Closing Bell: Kodiak Surges, MongoDB Plunges, Boeing Falls

Today's biggest winners and losers in the stock market.
On this episode of Stock Movers:

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostic, Carol Massar and Tim Stenovec

- Kodiak Sciences (KOD) shares soar as much as 172%, a record jump, after the drug developer said two of its experimental drugs met their primary endpoints in a late-stage study for an eye disease.

- Meta Platforms has tapped MongoDB (MDB) president and chief executive officer, Chirantan "CJ" Desai, to lead a new AI platform for enterprise customers. The new business unit, called Meta Enterprise Platform, aims to help businesses use AI to grow and transform in new ways, using Meta's strengths in advanced models, agents, AI infrastructure, and experience working with businesses. Desai's departure from MongoDB has led to the company's board bringing back Dev Ittycheria as interim president and CEO, with a search begun for Desai's permanent replacement. MongoDB’s stock plunged 21% to $326.51 at 10:50 a.m. in New York, its worst intraday decline since March 3.

- The Federal Aviation Administration is holding off on certification of Boeing's 737 Max 10 variant due to a new software issue. The FAA is determining whether the software concern constitutes a safety of flight issue, according to Administrator Bryan Bedford. The certification of the 737 Max 10 was expected in coming weeks, and is key to Boeing generating cash and improving its balance sheet. Boeing (BA) shares fell to an intraday low following the administrator’s comments, dropping as much as 6.8% as of 2:26 p.m. in New York.

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