On this episode of Stock Movers:
- Western Digital (WDC) rallied to be among the best performers in the S&P 500 this week after Morgan Stanley named the computer hardware and storage company its top pick, saying the shares “remain the most attractive short-and-longer-term investment opportunity in our Hardware coverage.”
- Broadcom (AVGO) had its biggest one-day stock rally since April on news of the chipmaker teaming up with OpenAI to make artificial intelligence accelerators, a lucrative area dominated by Nvidia Corp. As part of the agreement, Broadcom will help design and produce an accelerator chip that will start shipping in 2026. Chief Executive Officer Hock Tan first mentioned the arrangement Thursday without naming the customer. The client was later identified as OpenAI by people familiar with the matter, who asked to remain anonymous because the deal is private. Broadcom’s stock surged 9.4% to $334.89 in New York trading on Friday, adding $135 billion to the company’s market value.
- Lululemon (LULU)'s rough year continued as the once fast-growing apparel chain slashed its outlook on weakening demand and the Trump administration’s tougher trade policies. The retailer’s shares tumbled in Friday trading, deepening a decline this year that had already erased $22 billion in market value. The Vancouver-based company warned Thursday that it will take a $240 million hit from President Donald Trump’s decision to end the de minimis exemption. The policy had helped Lululemon ship many of its US e-commerce orders under $800 duty-free from Canada.
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