Biggest stock movers today: Morgan Stanley, Spirit AeroSystems, United Airlines and more
TERADAT SANTIVIVUT
Stock futures inched lower on Wednesday as Treasury yields climbed amid a busy earnings week and rising geopolitical conflicts.
Here are some of Wednesday's biggest stock movers:
Biggest stock gainers
Spirit AeroSystems Holdings (NYSE:SPR) shares surged around 20% on reaching an agreement with Boeing (BA) to support production stability. The agreement comes after quality issues with the Boeing 737 Max aircraft led to delivery delays in August. The companies aim to improve quality and boost deliveries through collaboration.
Ardelyx (NASDAQ:ARDX) shares surged as much as 14% after the FDA approved tenapanor, marketed as Xphozah, for controlling serum phosphorus in dialysis patients. The FDA previously rejected Ardelyx's application in July 2021. After multiple appeals, the advisory committee deemed the benefits outweigh the risks, and the agency granted Ardelyx's appeal. The company resubmitted its Xphozah application to the FDA in April.
Viking Therapeutics' (NASDAQ:VKTX) shares rose 14% after clinical results from a Phase 1 trial on its obesity drug, VK2735, were released. The study showed that VK2735, a dual agonist of GLP-1 and glucose-dependent insulinotropic polypeptide, reduced liver fat content and plasma lipid levels in patients. The results support VK2735 as a potential treatment for non-alcoholic fatty liver disease and non-alcoholic steatohepatitis, indicating its potential as a potential weight loss treatment.
Biggest stock losers
Despite topping consensus in Q3, Morgan Stanley's (NYSE:MS) stock declined by 6%. Net interest income fell short of Wall Street expectations, and its provision for credit losses was higher than expected. Its Institutional Securities business revenue fell from a year ago on muted M&A activity and a less favorable fixed income market. Wealth management generated $6.4B in revenue, below the estimate by over $200M as compensation costs in the division rose, while investment banking produced $938M, below the $1.11B estimate, citing weakness in mergers and IPO listings.
Nvidia's (NASDAQ:NVDA) shares fell 3% following the U.S. implementing new restrictions on artificial intelligence chip exports to China. The new restrictions, a step up from previous restrictions, prohibit the sale of the slowed-down versions of Nvidia chips, the H800 and A800. According to the chipmaker, these restrictions will have no immediate impact on its financial performance, but it expects a long-term sales loss, as announced in August. The Biden administration's previous restrictions on artificial intelligence chips were implemented last year.
Despite exceeding expectations in Q3, United Airlines (NASDAQ:UAL) shares plummeted over 7% as the carrier's Q4 EPS projection fell short of market expectations, with a Q4 adjusted EPS of $1.80 per share assuming the flying restriction to Tel Aviv lasts until October. If it is prolonged until December, it will be $1.50 per share, compared to the consensus of $2.15. The ban on Israel flights is anticipated to have an impact on Q4 capacity and operating revenue, with Q4 capacity forecast to grow by 15.5% Y/Y and operating revenue expected to increase by 10.5% Y/Y. Rising jet fuel prices are also projected to have an impact on Q4 earnings.
Shares of J.B. Hunt Transport Services (NASDAQ:JBHT) fell roughly 8% after missing the consensus mark in Q3 results. The current quarter's total operating revenue slumped 18% Y/Y primarily due to a 14% and 22% decrease in Intermodal and Truckload revenue per load, a 38% decrease in volume in Integrated Capacity Solutions, a 20% decrease in stops in Final Miles Services, and a 1% decline in average revenue-producing trucks in Dedicated Contract Services.
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