Apple, Palantir, Agilon Health, Medical Properties Trust, Constellation Brands, and More

Apple

was rising 0.2%. Shares of the tech giant have declined 5.4% so far in 2024. The stock has closed lower for the first three trading days of the year. The last time it has declined for the first four days of a calendar year was in 1982, according to Dow Jones Market Data. Two Wall Street firms have downgraded the stock this week.

Palantir Technologies

was falling 1.8% to $15.96. Analysts at Jefferies downgraded shares of the data-analytics company to Underperform from Hold and the price target was cut to $13 from $18. They said artificial-intelligence hype around the company was overdone.

Agilon Health

was down 34% after the provider of support services for primary care physicians reduced profit and revenue guidance, citing higher medical costs. The company also cut medical margin guidance for the year ended Dec. 31, 2023, to $340 million to $360 million from $455 million to $470 million.

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Medical Properties Trust

was down 30% after the real-estate investment trust, the country’s largest hospital landlord, said tenant Steward Health Care System was $50 million behind in rent payments. The company said it hired a financial adviser to assist it with “options to enable the recovery of uncollected rent and outstanding loans.”

QuantumScape

was falling 7.6%, a day after closing with a gain of 43%.

Volkswagen
’s

battery company, PowerCo, said Thursday that

QuantumScape
’s

solid-state battery cell had “significantly exceeded the requirements in the A-sample test and successfully completed more than 1,000 charging cycles,” indicating progress in a technology that could be cheaper, offer faster charging, and greater driving ranges.

Constellation Brands

rose 4% after the beer and wine seller reported fiscal third-quarter earnings of $3.19 a share, beating analysts’ estimates of $3.01, but sales of $2.47 billion that missed expectations of $2.54 billion. The company also lowered its fiscal 2024 guidance, saying it now expects earnings of $9.15 to $9.35 a share, below previous guidance of $9.60 to $9.80.

Exxon Mobil

said it expects to record impairments of as much as $2.6 billion in its upstream business in the fourth quarter, which “primarily reflect idle Upstream Santa Ynez Unit assets and associated facilities in California.” The energy giant said in a regulatory filing that “continuing challenges in the state regulatory environment have impeded progress in restoring operations.” Earlier this week,

Chevron

said it would record a charge of as much as $4 billion in the fourth quarter, citing environmental regulation in California and issues in some Gulf of Mexico fields. Exxon rose 0.8% and

Chevron

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shares rose 0.3%.

International Business Machines

was downgraded to Sell from Hold by analysts at Societe Generale, who also left their price target unchanged at $143. Jefferies analysts, meanwhile, initiated coverage on the stock with a Hold rating and price target of $180. IBM shares were down 0.7% to $159.79.

Costco Wholesale

said revenue in December jumped 9.9% from a year earlier to $26.2 billion, marking an acceleration over the 5.1% increase in November. Same-store sales rose 8.5%. In November, same-store sales gained 3.5%. Holiday shopping was largely behind the surge. Shares of the membership retail chain rose1.4%.

Beyond

rose 1% to $25.81 after analysts at Needham upgraded shares of the parent of

Bed Bath & Beyond

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and the company formerly known as Overstock to Buy from Hold with a price target of $40.

Write to Joe Woelfel at joseph.woelfel@barrons.com 



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