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Why DigitalOcean (DOCN) Shares Are Falling Today
Shares of cloud computing platform DigitalOcean (NYSE:DOCN) fell 4.8% in the morning session after a broader sell-off in technology stocks dragged down the shares as bellwether Oracle's disappointing earnings report sparked fears about heavy spending on artificial intelligence (AI).
Why Coherent (COHR) Stock Is Down Today
Shares of materials and photonics company Coherent (NYSE:COHR) fell in the morning session after major investor Bain Capital offered to sell another significant block of the company's shares at a potential discount. According to reports, Goldman Sachs offered 5 million of Bain Capital's shares in a price range that represented a potential discount of up to 3.4% from the previous day's closing price. The offering, valued at up to $987.3 million, marked the third time in just over a month that the private equity firm moved to reduce its holdings in the laser equipment maker. Such a large sale, particularly at a reduced price, often puts downward pressure on a stock's price as it increases the supply of shares available on the market and can signal a decreased confidence from a major shareholder.
Oscar Health (OSCR) Stock Is Up, What You Need To Know
Shares of health insurance company Oscar Health (NYSE:OSCR) jumped 4% in the morning session after Stephens & Co. initiated coverage on the stock with an "Equal-Weight" rating and a $17 price target.
Why Designer Brands (DBI) Shares Are Trading Lower Today
Shares of footwear and accessories discount retailer Designer Brands (NYSE:DBI) fell 6.3% in the morning session after the stock pulled back as the company reported mixed third-quarter results, with an earnings beat overshadowed by a sales miss and declining comparable sales.
Why Allstate (ALL) Stock Is Up Today
Shares of insurance giant Allstate (NYSE:ALL) jumped 2.9% in the morning session after Wolfe Research maintained its "Outperform" rating on the stock, contributing to the positive move. The investment firm did, however, slightly lower its price target on Allstate to $244 from $250. The stock's rise suggested investors focused more on the continued positive rating than the minor target adjustment. The move also came as the wider stock market broke a three-day losing streak. This broader market rebound, reportedly helped by a rate cut from the U.S. Federal Reserve, likely provided an additional lift for Allstate's shares.
Why 10x Genomics (TXG) Stock Is Nosediving
Shares of biotech company 10x Genomics (NASDAQ:TXG) fell 6.3% in the morning session after Citigroup downgraded the stock to Neutral from Buy.
Centene (CNC) Stock Trades Up, Here Is Why
Shares of health coverage company Centene (NYSE:CNC) jumped 5.8% in the morning session after Baird raised its price target on the stock to $36 from $28, though the firm maintained its Neutral rating. The move from the investment firm suggested an improved outlook on the company's valuation, even as it stopped short of a full recommendation to buy the shares. Adding to the positive sentiment, the Hotchkis & Wiley Mid-Cap Value Fund noted in a recent investor letter that it viewed Centene as an attractive investment. The fund pointed to the company's position as a clear market leader where scale provides a significant competitive edge.
Why Oracle (ORCL) Stock Is Trading Lower Today
Shares of enterprise software giant Oracle (NYSE:ORCL) fell 13.9% in the morning session after the company reported mixed financial results, ultimately signaling a weaker quarter that failed to meet lofty market expectations, and revived worries among investors about high valuations in the AI space.
Why Is WD-40 (WDFC) Stock Soaring Today
Shares of household products company WD-40 (NASDAQ:WDFC) jumped 5.4% in the morning session after the company announced an increase to its quarterly dividend of more than 8%.
Why Nvidia (NVDA) Stock Is Down Today
Shares of leading designer of graphics chips Nvidia (NASDAQ:NVDA) fell 3.6% in the morning session after Oracle's disappointing earnings report sparked fears about stretched spending on artificial intelligence, leading to a broader sell-off in the sector.