Nvidia Drops, DraftKings Slips, Ionis Pharma Falls After FY Guidance

On this episode of Stock Movers:

- Nvidia (NVDA) shares fall. Nvidia Corp.'s investigation into Chief Executive Officer Jensen Huang's affair with an alleged Chinese spy raises questions about his job and the company's future. The company's board is assembling a committee of independent directors to investigate the matter, with outside counsel, after Huang disclosed the romantic relationship in a memo to employees. The incident threatens to further roil the AI market and has led to a loss in Nvidia's market valuation, with the company's shares sliding as much as 8.8% on Monday.

- DraftKings (DKNG) shares drop. DraftKings shares are down after the sports betting company received downgrades from JPMorgan and Stifel. This comes in the wake of the company’s earnings report, where it gave a disappointing full-year profit outlook as it invests heavily in its prediction-market (PM) product.

- Ionis Pharmaceuticals (IONS) shares fall. The drug developer slashed its full-year sales guidance for Tryngolza to reflect a “more gradual-than-anticipated” near-term launch ramp. Separately, Ionis’ collaboration partner Novartis said it is largely abandoning development of pelacarsen, an experimental drug to treat patients with elevated Lp(a) and established cardiovascular disease.

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