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The Key Takeaways
- The S&P 500 fell 1.1% on Friday, Dec. 27, 2024, as tech stocks lost ground heading into the final weekend of the year.
- Tesla stock dropped for a second straight day ahead of next week's expected update on quarterly vehicle deliveries.
- Lamb Weston’s shares rose after reports that an activist shareholder had enlisted a former executive to push for change at the French fry manufacturer.
Major U.S. equities indexes moved lower to close out Christmas week as many big tech stocks at the center of 2024's market gains stumbled heading into the final few sessions of the year.
The S&P 500 closed Friday's session 1.1% lower. Nasdaq dropped by 1.5% due to underperforming tech shares, while Dow industrials fell 0.8%. The three major indexes all ended the week, which was shortened due to holidays, in positive territory.
Shares of server maker Super Micro Computer (SMCI) fell the most of any S&P 500 stock, tumbling 5.2%. Supermicro was given an extension to submit its annual report by Nasdaq in early October. However, questions still remain regarding the accounting practices of the company and their ability to meet a new deadline.
Tesla (TSLA) shares sank 5%, extending losses posted Thursday. Next week, the electric vehicle company is likely to announce its quarterly delivery and production figures. Tesla’s 2020 totals may fall short of the last year’s results based on consensus estimates.
Palantir Technologies stock (PLTR) fell by 3.7% this morning, reversing a portion of the gains made earlier in the week. On Monday, shares of the software company that provides data analytics debuted in the Nasdaq 100 Index. Later, Wedbush analyst highlighted Palantir among the top artificial intelligence software companies alongside Salesforce.
Lamb Weston Holdings (LW) shares rose 2.6%, posting the strongest gains in the S&P 500 Friday, following reports that activist investor Jana Partners is collaborating with another former company executive as it advocates for a transformation of the frozen potato provider. Jana Partners recently demanded changes in the board or the sale of the frozen potato provider after Lamb Weston reported a loss.
The U.S. Energy Information Administration announced a drop in weekly inventories. The shares of the oil and natural gas exploration and production firm APA Corp. increased by 1.1%.
Hershey’s (HSY), a chocolate manufacturer, saw its shares rise 0.9% on Friday. Hershey’s stock rose earlier in the month due to speculation about a merger with snack food company Mondelez. However, it has since given back these gains. Mondelez repurchased an extra $9 billion of shares and emphasized its focus on “bolt-on” acquisitions after the news reports. However, TD Cowen analysts said that this did not negate a possible deal between Hershey.
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