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The iShares Semiconductor ETF fell for a ninth straight session Friday, its longest losing streak since May 2006, and lost 9.4% for the week. The Philadelphia Semiconductor Index was about 22% below its June 22 record.
The Nasdaq 100 fell 1.3%, or 400 points, to about 29,535 at midday Friday as CoreWeave dropped 9.3% amid lingering AI-infrastructure debt concerns. The S&P 500 slipped 0.3%, while the Dow rose 0.3%.
Commvault said Matthew Stauble has been named chief customer officer and will report to President of Customer and Field Operations Geoff Haydon. He will lead the company’s global customer engineering organization across sales engineering, customer success, professional services and support.
Reuters roundup of notable U.S. stock movers included Mirum Pharmaceuticals, Meta Platforms and Boeing. The note also cited gains in Nvidia, IonQ and Kodiak Sciences, and declines in Snowflake, MongoDB and Acadia Healthcare.
Reuters’ U.S. stocks-on-the-move roundup lists Royal Caribbean Cruises and Space Exploration Technologies among notable movers. The broader market fell, with the Dow, S&P 500 and Nasdaq all down by late morning EDT.
Bernstein downgraded Palo Alto Networks to Market Perform from Outperform, citing high sector valuations. Analyst Peter Weed raised the price target to $351 from $253.
Palo Alto Networks shares were down 6.09% at $358.84 Tuesday as software stocks eased on higher bond yields and oil prices, with fourth-quarter results due after the close.
CrowdStrike shares were down 7.32% at $214.10 as rising Treasury yields and climbing oil prices weighed on software stocks broadly.
Palo Alto Networks is set to report fourth-quarter results Tuesday after the close, with analysts expecting $3.35 billion of revenue and 98 cents a share in earnings.
Analysts at BTIG, an investment bank now owned by U.S. Bancorp (NYSE: USB ), have published a list of the top U.S. stocks they expect to outperform in the second half of the year. Among the companies on the list are On Holding (NYSE: ONON ), Palo Alto Networks (NASDAQ: PANW ), and Capital One Financial (NYSE: COF ). BT
Palo Alto Networks stock declines due to unknown reasons, potentially impacting cybersecurity sector. Further details are awaited.