News

S&P 500 Gains and Losses Today: Amcor Slides After Packaging Firm's Sales Miss

S&P 500 Gains and Losses Today: Amcor Slides After Packaging Firm's Sales Miss

Bloomberg / Contributor / Getty Images


Key Takeaways



Major U.S. equities indexes edged slightly higher to wrap up a winning week for U.S. stocks. The S&P 500, Nasdaq, and Dow all closed Friday with daily gains of roughly 0.2%.

DexCom ( DXCM ) shares led the S&P 500 higher, jumping 3.2%. The company said its G7 continuous glucose monitoring (GCM) system will become available through the public prescription drug plan in Québec, Canada. DexCom stock plunged late last month after the medical device firm released a lackluster second-quarter earnings report, but the shares have recovered some of that lost ground in August.

Shares of cosmetics retailer Ulta Beauty ( ULTA ) were up 3.1% on Friday, extending gains posted in the prior session. The uptick came after regulatory filings revealed Berkshire Hathaway ( BRK.A ), the holding company run by legendary investor Warren Buffett, acquired a position in the beauty products seller. Following news of Berkshire's stake, Morningstar voiced its agreement about Ulta Beauty stock as a potential investment opportunity, citing a loyal customer base, offerings across price points, and expansion plans in Mexico.

Tapestry ( TPR ) shares gained 3.1% after the provider of luxury goods and accessories posted better-than-expected sales and profits for its fiscal fourth quarter. The company's Coach brand helped drive the strong performance, boosted by robust demand for its Tabby shoulder bags. However, Tapestry saw some softness in its other brands, Kate Spade and Stuart Weitzman, as well as a slowdown in its China business.

Bath & Body Works ( BBWI ) shares added 2.4%. The retailer of scents and personal care products recently launched the latest installment in a series of fragrances and candles inspired by the popular Netflix ( NFLX ) series Stranger Things. The company also declared last week that it will pay a quarterly cash dividend of 20 cents per share. Bath & Body Works expects to release second-quarter earnings results before the markets open on Aug. 28.

Amcor ( AMCR ) shares dropped 3.7%, racking up the widest loss in the S&P 500, following the global packaging giant's fiscal fourth-quarter earnings report. Although earnings per share (EPS) matched expectations, quarterly revenue fell short of estimates. Amcor has faced challenges related to soft customer demand as well as destocking in North America and Europe, but it expects to grow volumes and earnings in fiscal 2025.

Shares of Chipotle Mexican Grill ( CMG ) lost 2.8%. Earlier this week, news broke that CEO Brian Niccol would be departing the fast-casual restaurant to take the helm at Starbucks ( SBUX ). Several analysts expressed concern about the loss of the all-star food industry executive, with Evercore and Baird lowering their price targets on Chipotle stock, noting Niccol's exit could drag down investor sentiment.

Palo Alto Networks ( PANW ) shares fell 2.7% ahead of the cybersecurity firm's fiscal fourth-quarter earnings report, set for release on Monday. The losses on Friday marked a reversal from gains posted earlier in the week as several Wall Street analysts boosted price targets on Palo Alto stock. However, analysts expect the firm to report a slight year-over-year EPS decline in its upcoming earnings.

Shares of power generator Vistra Corp. ( VST ) slipped 2.6% after a filing with the Securities and Exchange Commission (SEC) showed a company executive unloaded shares. Stephanie Moore, Vistra's executive vice president and general counsel, sold nearly 35,000 shares for a total value of nearly $2.8 million. While Vistra has drawn attention for its opportunity to supply power for energy-intensive data centers, investors often interpret selling by company insiders as a warning sign.

Read the original article on Investopedia .