Nvidia — The chip stock fell more than 4% to hit a 52-week low after the Biden administration published a sweeping set of export controls, including a plan to cut China off from certain semiconductor chips made with U.S. equipment. The sell-off came even after Nvidia said the new restriction will not have a material affect on its business.
Five9 — Shares of the software company tumbled 22% after CEO Rowan Trollope resigned from his role and position on the board of directors. Trollope has accepted the position of CEO at a privately held pre-initial public offering company, Five9 announced Monday.
PPG Industries — Shares dropped 4% after the company warned that third-quarter results will fall short of expectations, saying adjusted earnings per share will come in 5% to 7% below the low end of the company’s previous estimates of $1.75 to $2.00. PPG blamed “softer demand conditions” in Europe and China that the company expects will continue in the fourth quarter.
Merck — Shares of the pharmaceutical giant rose 2.8% after Guggenheim upgraded Merck to buy from neutral. Guggenheim said in a note that the growth for top drugs Keytruda and Gardasil is “very positive” and that there is reason to be confident in Merck’s development pipeline.
