Tech Stocks Slide on Weak AI Outlook, Lululemon Plunges 12% on Forecast Cut, Chipotle Rises on Upgrade
Chipotle gained after an upgrade while AI-linked names fell and Lululemon hit an eight-year low. The moves came on a day when Broadcom's outlook weighed on technology shares.
rte.ieChipotle shares rose on Friday while the broader market fell, after JPMorgan upgraded the stock to overweight from neutral and cited a rare valuation opportunity. AI-related technology stocks led the decline. Broadcom issued a disappointing AI outlook that triggered selling in Meta, Micron, Arm and Marvell, which posted some of the largest losses of the session.
Lululemon shares fell as much as 12 percent at the open in New York and touched their lowest level since May 2018. The company cut its annual forecast because of weakening performance in North America, leaving the stock down more than 40 percent since the start of the year and among the worst performers in the S&P 500 Index year to date.
The session closed with Chipotle higher against the broader selloff and Lululemon at its weakest price in eight years.
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