The Nasdaq Composite was up about 0.8% in late-morning trading Wednesday to kick off the final month of the year, while the S&P 500 Index was up around 0.2% and the Dow Jones Industrial Average was down roughly 0.3%.
In company news, Intel (INTC) said Monday that Chief Executive Pat Gelsinger retired from the company and stepped down from the board of directors, effective Dec. 1. Chief Financial Officer David Zinser and Michelle Johnston Holthaus have been named interim co-CEOs while the board conducts a search for the next CEO. Intel shares were up 5.7% around midday.
Super Micro Computer (SMCI) said Monday that an independent special committee found no evidence of misconduct or fraud on the part of management or the board of directors. The committee, formed in August, confirmed the company's audit committee's independence and "proper oversight" of financial reporting, Super Micro said. The company has adopted all of the committee's recommendations and has started the process of searching for a new CFO, it added. Super Micro shares were up 26.5%.
Applied Materials (AMAT) is among the semiconductor toolmaking companies expected to be adversely impacted by the United States' latest effort to crack down on China's semiconductor industry, Reuters reported Monday. The latest initiative will curb exports to 140 companies, according to the report. The controls are also expected to hurt Lam Research (LRCX), KLA (KLAC) and ASM International, Reuters reported. Shares of Applied Materials were up 4.7%, while those of Lam and KLA were up 6.2% and 2.4%, respectively
Stellantis (STLA) said Sunday that its board accepted the resignation of Chief Executive Carlos Tavares, effective immediately. The company said its board has started the search process for a permanent CEO, which it expects to be completed in H1 2025. Meanwhile, an interim executive committee chaired by Board Chairman John Elkann will take over. Separately, Stellantis' joint venture with Samsung SDI to create battery manufacturing plants in Indiana received a $7.54 billion financing offer from the Biden administration, Bloomberg reported Monday. Stellantis shares were down 6.7%.
United Parcel Service (UPS), FedEx (FDX) and other delivery companies are positioned for on-time holiday gift deliveries, barring any severe winter storms, Reuters reported Monday, citing shipping consultancy ShipMatrix. UPS shares were down 1.5%, while those of FedEx were down 2.0%.
Nvidia (NVDA) is among a group of institutional investors financing a $700 million private placement for tech firm Nebius, the latter said in a statement Monday. Nvidia shares were up 0.7%.
Citigroup (C) has completed the separation of its institutional banking operations in Mexico from its consumer, small and middle-market businesses, Bloomberg reported Monday, citing a company statement. Citigroup shares were up 0.7%.
Price: 25.43, Change: +1.38, Percent Change: +5.74
