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Shipping stocks dropped globally as the end of the U.S. port workers' strike diminished expectations for higher freight rates and increased business from disrupted supply chains.
Apogee Enterprises saw a 23.15% stock surge after reporting strong Q2 earnings with a sixth consecutive EPS beat, and raising full-year profit guidance, despite a 3.2% decline in net sales.
Rio Tinto's potential lithium acquisitions have boosted shares of Albemarle, Arcadium Lithium, and SQM, driven by reports despite no confirmed deals, highlighting investor optimism in the lithium sector.
Meta has unveiled Movie Gen, an AI model capable of generating realistic video and audio from user prompts, challenging tools from OpenAI and ElevenLabs and potentially reshaping media creation.
Cisco Systems plans to invest in AI startup CoreWeave, valuing it at $23 billion, highlighting Cisco's confidence in its growth prospects.
Ubisoft shares soared over 30% after reports surfaced that Tencent and the founding Guillemot family are considering a potential buyout of the company, although discussions are still in early stages.
Palantir Technologies is experiencing strong growth, driven by impressive earnings and revenue, placement into the S&P 500, and renewed investor enthusiasm, although concerns arise from elevated valuations and insider stock sales.
In September, the U.S. economy saw a significant boost in job creation, surpassing expectations. The Labor Department reported that nonfarm payrolls increased by 254,000, which is a jump from the revised 159,000 in August and higher than the 150,000 forecast by Dow Jones. Additionally, the unemployment rate decreased slightly to 4.1%.
Rivian's stock fell sharply after the company cut its full-year production forecast due to supply chain issues and a parts shortage, leading to vehicle delivery declines and reduced guidance for 2024.