Equity Indexes Wrap: Nike Drags Down the Dow and Apparel Stocks; Pharmaceuticals Gain on Bristol Myers Squibb’s Karuna Acquisition
December 22, 2023 04:18 PM EST
The Dow
Intel (INTC) led the index, rising 2% to close at a new one-year high.
Amgen (AMGN) gained 1.7%, followed closely behind by fellow pharmaceutical firm Merck & Co. (MRK), up 1.2%.
Walmart (WMT) rose 1.2%, making it one of several discount and low-cost retailers to outperform today.
Nike (NKE) tumbled 11.8% after announcing a $2 billion cost-cutting plan and lowering its full-year sales outlook on softer-than-expected demand.
Disney (DIS) shares fell 1.1%, followed by Apple (AAPL), down 0.6%.
The S&P 500
Engineering software firm Ansys (ANSS) rose 18.1% to lead the index higher following reports it was considering several acquisition offers.
Albemarle (ALB) stock rose 3.2% as the lithium miner extended its rebound after hitting a three-year low in November.
Bristol Myers Squibb (BMY) rose 2% after it said it would acquire Karuna Therapeutics (KRTX) for about $14 billion. Karuna shares surged 47.4%.
Dollar General (DG) and competitor Dollar Tree (DLTR) both rose 1.7%, following Walmart stock higher.
Gold miner Newmont (NEM) gained 1.5% as the price of gold ticked up.
VF Corp (VFC), the owner of Vans and Timberland, fell 3.2%, weighed down by Nike’s grim outlook for the apparel sector. Clothing companies Ralph Lauren (RL) and Tapestry (TPR) slipped 1.7% and 1.4%,…
