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The Key Takeaways
- The S&P 500 finished flat on Friday, Dec. 13, 2024, as attention shifted toward next week's Federal Reserve decision on interest rates.
- Broadcom’s shares surged as the company surpassed sales and profit expectations, thanks to a rise in AI sales.
- Super Micro Computer’s shares dropped as fears intensified about its possible removal from the Nasdaq 100.
The major U.S. equity indexes ended a week of trading with little change and mixed results. This was despite the release of several important economic reports. Although there are signs that inflation is sticking, most traders believe the Federal Reserve will cut interest rates again next week at its final meeting for 2024.
The S&P 500 was flat to finish Friday's session, while the Dow slipped 0.2%, and the Nasdaq edged 0.1% higher.
Broadcom’s (AVGO), shares soared 24.4%, bringing the market cap of the company above $1 trillion. The chipmaker had beaten revenue and profit expectations with its fourth quarter results. According to the company, its sales of artificial intelligence in fiscal year 2024 have more than tripled compared with last year. Several analysts increased their target prices for Broadcom stock citing this growth. Friday’s gains made Broadcom the top daily performer in the S&P 500.
Following reports about buyout discussions with Post Holdings, the giant packaged goods company known for breakfast cereals and its frozen French fry products (POST), shares of Lamb Weston (LW), which is a manufacturer of frozen French Fries and other potato-based products (LW), rose by 6.8%. According to reports, an activist investor has pressured Lamb Weston into exploring options for the sale of its company.
Walgreens Boots Alliance’s (WBA) stock also gained 6.8%. Stocks had risen earlier this week after reports that the drugstore chain was evaluating the possibility of selling to Sycamore partners. However, the stock lost some gains and then gained momentum again on Friday.
Arista Networks shares (ANET), which have reached a record high, grew by 5.1%. Citi analysts pointed out that data center switch demand could make the networking equipment supplier a major beneficiary from AI’s boom. Arista has recently finished a 4-for-1 share split.
Nucor shares (NUE), which had already fallen nearly 4.7% in the previous session, continued to fall after UBS cut the stock rating of the steelmaker. “neutral” The following is a list of the most recent and relevant articles. “buy.” Analysts noted that the gains in the steel market were due to expectations of a protective trade policy under the new administration.
Super Micro Computer’s (SMCI), a maker of servers, saw its shares fall 3.9%. As concerns grew about the potential removal of the company’s stock from Nasdaq, the share price fell. Supermicro stock has been fluctuating since it delayed its regulatory filing due to questions regarding its accounting and auditing practices.
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