Akamai Technologies was the worst-performing stock on the S&P 500, dropping more than 10% in the late afternoon, despite a 7.8% revenue increase. The company projected a weak outlook for the upcoming quarter, with revenue expected to fall below market consensus. Boeing stock also dropped following news of an SEC probe into the company's safety statements after a door plug blew off an Alaska Airlines-operated 737 Max 9 in January.
Key takeaways:
- The Dow Jones Industrial Average stayed strong despite consumer sentiment reaching its lowest level in six months, with the University of Michigan Consumer Sentiment Survey for May at 67.4, far below the expected 76.
- Novavax stock surged 97% following the announcement of a $1.2 billion licensing partnership with French pharmaceutical company Sanofi.
- Shares of Google parent Alphabet declined amid rising competition from OpenAI, which is reportedly planning to announce an AI-powered search competitor.
- Akamai Technologies was the worst-performing stock on the S&P 500, dropping more than 10% in the late afternoon, despite reporting strong financials but projecting a weak outlook for the upcoming quarter.