Stocks declined Wednesday for a second-straight session as investors tempered their optimism about interest-rate cuts from the Federal Reserve in 2024.
These stocks made moves Wednesday:
Apple
extended losses, falling 0.8% to $184.25, after the iPhone maker closed down 3.6% Tuesday following a downgrade to Underweight from Equal Weight by analysts at Barclays, who noted weakness in sales of iPhones and Mac computers. Apple’s growth has stalled, Barron’s has noted previously, despite the stock’s gain last year of 48%.
SoFi Technologies
was downgraded to Underperform from Market Perform at Keefe Bruyette and the price target on shares of the financial-technology company were reduced to $6.50 from $7.50. The stock fell 14% to $8.31.
Keefe Bruyette also downgraded
Rocket Cos.,
the parent of home loan originator Rocket Mortgage, to Underperform from Market Perform and left the price target at $10.75.
Wells Fargo,
meanwhile, downgraded Rocket to Equal Weight from Overweight but raised its price target to $14 from $13. Rocket shares fell 6.6% to $13.34.
Tesla
was down 4%, closing lower for a fourth-straight day.
Tesla
reported fourth-quarter deliveries that beat analysts’ estimates but was topped in the period by China’s
BYD,
which posted deliveries of 526,000 all-electric vehicles, making the company the world’s largest seller of all-battery electric vehicles.
Enphase Energy
was one of the leading decliners in the
S&P 500
on Wednesday, falling 6.6% to $122.63. Analysts at Mizuho maintained their Buy rating on shares of the solar and alternative-energy products company and raised their price target to $150 from $131.
Xerox
dropped 12% after the copier and printer maker said it was targeting a 15% workforce reduction this quarter as part of a new operating model it unveiled.
AST SpaceMobile,
which is building a space-based cellular broadband network, was up 1.7% after disclosing that it was seeking to close and fund a previously disclosed strategic investment this month with multiple parties. The company also said it had secured initial ground infrastructure orders from two customers.
Verizon Communications
was upgraded by KeyBanc to Overweight from Sector Weight with a price target of $45. The analysts said they expect “wireless industry competitive intensity being low, which makes us want more wireless exposure,” and that the company should show “better postpaid phone net add performance” in 2024. Verizon rose 0.7% to $39.16.
PGT Innovations
received an unsolicited proposal from Miter Brands to acquire all outstanding shares of the windows and doors company for $41.50 a share in cash. The offer implies an equity value of about $2.37 billion.
PGT
had reached a deal last month to be bought by
Masonite International
for $33.50 in cash and $7.50 in stock. PGT said that it would review the Miter Brands’ proposal to determine if it was reasonably likely to lead to a superior proposal. Shares of
PGT Innovations
were up 3.7% to $41.70.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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