All three major US stock indexes were down in late-morning trading Monday, as oil prices were up after President Donald Trump reportedly rejected Iran's proposal to reopen the Strait of Hormuz and restart talks.
In company news, MongoDB (MDB) said Monday that Chief Executive and President Chirantan "CJ" Desai is stepping down from his roles, effective immediately, in order to pursue a senior role at Meta Platforms (META). MongoDB's board appointed Dev Ittycheria as interim president and CEO, effective immediately, the company said. Later, Meta CEO Mark Zuckerberg said the company has launched Meta Enterprise Platform to help businesses use artificial intelligence to grow and Desai will oversee the operation. MongoDB shares were down 17% around midday, while Meta shares were down 4.2%.
Nvidia's (NVDA) board authorized an additional $150 billion under the company's existing share buyback program, increasing the total remaining authorization to $235 billion, the company said Monday. Nvidia expects to carry out the share repurchases under the remaining program through fiscal 2028, it said. Nvidia shares were up 2.2%.
SpaceX (SPCX) said Monday in a post on X that its Starship rocket entered Earth's orbit for the first time after performing an orbital insertion burn. SpaceX shares were down 0.6%.
Kodiak Sciences (KOD) said Monday that its two experimental eye drugs, Zenkuda and tabirafusp-ted, met primary endpoints in a Phase 3 study in patients with wet age-related macular degeneration. Kodiak shares were up 148%.
Snowflake (SNOW) said Monday it plans to offer $1.3 billion aggregate principal amount of its 0.0% convertible senior notes due 2029 and $2.2 billion aggregate principal amount of its 0.0% convertible senior notes due 2031. Snowflake shares were down 1.4%.
Price: 340.36, Change: -70.09, Percent Change: -17.08
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