of $22.47B and marking a significant increase from the previous year.
- Tex-Mex chain Chuy’s Holdings (NASDAQ:CHUY) skyrocketed 47% after Darden Restaurants (DRI) announced a buyout for $37.50 per share in cash. This all-cash deal values Chuy’s at roughly $605 million, a premium of 10.3 times its latest annual adjusted EBITDA. Darden anticipates cost savings of $15 million annually by 2026. While the offer is significantly above Chuy’s closing price on Wednesday, it falls short of the stock’s 52-week high.
- Warner Bros. Discovery’s (NASDAQ:WBD) stock price jumped nearly 4% after news emerged that the company is considering strategic options including asset sales or a spinoff of its streaming service and movie studios from its legacy TV networks, potentially separating the high-growth streaming business from the debt-burdened legacy operations.
Biggest stock losers
- Shares of telecom firm Nokia (NYSE:NOK) plunged 7% as the company reported an 18% decline in Q2 sales and a 32% drop in operating profit on the back of weak demand for its 5G equipment. CEO Pekka Lundmark said, “The most significant impact was the challenging year-ago comparison period, which saw the peak of India’s rapid 5G deployment, with India accounting for three quarters of the decline.”
- Beyond Meat (NASDAQ:BYND) shares plummeted more than 14% following a Wall Street Journal report suggesting the company is in talks with bondholders to discuss a balance-sheet restructuring. Facing ongoing cash burns and shrinking liquidity, the company is reportedly exploring options with a group holding over $1B of Beyond Meat’s convertible notes. With cash reserves down from about $258.6M the year before to $157.9M and long-term debt of $1.139B, Beyond Meat’s financial situation is fueling investor concerns.