By Francesca Fontana
The Score is a weekly review of the biggest stock moves and the news that drove them.
Super Micro Computer
Super Micro Computer started the week with a super stock move.
The embattled AI server maker said a final review found no evidence of fraud or misconduct by its management or board relating to accounting issues that have weighed on the company and its stock. The company also said the review hadn't supported claims made by former auditor Ernst & Young.
Ernst & Young in October resigned as Super Micro's auditor, saying it could no longer rely on management's representations and expressing concerns about the board's independence.
Super Micro also said that it would appoint a new chief financial officer, as recommended by a special committee.
Super Micro shares popped 29% Monday.
Intel
Intel is searching for a new CEO.
The chip maker on Monday said Chief Executive Pat Gelsinger had retired, ending a nearly four-year run that saw the company fall behind rivals in building semiconductors to power the artificial-intelligence boom.
Intel named two interim co-CEOs: Chief Financial Officer David Zinsner and Michelle Johnston Holthaus, general manager of Intel's client computing group. The board has formed a search committee to find a permanent successor to Gelsinger, who stepped down on Dec. 1.
Gelsinger had been at the helm since February 2021. During that period, Intel's stock declined about 61%. During the same period, the S&P 500 index rose 53%.
Intel shares fell 6.1% Tuesday after edging lower on Monday.
Salesforce
Salesforce stock was on cloud nine after its latest earnings report.
The business-software provider raised its annual revenue outlook and posted third-quarter sales that outpaced analysts' growth expectations -- driven in part by its hotly watched AI agent system.
Chief Executive Marc Benioff said the company's Agentforce offering was at the heart of the strong performance. Agentforce was introduced on the Salesforce platform in September and gives customers access to AI "agents" that can automate certain functions.
Salesforce now expects $37.8 billion to $38 billion in revenue this year, adding $100 million to the low-end of its previous guidance.
Salesforce shares jumped 11% Wednesday.
Two discount retailers announced strong quarterly results and executive shake-ups.
The discount retailer Dollar Tree on Wednesday said that it raised its annual sales guidance following a strong quarter.
It also said Chief Financial Officer Jeff Davis has agreed to resign, one month after its CEO stepped down. Dollar Tree shares rose 1.9% Wednesday.
Meanwhile, discount retailer Five Below raised its annual guidance, after a strong Black Friday helped fuel a jump in quarterly sales.
The company also named Forever 21 Chief Executive Winnie Park as its next leader, following a six-month-long search.
Five Below shares surged 10% Thursday.
American Airlines
American Airlines has landed its credit-card deal with Citigroup.
The carrier picked Citigroup as its exclusive credit-card provider in a deal that it said will help boost payments to the airline by 10% a year. The agreement comes after months of intense negotiations, and investors hope the deal will help American catch up with its more-profitable competitors.
The new 10-year deal also means the end of American's agreement with its second card issuer, Barclays. Back in 2016, American had renewed deals with both banks after its merger with US Airways.
The company also gave a stronger-than-expected financial outlook.
American Airlines shares jumped 16% Thursday.
American Eagle Outfitters
American Eagle shares didn't take flight after the apparel retailer's latest earnings report.
The company on Wednesday forecast a larger-than-expected drop in holiday-quarter sales and trimmed its annual outlook.
American Eagle said it expects same-store sales to rise 3% for the year, down from its earlier forecast of 4%. It expects total revenue to be up 1%, versus a prior view of as much as 3%.
Meanwhile, American Eagle posted higher sales in the third quarter, but profit fell as it incurred restructuring charges.
Budget-minded shoppers have continued to pull back their spending on clothing and shoes, but retailers hoped to reignite demand during the holiday shopping season.
American Eagle shares sank 14% Thursday.
Our weekly markets news roundup is now part of the WSJ's What's News podcast. Host Francesca Fontana discusses the biggest stock moves of the week and the news that drove them. Check out What's News in Markets at wsj.com/podcasts or wherever you listen.
Write to Francesca Fontana at francesca.fontana@wsj.com.
(END) Dow Jones Newswires
December 06, 2024 17:03 ET (22:03 GMT)
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