Right Now’s Top Stock Movers: J.M. Smucker, Salesforce, Robinhood, and More

ESSENTIAL NOTES

Thursday, June 6, 2024, saw uneven U.S. equity prices at midday, ahead of the important jobs data on Friday.

Shares of J.M. Smucker increased following the company’s better-than-expected quarterly profit from cost-cutting measures, price increases, and the purchase of Hostess Brands.

Following the announcement of the online trading platform’s acquisition of Bitstamp, a cryptocurrency exchange based in Europe, shares of Robinhood increased.

Thursday midday saw mixed U.S. markets ahead of Friday’s important jobs report, which may have an impact on the Fed’s decision to lower interest rates. The S&P 500 and Nasdaq had decreases, while the Dow saw minimal movement and a small increase.

The company that makes Jif peanut butter, Meow Mix cat food, and its namesake jelly, J.M. Smucker (SJM) reported a better-than-expected quarterly profit on cost reductions, higher prices, and the acquisition of Hostess Brands. As a result, shares of SJM increased.

Lululemon Athletica (LULU) shares increased following the retailer of athletic wear reporting higher sales in China and announcing a $1 billion increase in its repurchase programme.

As part of its efforts to broaden its cryptocurrency and global reach, online trading platform Robinhood Markets (HOOD) announced that it has acquired Bitstamp, a cryptocurrency exchange based in Europe, for approximately $200 million. This news caused shares of HOOD to rise.

Shares of business software supplier Salesforce (CRM) increased after it was revealed that it would establish its first artificial intelligence (AI) centre in London.

As customers cut down on spending due to inflation, Five Below (FIVE) lowered its guidance and missed quarterly earnings and revenue estimates, sending its shares plunging.

Sprinklr’s (CXM) stock fell as the corporate software company downgraded its outlook due to delaying customer orders.

Gold and oil futures increased. There was minimal movement in the yield on the 10-year Treasury note. The US dollar outperformed the pound but fell short of the yen and euro. The majority of popular cryptocurrencies experienced negative trading.

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