By Francesca Fontana
The Score is a weekly review of the biggest stock moves and the news that drove them.
Carnival
Carnival posted record cruise bookings, but the results didn't keep its shares afloat Monday.
While the world's largest cruise company's second-quarter revenue came in above Wall Street estimates, Carnival posted a quarterly loss of $407 million and said costs have been climbing.
Adjusted cruise costs for the quarter, excluding fuel, were up 13.5% from the same period in 2019, before the pandemic. Carnival said its costs are expected to exceed previous estimates for the year.
Carnival shares dropped 7.6% Monday, making the stock one of the S&P 500's worst performers of the day.
Other moves:
-- Norwegian Cruise Line: -- 4.5% -- Royal Caribbean: -- 0.7%
Lordstown Motors
One of America's most widely celebrated electric-vehicle startups has sputtered out. Lordstown filed for bankruptcy protection, the company said Tuesday.
The filing came after talks fell through on a plan for investment partner Foxconn Technology to buy $170 million in shares of the electric-truck maker, Lordstown said.
The company was once one of the most high-profile startups to go public during the SPAC boom and was celebrated by former President Donald Trump as a savior for a closed General Motors plant in northeast Ohio. Lordstown sold the factory to Foxconn in November 2021, after the startup ran into production issues.
Lordstown shares sank 17% Tuesday.
The declining health of the American consumer is weighing on Walgreens.
The pharmacy chain on Tuesday lowered its financial outlook for the year, as sales in the most recent quarter rose but consumers spent less and the company faced a drop off in its Covid-19 business.
"I am not satisfied with today's headline guidance revision," Walgreens Chief Executive Roz Brewer told analysts. Neither, apparently, were investors. The company's stock dropped 9.3% Tuesday, making it the S&P 500's biggest decliner. Walgreens shares are down more than 20% over the past year, compared with a gain of more than 15% in the S&P index.
Other moves:
-- CVS Health: -- 1.7% -- Rite Aid: -- 12%
Nvidia
Chip stocks lost some ground on the possibility of new U.S. restrictions on the export of artificial-intelligence chips to China.
The Wall Street Journal reported on Tuesday that the Biden administration was considering new curbs as concerns rise over the power of the technology in the hands of U.S. rivals. Nvidia warned of the long-term cost of such restrictions for the American chip industry.
The recent artificial-intelligence boom has bolstered Nvidia, as it specializes in graphics processing units, or GPUs, adapted to excel at AI.
Nvidia shares lost 1.8% Wednesday.
JPMorgan Chase
America's biggest lenders cleared the Fed's stress tests, a vote of confidence following the banking crisis earlier this year.
The Federal Reserve said all 23 firms -- including JPMorgan Chase, Goldman Sachs, and other bank giants -- performed well in the annual exercise, bolstering their shares.
Investors are also watching for expected changes to dividend payouts. A Barclays analyst said he expected several banks to increase their dividends after the release of the stress test results.
JPMorgan shares gained 3.5% Thursday, Goldman Sachs shares increased 3% and Bank of America shares rose 2.1%.
Apple
Apple became the first U.S. company to close with a $3 trillion market valuation, with its shares finishing above the threshold of $190.734 on Friday.
The tech behemoth's stock has been on the rise in recent days, closing at record highs. The jump in its shares makes Apple worth more than five of the S&P 500's 11 sectors, per Dow Jones Market Data.
The company previously touched the milestone intraday in January 2022, but failed to close above that level.
Apple shares rose 2.3% Friday.
Write to Francesca Fontana at francesca.fontana@wsj.com.
(END) Dow Jones Newswires
June 30, 2023 16:55 ET (20:55 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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