Amazon, Meta, Qualcomm, Peloton, Corteva, Nextracker, Etsy, Norfolk Southern, and More Movers

Apple,

Amazon.com,
and
Meta Platforms
are scheduled to report quarterly earnings after the closing bell Thursday. Analysts expect Apple to report fiscal first-quarter earnings of $2.10 a share on sales of $118 billion. A year earlier, Apple reported profit of $1.88 a share on sales of $117.2 billion. Revenue for the iPhone maker has declined for four straight quarters. Attention will be focused on the company’s fiscal second-quarter outlook, particularly for iPhones, since there are concerns on Wall Street that growth has been crimped by an increasingly competitive—and soft—smartphone market in China.

Apple rose 0.6% ahead of its report, Amazon was up 1.2%, and Meta gained 1.5%.

Qualcomm,
the mobile device chip maker, reported fiscal first-quarter earnings and revenue that were better than expected and provided an optimistic vision for artificial-intelligence features on phones this year. For the fiscal second quarter, Qualcomm said it expects revenue of $8.9 billion to $9.7 billion. At the midpoint, the company’s revenue forecast roughly was in line with analysts’ estimates of $9.3 billion. The stock fell 4.3%.

Peloton Interactive’s
revenue forecast for the fiscal third quarter missed analysts’ estimates and the at-home fitness company said it would fall short of its goal for full-year cash flow. The stock at last check was down 23% to $4.28 but had traded earlier in the session at an all-time low of $4.17.

Corteva
was rising 17% after the agriculture company posted fourth-quarter adjusted earnings that beat estimates and forecast sales in 2024 of $17.4 billion to $17.7 billion, which at the midpoint would be growth of 2% from a year earlier.

Nextracke
r reported fiscal third-quarter adjusted earnings and sales that topped Wall Street estimates and the solar company raised guidance fo the fiscal year. The stock jumped 17%.

Etsy
was up 8% after the online marketplace appointed Marc Steinberg, a partner at activist investor Elliott Investment Management, to its board.

MaxLinear
was down 14% after the integrated circuits provider issued a revenue forecast for the first quarter that missed analysts’ expectations.

Norfolk Southern
was rising 6.6% after The Wall Street Journal reported an investor group led by Ancora Holdings has built a roughly $1 billion stake and nominated a majority slate of directors to the railroad operator’s board in a bid to oust Chief Executive Alan Shaw.

Merck
rose 2.9% after the drug maker posted fourth-quarter adjusted earnings of 3 cents a share, down from $1.62 a year earlier but better than analysts’ estimates that called for a loss of 11 cents a share. Revenue of $14.63 also topped estimates. 

Wolfspeed
was down 9.8% after the semiconductor maker issued weak revenue guidance for the fiscal third quarter. 

Write to Joe Woelfel at [email protected]