S&P 500 Gains and Losses Today: Paramount Pops on Reports of Resuscitated Skydance Deal
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Key TakeawaysThe S&P 500 rose 0.5% on Wednesday, July 3, 2024, reaching a second straight record close in a shortened trading session ahead of Independence Day.Paramount Global shares soared after reports that the entertainment giant has reached a preliminary merger agreement with production firm Skydance Media.Shares of Walgreens Boots Alliance fell after UBS downgraded the stock, extending losses posted after last week's earnings miss.
Major U.S. equities indexes were mixed in an abbreviated day of trading Wednesday, with the closing bell sounding at 1 p.m. ET ahead of Thursday's Fourth of July festivities.The S&P 500 closed the pre-holiday session 0.5% higher, notching a record closing high for the second consecutive day. The tech-heavy Nasdaq also continued its record-setting ways, advancing 0.9% to a new high. The Dow ended the day with a minimal decline, pressured by losses in shares of UnitedHealth (UNH) and other components in the health-care sector.Paramount Surges, Topping S&P 500 GainersShares of Paramount Global (PARA) rose 6.9%, marking the top performance in the S&P 500, following reports that the entertainment giant has reached a preliminary agreement for a merger with production company Skydance Media. Negotiations between the companies had reportedly stalled last month, leading to speculation about potential alternative suitors for Paramount.The reported deal will involve Skydance acquiring National Amusements, the holding company owned by Shari Redstone that controls the majority of Paramount's voting shares, and then merging with Paramount.Shares of solar panel manufacturer First Solar (FSLR) gained 6.6%, recovering from losses posted Tuesday after investment firm Baird lowered its price target on the stock, citing adjusted pricing and cost forecasts. First Solar remains well-positioned to meet increasing demand for clean energy to power artificial intelligence (AI) data centers, but the outcome of this fall's presidential election could have a significant impact on the company, which has benefited from tariffs and tax credits under the Biden administration.Tesla Keeps RisingTesla (TSLA) shares remained in the fast lane, jumping 6.5%. Wednesday, adding to gains posted in the previous session after the electric vehicle (EV) manufacturer reported better-than-expected vehicle deliveries for the second quarter. The carmaker is set to release its quarterly earnings report on July 23, with Citi analysts saying that attention will be focused on Tesla's auto gross margins and potential updates on product launches.Shares of pharmacy giant Walgreens Boots Alliance (WBA) tumbled 4.1%, suffering the heaviest losses of any S&P 500 component, after UBS analysts slashed their price target on the stock. Wednesday's move lower extended steep declines posted last week after Walgreens missed quarterly estimates, cut its guidance, and announced that it would close underperforming stores.Constellation Brands Ends Lower After Mixed EarningsAlcoholic beverage producer Constellation Brands (STZ) reported mixed earnings results for its fiscal first quarter of 2025, topping earnings per share (EPS) forecasts but posting revenue just a tick below expectations. The company's Modelo Especial brand remains the top-selling beer in the U.S., and beer sales jumped year over year, but sales of wine and spirits dropped. After initially bubbling higher, Constellation Brands shares changed course, ending the session down 3.3%.Humana (HUM) shares slipped 3.2% amid news of a class-action lawsuit filed against the health insurer. The complaint alleges that the company materially misled investors about the potential earnings impact of pent-up demand for medical procedures following the pandemic, which led to increased insurance use rates that damaged the company's bottom line. Read the original article on Investopedia.
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