Qorvo, a leading provider of radio frequency solutions, could experience a "renewed earnings recovery path" following activist investor Starboard Value's decision to stake in the company. Meanwhile, Walgreens faces scrutiny as the U.S. Department of Justice accused the pharmacy giant of exacerbating the opioid epidemic by filling unlawful prescriptions. In corporate earnings, 3M surpassed expectations in its fourth-quarter results, driven by robust sales in industrial adhesives, tapes, and electronics.
Bird influenza cases have surged across the U.S. in recent months, prompting swift action from Moderna. The biotechnology company received $590 million in funding from the U.S. Health and Human Services Department to expedite the development of its bird flu vaccine. In financial markets, China's electric vehicle stocks gained traction after former President Trump postponed tariffs, with XPeng and Li Auto shares rising 6% and 5.4%, respectively.
Apple's shares slipped nearly 2% following a downgrade by Jefferies to an underperform rating. This comes as Ulta is projected to continue its growth trajectory and gain market share within the beauty industry, according to a Wall Street firm. Vistra's shares climbed 4.6% after confirming that a fire that began on Thursday was extinguished by Monday.
3M reported an adjusted profit of $1.68 per share, exceeding analysts' average estimate of $1.66 per LSEG. D.R. Horton also reported a fiscal fourth-quarter beat, with earnings per share of $2.61 on revenue totaling $7.61 billion. GM is anticipated to announce additional stock buybacks once its current authorization is completed, as reported by Deutsche Bank.
Walgreens Boots Alliance saw its stock tumble 5.8% following a lawsuit filed by the U.S. Justice Department. In contrast, Qorvo's stock rose 2% after an upgrade at Morgan Stanley rated it overweight from equal weight.