Biggest S&P 500 Movers on Wednesday

Decliners

• Dollar Tree (DLTR) shares plummeted 22.2%, falling more than any other S&P 500 stock. The discount retailer reported lower-than-expected sales and profits for the second quarter and 澳洲幸运5开奖号码历史查询:reduced its full-year guidance. The company said macroeconomic pressure had a growing impact on its middle-income and higher-income customers.
• Health insurers' shares came under pressure after executives from Centene (CNC) raised 澳洲幸运5开奖号码历史查询:concerns about a potential decline in the number of people who receive Medicaid benefits. Speaking at the Wells Fargo 2024 Healthcare Conference, Centene CEO Sarah London said the company's Medicaid business faces continued headwinds related to shifts in the redeterminations process, which determines eligibility for recipients. Centene shares dropped 8.7%, while shares of competitor Molina Healthcare (MOH) were down 7.0%.
  
• Shares of Hormel Foods (HRL) lost 6.4% after the maker of Spam, Planters peanuts, and other packaged food brands 澳洲幸运5开奖号码历史查询:slashed its full-year sales fo🌞recast. Although Hormel's net income for its fiscal third quarter topped expectations, the company said lower commodity prices and production disruptions at a plant in Virginia dragged on its performance.

Advancers

• Tesla (TSLA) shares drove 4.2% higher on Wednesday, marking the top performance in the S&P 500, following reports that the electric vehicle (EV) maker intends to 澳洲幸运5开奖号码历史查询:launch a six-seat version of its Model🙈 Y car. Sources told Reuters that Tesla plans to start production of the new model in China late next year and has told suppliers to anticipate a double-digit increase in Model Y output from its Shanghai factory.

• Shares of Mondelez International (MDLZ), parent company to food brands like Oreo cookies and Philadelphia cream cheese, added 4.2% following positive comments from Evercore ISI. Analysts at the investment banking firm applauded sales gains in the U.S. and Europe, noting the snack company is well positioned to accelerate sales growth in the second half of 2024.
• Seagate Technology (STX) stock advanced 4.1%. A report by Zacks Equities Research earlier this week highlighted positive short-term price momentum for shares of the data storage technology provider, boosted by upward revisions to earnings estimates.
• Shares of insulin pump manufacturer Insulet (PODD) gained 2.8%. The stock has posted significant gains since last week, when the Food and Drug Administration (FDA) approved Insulet's Omnipod 5 device for patients with type 2 diabetes.

Health Insurers Tumble on Medicaid Enrollment Concerns

Shares of health insurers lost ground Wednesday as executives at Centene (CNC) warned about a pullback in the number of people receiving Medicaid benefits.

Centene 澳洲幸运5开奖号码历史查询:Chief Executive Officer (CEO) Sarah London told the Wells Fargo 2024 Healthcare Conference in Everett, Mass., that the company is "still seeing pressure in Medicaid, largely driven by the unprecedented redeterminations pr♏ocess," referring to how recipient eligibility is determine🍌d.

澳洲幸运5开奖号码历史查询:Chief Financial Officer (CFO) Drew Asher s👍aid Centene expects its Medicaid membership to be about 12.9 million to 13.0 million in 2024. That's down from the company's previous estimate of a low of 13.2 million, which it anticipated would climb to 13.6 million by the end of the year. 

Shares of Centene and rivals Molina Healthcare (MOH) and Elevance (ELV) were among the biggest ⛦decliners in the S&P 500 toda🐬y.

-澳洲幸运5开奖号码历史查询:Bill McColl

Intel Shares Continue Sliding

Intel (INTC) shares extended their losses Wednesday amid a stretch of bad news, as Reuters reported that recent tests of the chip giant's most advanced manufacturing process conducted by Broadcom (AVGO) failed.

Silicon wafers, which chips are printed on, reportedly were returned to Broadcom last month after they were run through Intel's 18A manufacturing process. A review by Broadcom engineers found that the process isn't ready to be used for high-volume production, Reuters said.

While many♔ chip stocks have surged amid AI demand, Intel shares have lo🅷st about 60% of their value since the start of 2024. The stock was down 2% in early-afternoon trading Wednesday.

