Stock futures edged lower in the early hours of Monday after Moody’s downgraded the U.S. credit outlook to negative, citing deficits and political polarization.
Here are some of Monday’s biggest stock movers:
Biggest stock gainers
Brazilian fintech StoneCo (NASDAQ:STNE) saw a 6% increase in stock after strong Q3 revenue, driven by its micro-merchant, small, medium business (MSMB) client segment. The company’s TPV rose 19% Y/Y to R$89.6B, primarily due to the growth in the MSMB active payment client base.
Boeing’s (NYSE:BA) shares rose by over 4% following successful deals at the Dubai Airshow 2023. SunExpress, a Turkish carrier, ordered up to 90 Boeing 737 MAX aircraft, enhancing their fleet. Emirates, a major investor in Boeing, finalized a $52B purchase of 777-9, 777-8, and 787 aircraft, boosting their growth plans. Emirates’ regional affiliate, FlyDubai, also secured an agreement to acquire 30 787-9 Dreamliners, solidifying Boeing’s performance and growth prospects in the aviation industry. These developments demonstrate renewed confidence in Boeing’s future. China is also considering ending a commercial freeze in a crucial overseas market for Boeing’s 737 MAX aircraft.
Harmony Gold Mining Company (NYSE:HMY) shares surged as much as 10% after it reported a 7% increase in gold production in Q1, reaching 425,130 ounces, driven by higher grade yields from South African operations and the Hidden Valley mine in Papua New Guinea. The company also saw a 33% increase in gold revenue, reaching ZAR14.78B in Q30, driven by increased production and an 18% rise in gold prices in the South African rand. Harmony Gold also improved its all-in sustaining costs by 7%, dropping to $1,404 per ounce. The company maintains its target for the fiscal year ending June 30, aiming for an annual production range of 1.38M-1.48M ounces of gold and aiming to keep AISC below ZAR975,000 per kilogram.
Biggest stock losers
Shares of Tyson Foods (NYSE:TSN) dipped 6% following a positive Q4 result and a weak revenue outlook. The company expects 2024 revenue to be relatively flat compared to 2023, with adjusted operating income between $1.0B and $1.5B and Capital expenditures between $1.0B and $1.5B. Of note, Tyson (TSN) expects domestic beef production to fall in FY2024.