Biggest Stock Movers: Unprecedented Swings on Wall Street Today

Stock futures edged higher on Friday, buoyed by a rebound in technology stocks, driven by an optimistic forecast from Taiwan Semiconductor.

Here are some of Friday’s biggest stock movers:

Volatile Trajectory: Stocks Making Unprecedented Moves

• Super Micro Computer (NASDAQ:SMCI) shares soared dramatically, spiking more than 13% following its bold stride in raising sales and profit guidance. This spectacular leap comes as the company, foreseeing net sales between $3.6B and $3.65B in FQ2, shattered its earlier estimate of $2.7B to $2.9B and the consensus of $2.84B. Possessing a bullish narrative, the company anticipates adjusted earnings per share to climb to $5.40 to $5.55, compared to the previous forecast of $4.40 to $4.88 and trumping the consensus of $4.55.
• Spirit Airlines (NYSE:SAVE) shares surged over 17% following the release of its preliminary Q4 estimates, buoyed by high-end revenue and enhanced operating expenses. The emergence of robust bookings during the peak travel period over Christmas and New Year has favorably impacted the adjusted operating margin guidance for Q4, marking a whopping 450 basis point upward revision. Moreover, Spirit Airlines disclosed $1.3B in liquidity, including unrestricted cash, short-term investment securities, and $300M under the company’s revolving credit facility. In defiance of a recent U.S. District Court ruling, the airline firmly stands behind its conviction that a merger with JetBlue Airways presents the optimal opportunity to catalyze competition and choice, promising low fares and quality service.

Stock Market Turmoil: Major Tumbles in the Trading Sphere

• Shares of iRobot (NASDAQ:IRBT) took a nosedive, plummeting by 35% early Friday, compounding a 14% decline on Thursday. This free fall was in response to reports hinting at the likelihood of the European antitrust regulator opposing the planned $1.7B sale to Amazon (NASDAQ:AMZN). With Amazon missing the deadline for submitting remedies or commitments to address concerns by the European Commission (EC), uncertainties loom large around the deal. The EC’s issuance of a statement of objections in November concerning the sale of the robot vacuum maker to Amazon deepened the prevailing apprehensions.
• Esperion Therapeutics (NASDAQ:ESPR) saw its shares plunge over 24% following the announcement of the pricing of its underwritten public offering, involving 56.7M shares of common stock at $1.50 per share, aiming for gross proceeds of approximately $85.1M. Adding to the downtrend, ESPR has granted underwriters a 30-day option to purchase up to an additional 8.51M shares. The offering, slated to culminate on January 23, will channel the net proceeds, alongside existing funds, into ongoing commercialization efforts, research, and clinical development of its pipeline candidates, working capital, capital expenditures, and general corporate purposes.

• Education tech stocks Chegg (NYSE:CHGG), Coursera (NYSE:COUR), and Duolingo (NASDAQ:DUOL) bore the brunt of a downgrade by Goldman Sachs analyst Eric Sheridan, who slashed them from Neutral to Sell. This slash triggered a 10% drop in CHGG and COUR, whereas DUOL witnessed a 6% dip. With AI looming as a potential headwind for all three stocks in the imminent future, posing challenges to platform moats and potential shifts in consumer/enterprise spending trends, the downgrades have added to the market woes.