By Joe Woelfel, Elsa Ohlen, Mackenzie Tatananni, Connor Smith

Stocks dropped Wednesday, extending losses from the previous trading session. It was the first time the big three indexes fell together for a second day in a row since Sept. 2.

These stocks made notable moves:

U.S.-listed shares of Alibaba jumped 8.2% after the Chinese e-commerce and tech titan said it would increase spending on artificial intelligence and released a new AI language large model, Qwen3-Max. Without specifying an exact amount, CEO Eddie Wu said the company would invest more than $50 billion on AI and cloud infrastructure. Shares closed up 9.2% in Hong Kong.

Micron Technology fell 2.8%. The memory chip maker reported fiscal fourth-quarter earnings and revenue that topped analysts' estimates. Revenue rose 46% to $11.3 billion in the quarter, with sales from its high-end memory for AI data centers reaching 40% of total revenue in the period, up from 19% last year. For the current quarter, Micron guided for adjusted earnings of $3.75 a share on revenue of $12.5 billion. Wall Street was looking for first-quarter earnings of $3.10 a share on revenue of $11.91 billion.

Lithium Americas, which is developing a lithium deposit in Nevada to supply the critical mineral for batteries, soared 98% on news the Trump administration was seeking an equity stake of as much as 10% in the Canadian company. The U.S. proposed an equity stake as it renegotiates terms of Lithium Americas' $2.26 billion Energy Department loan for its Thacker Pass lithium project with General Motors. "This is a great critical minerals deal," a Trump administration official told Barron's while declining to confirm what share of the company the government was seeking. "It's a small stake," the official said, adding that negotiations were ongoing. Peer lithium producer Albemarle rose 1.9%.

General Motors gained 2.3% to $59.91. Shares of the auto maker were upgraded to Buy from Neutral at UBS. Analysts also hiked their price target to $81 from $56, arguing that margins for GM's North America segment could return to their target 8% to 10% range, despite tariff impacts.

Freeport-McMoRan sank 17%. The company said two workers were found dead last weekend and five remain missing following a mud rush at a mine in Indonesia earlier this month. Freeport-McMoRan said in an update Wednesday that it was lowering its third-quarter sales estimates for copper and gold by 4% and 6%, respectively, due to a temporary suspension in mining operations and damage to infrastructure.

Thor Industries rose 6% after the recreational-vehicle maker posted fiscal fourth-quarter earnings that rose from a year earlier and beat analysts' estimates. Net sales were $2.52 billion, down from $2.53 billion a year earlier but higher than expectations of $2.32 billion. The company issued a somewhat soft outlook, with Seth Woolf, the company's head of corporate development and investor relations, citing "multiple data points suggesting weakness emerging in the job market."

Amazon.com fell 0.2% to $220.21 after wavering earlier in the session. Analysts at Wells Fargo upgraded the stock to Overweight from Equal Weight and raised their price target to $280 from $245. Wells Fargo expects sales at Amazon Web Services to rise 22% in 2026.

Worthington Enterprises, the maker of building and consumer products, reported better-than-expected fiscal first-quarter earnings and sales. Worthington posted net sales of $303.7 million, an increase of 18% from a year earlier. A recent acquisition of Elgen Manufacturing contributed about $21 million of sales in the period. Shares, however, were down 12%.

Plug Power tumbled 5.1% after falling 4.5% on Tuesday and snapping a nine-session winning streak. Shares of the provider of hydrogen technology have risen 61% in September.

Shares of uniQure soared 248% to $47.50 after the biotech said its experimental gene therapy had successfully slowed the progression of Huntington's disease, an inherited condition that causes a progressive breakdown of nerve cells in the brain. The company said a high dose of its AMT-130 slowed disease progression by 75% after 36 months.

Earnings reports were expected after the closing bell Wednesday from KB Home and H.B. Fuller.

Write to Joe Woelfel at joseph.woelfel@barrons.com and Mackenzie Tatananni at mackenzie.tatananni@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

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September 24, 2025 16:18 ET (20:18 GMT)

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