TheStreet

Markets edge higher to start December. Movers: Super Micro, Lululemon, Norwegian Cruise Line

Silin Chen
3 min read

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Stocks rallied as December trading began. The S&P 500 added 0.22%, and the tech-heavy Nasdaq Composite rallied 0.86%. The Dow Jones Industrial Average lost 0.24%, and the Russell 2000 Index fell 0.05%.

S&P 500 big stock movers today

Five S&P 500 stocks making big midday moves are:

  • Super Micro Computer  (SMCI)  +29.6%

  • Lam Research  (LRCX)  +5.8%

  • Applied Materials  (AMAT)  +4.9%

  • Norwegian Cruise Line  (NCLH)  +4.6%

  • On Semiconductor  (ON)  +4.4%

The worst-performing five S&P 500 stocks with the largest midday drop are:

  • Texas Pacific Land  (TPL)  -5.9%

  • PG&E  (PCG)  -5.5%

  • Targa Resources  (TRGP)  -4.9%

  • Vistra  (VST)  -3.5%

  • Ventas  (VTR)  -3.5%

Stocks also worth noting include:

  • Nvidia  (NVDA)  -0.2%

  • Tesla  (TSLA)  +3.2%

  • Apple  (AAPL)  +0.9%

  • Lululemon  (LULU)  +4.4%

  • Intel  (INTC)  +1.9%

Lululemon will announce its fiscal third-quarter earnings on Dec 5.<p>Michael M&period; Santiago&sol;Getty Images</p>
Lululemon will announce its fiscal third-quarter earnings on Dec 5.

Michael M. Santiago/Getty Images

Super Micro soars after panel sees no misconduct

Super Micro Computer surged 29% after a special committee said it found “no evidence of misconduct,” according to a company statement on Monday.

Super Micro said the conclusions that its former auditor, Ernst & Young, cited when it quit “were not supported by the facts examined in the review.” EY resigned in October, citing governance and transparency concerns.

Related: One big tech stock could profit from Super Micro’s disaster

The AI-server company is searching for a new chief financial officer and has named Kenneth Cheung, its vice president of finance and corporate controller, as its new chief accounting officer.

Super Micro has been under pressure since this summer, when short-selling investor Hindenburg Research took a short position in the company, alleging accounting irregularities and potential export control violations. (Short-sellers bet that a company's stock price will drop.}

The company also delayed filing its annual report and has yet to release that report and its recent quarterly results.

Norwegian Cruise Line pops after analyst resets stock price target

Norwegian Cruise Line gained 4% after Truist raised its stock price target to $35 from $25 and affirmed a buy rating, thefly.com reported.

Truist took a positive stance on the company's strategic initiatives and long-term revenue prospects. The investment firm’s recent discussions with travel industry executives and analysis of cruise booking and pricing data show promising trends, the analyst says in a research note.

Related: Norwegian Cruise Line cancels nearly 40 upcoming sailings

Truist also says Norwegian is likely to meet or exceed the implied revenue target from its 2026 guidance outlined at the recent investor day.

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