HomeNewsTuesday’s market recap: Technology stocks jump on various announcements, American Airlines CEO to Step down, and Healthequity tanks on Q3 results

Tuesday’s market recap: Technology stocks jump on various announcements, American Airlines CEO to Step down, and Healthequity tanks on Q3 results

Ruchi Gupta
  • Intel plans to list autonomous driving division Mobileye
  • Palantir partners with Merck to end chip shortage
  • American Airlines CEO is stepping down after 21 years

On Tuesday, various US-listed stocks made moves following a range of announcements. Here are some of the big companies that caught headlines.

Intel to list Mobileye

Intel Corp (NASDAQ: INTC) shares were up 3.53% after the company announced plans to list shares of its autonomous car division Mobileye by mid-2022. The company supplies chips to companies such as Lenovo, Dell, and HP, and currently, it is the largest chip manufacturer in terms of revenue. Following the announcement, the stock is expected to rise towards $60.

Palantir Technologies partners with Merck Group

Palantir Technologies Inc. (NYSE: PLTR) shares jumped 4.5% on Tuesday after the tech company announced a collaboration with German tech behemoth Merck Group. The companies are partnering to end the unending chip shortage experienced in the semiconductor sector. In addition, Palantir plans to use its platform to offer insight into fabrication and material processes in the semiconductor sector.

Samsung to be led by two CEOs

Samsung Electronics Co. Ltd. recently replaced three of its executive leaders and merged the mobile and consumer electronic units, making them a single unit. As a result, the world's largest TVs, smartphone, and semiconductor manufacturers are in the hands of two new CEOs as the company looks to take on Taiwan Semiconductor Manufacturing Company in the chip manufacturing sector. Kyung Kye, who has been leading an affiliate of Samsung that produces tech parts, and Han Jong-Hee, who is a veteran in the TV business, will lead the merged units as a single unit.

American Airlines CEO to step down after 21 years

American Airlines Group Inc.  (NASDAQ: AAL) shares dropped 4% on Tuesday following the announcement that its CEO Dough Parker will step down after 21 years at the end of March 31, 2022. However, Parker will continue as the airline's Chairman, with Robert Isom replacing him as CEO. Currently, Isom serves American Airlines as the President. Isom said his focus would be to return the airline to profitability but didn't give a timeline.

Healthequity tanks in weak FY2022 guidance 

Healthequity Inc. (NASDAQ: HQY) shares dropped 24% after announcing its most recent quarter revenue and earnings that missed estimates. The company also gave FY2022 guidance below Wall Street Consensus estimates, triggering the stock decline. In fiscal Q3, revenue was $179.95 million, while GAAP loss per share was $0.06.