UnitedHealth leads insurer stocks lower, SoFi shares advance, and more stocks on the move

By MarketWatch

Logitech and Stitch Fix shares both fall amid leadership changes

Here are some of the most notable movers in Wednesday's session:

Stock gainers:

Shares of surgery-linked names including Stryker Corp. (SYK), Universal Health Services Inc.(UHS), Zimmer Biomet Holdings Inc.(ZBH), Teleflex Inc.(TFX), Boston Scientific Corp.(BSX), Edwards Lifesciences Corp.(EW) and Intuitive Surgical Inc.(ISRG) were among the biggest gainers in the S&P 500 Wednesday after UnitedHealth Group Inc. (UNH) revealed at an investor conference that older adults are catching up on delayed elective surgeries.

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Shares of Advanced Micro Devices Inc.(AMD) were gaining more than 1% in Wednesday's session after a report indicated that Amazon.com Inc.'s (AMZN) AWS cloud-computing business was considering using AMD's new AI chips. AMD's Wednesday rally comes after shares sold off in Tuesday's session in the wake of an AI product event that one analyst said highlighted how the company is late to the game.

SoFi Technologies Inc.'s(SOFI) stock was rising more than 4% Wednesday after a BTIG analyst initiated coverage of the name with a buy rating.

Plug Power Inc.'s(PLUG) stock was ahead more than 1% Wednesday as the alternative-energy company announced a new refueler product ahead of its analyst day.

BorgWarner Inc.'s(BWA) shares were rising 2% after the auto-parts maker's board approved the spinoff of fuels-service business Phinia Inc., which will trade as a standalone public company starting in July.

Delta Air Lines Inc. (DAL) shares were up more than 1% in Wednesday action and on track to log their 14th straight day of gains. The summer travel season is expected to be robust.

Stock decliners:

UnitedHealth Group Inc.'s stock was falling 7% after the company disclosed at a Goldman Sachs investor conference that more senior citizens were getting hip and knee surgeries that they put off during the pandemic, a trend that translates into rising costs for health insurers. Shares of Humana Inc. (HUM) were down 13% and shares of Cigna Group(CI) were off 4%.

U.S.-listed shares of Logitech International(LOGN.EB) fell 12% in morning trading after the Swiss multinational manufacturer of computer peripherals and software said Bracken Darrell, the longtime CEO, would step down. Shares in Zurich fell by a similar amount.

Kura Oncology Inc. (KURA) shares dropped nearly 6% after the pharma company announced a share offering.

Stitch Fix Inc.(SFIX) shares were sinking more than 5% Wednesday after the company announced that Matt Baer, a Macy's Inc. (M) veteran, will be its next chief executive.

Shares of Aurora Cannabis Inc.(ACB.T) were declining more than 6% after the company saw a widening loss in its latest quarter.

Affirm Holdings Inc.'s(AFRM) stock was tumbling 9% in Wednesday action after BTIG chimed in with a bearish view of the buy-now-pay-later name.

-MarketWatch

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06-14-23 1128ET

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