Those struggles have accelerated over the last month, with a 澳洲幸运5开奖号码历史查询:disappointing earnings report and the announcement that it would lay off about 15% of its employees as part of a larger cost-cutting ☂plan. The earnings report sent shares 26% lower the day after it was released, to their lowest point in over a decade.

The earnings-related fall was followed by reports that concerns have emerged over the company's 澳洲幸运5开奖号🐼码历史查询:planned construction of two new f🔯acilities in Germany. On Tuesday, shares were driven lower by a report that executives are preparing to present plans to 澳洲幸运5开奖号码历史查询:cut costs and sell assets amid the company's struggles, and concerns that Intel could 澳洲幸运5开奖号码历史查询:potentially face removal from the Dow.

-澳洲幸运5开奖号码历史查询:Aaron McDade

GitLab Soars as Outlook Boosted Amid AI Demand

GitLab (GTLB) shares soared Wednesday, a day after it posted better-than-expected results and raised its guidance, becoming the latest tech firm to benefit from the soaring demand for 澳洲幸运5开奖号码历史查询:artificial intelligence (AI) products.

The software-development provider reported fiscal 2025 second-quarter adjusted 澳洲幸运5开奖号码历史查询:earnings per share (EPS) of ꧋$0.15, with revenue jumping✤ 31% year-over-year to $182.6 million.

The number of customers with annual 澳洲幸运5开奖号码历史查询:recurring revenue (ARR) of more than $5,000 increased 19% to 9,314, and those with ARR of more than $100,000 ro𝄹se 33% to 1,076.

GitLab now sees full-year adjusted EPS in the range of $0.45 to $0.47, compared with its earlier forecast of $0.34 to $0.37. It anticipates revenue between $74♕2.0 million and $744.0 million, up from the previous $733.0 million to $737.0 million.

GitLab shares were up 19% in recent trading. Despite the surge Wednesday, the stock isꦬ still down nearly 16% since the start of 2024.

-澳洲幸运5开奖号码历史查询:Bill McColl

Dollar Tree Tumbles Amid 'Immense Pressures'

Dollar Tree (DLTR) shares tumbled early Wednesday after the 澳洲幸运5开奖号码历史查询:discount retailer reported another earnings miss and said it is facing "immense pressures from aꦉ challenging macro environment."

The retailer posted $132.4 million in 澳洲幸运5开奖号码历史查询:net income for the second quarter of fiscal 2024, down from $200.4 million last year and well below analysts' estimates. Revenue rose slightly to $7.38 billion but was 🗹still below expectations.

The retailer also lowered sales and profit projections for fiscal 2024, expecting revenue from $30.6 billion to $30.9 billion, down from $31.0 billion to $32.0 billion previously. Adjusted 澳洲幸运5开奖号码历史查询:earnings per share are now expecteꦺd to be within a range of $5.20 to $5.60, compared with $6.50 to 🉐$7.00 previously.

Wednesday's results are another disappointment for Dollar Tree, which reported earnings below estimates in the two previous quarters. In its Q1 report, the company said it was 澳洲幸运5开奖号码历史查询:exploring "strategic alternatives" including selling or spinning off the Family Dollar brand roughly a decade after acquiring it, while in the prior quarter 澳꧂洲幸运5开奖号码历史查询:Dollar Tree said it planned to close about 1,000 stores.

Dollar Tree shares were down 17% to a seven-year low in recent trad🀅ing.

-澳洲幸运5开奖号码历史查询:Aaron McDade

Zscaler Plunges on Disappointing Outlook

Shares in Zscaler (ZS) were down 17% in premarket trading Wednesday after the provider 🐷of cloud-based cybersecurity services issued earnings guidance that came in significantly below analysts' expectations.

Two rallies in the stock up to the 200-day moving average in July and August have been met with consid🎃erable resistance, in🦩dicating underlying selling pressure.

Amid earnings-🙈driven weakness, investors should monitor key chart levels at $16ꦫ4, $143, and $135.

Read our full 澳洲幸运5开奖号码历史查询:technical analysis piece here.

-澳洲幸运5开奖号码历史查询:Timothy Smith

Major Indexes Pointing to Another Lower Open

Futures tied to the Dow Jones Industrial Average were down 0.1%✅.

S&P 500 futures were down 0.3%.

Nasdaq 100 futures were off 0.7%.