Newmont Mining Corp. climbed 2.6% to $23.80 as gold futures jumped on speculation the Fed will slow the pace of stimulus reductions.
Intuitive Surgical Inc. advanced 8.6% to $420.15 for the biggest increase in the S&P 500. The company’s new robotic surgery system has an 80% chance of being approved by the end of the year, a SunTrust Robinson analyst said in a note.
Intercept Pharmaceuticals Inc. rallied 62% to $445.83 as a Bank of America analyst raised the biotech firm’s price target to $872 from $81. Intercept soared 281% yesterday after a trial of its liver disease drug worked well enough for the testing to be stopped.
Alcoa dropped 5.4%, the most in the S&P 500, to $10.11 as the aluminum producer reported fourth-quarter profit that missed analysts’ estimates because of a glut of rolled metal used in the aerospace industry.
Sears Holdings tumbled 14% to $36.71. Chief Executive Officer Edward Lampert, the company’s largest shareholder, has been shedding assets, selling locations and spinning off the smaller-format stores and part of the Canadian business amid a continuing sales decline.
Chevron slid 1.9% to $121.01 for the biggest drop in the Dow. The world’s second-largest energy company by market value will report a drop in fourth-quarter profit after oil and natural gas production declined amid slumping prices. Net income during the period was “comparable” to the $5 billion earned during the third quarter, the company said in a statement yesterday. That compares with a $7.25 billion profit for the final three months of 2012.
Five Below Inc. sank 7.2% to $40.46. The chain that sells teens discounted items said fourth-quarter earnings will probably not exceed 46 cents a share, down from an earlier range of 49 cents to 51 cents forecast in December, after holiday sales fell.
Copyright 2014 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.