Chipotle Mexican Grill's stock experienced a notable increase of over 1% following an upgrade from Morgan Stanley, moving from equal weight to overweight. Meanwhile, Thor Industries saw its shares jump nearly 3% after Bank of America upgraded the company to a buy from a neutral rating. Aurora Innovation also benefited from Morgan Stanley's positive outlook, with its stock gaining 3% after being initiated at an overweight rating.
In other significant movements, AppLovin's stock surged by more than 7%. The company disclosed plans for a $500 million share repurchase, boosting investor confidence. Allegro MicroSystems saw an impressive rally of nearly 20% amid reported takeover interest from ON Semiconductor. Similarly, Intel's shares rose over 2% following reports of manufacturing tests with tech giants Nvidia and Broadcom. SanDisk also experienced a 3% increase after Morgan Stanley's initiation of coverage with an overweight rating.
ON Semiconductor's own stock edged up by approximately 0.5%, influenced by its reported interest in acquiring Allegro MicroSystems. However, not all sectors experienced gains. Chinese automakers faced a downturn in their U.S. shares due to recent delivery reports. Among them, Xpeng's shares fell over 4%, Nio's dropped more than 5%, and Li Auto took a significant hit with a plunge exceeding 10%.
Capri Holdings, on the other hand, climbed over 6% on the back of reports suggesting a potential deal to sell Versace. Crypto stocks also saw a rise following U.S. President Donald Trump's strategic plan for a crypto reserve. Mara Holdings gained nearly 8%, while MicroStrategy and Coinbase advanced more than 4% and almost 2%, respectively.
Despite these gains, Nvidia's stock shed more than 6%, likely impacted by the manufacturing tests involving Intel. Additionally, the Wall Street Journal disclosed that Chinese buyers are bypassing U.S. export controls to order Allegro MicroSystems' Blackwell chips, adding another layer of complexity to the market dynamics.