Stocks fell on Wednesday as traders looked ahead to key inflation data.
These stocks were making moves Wednesday:
Beyond Meat
surged 31% after fourth-quarter revenue fell 7.8% from a year earlier to $73.7 million but beat Wall Street forecasts of $66.7 million, and the plant-based meat maker said it was taking steps this year “to steeply reduce operating expense and cash use; pricing actions and the right-sizing of our production footprint, both in support of margin expansion.”
Shares of
eBay
rose 7.8% after the online marketplace company reported fourth-quarter earnings that beat analysts’ estimates, boosted its quarterly dividend, and said it would be buying back an additional $2 billion of stock. The company said it expects fiscal first-quarter revenue of $2.5 billion to $2.54 billion versus analysts’ expectations of $2.53 billion.
Boston Beer
fell 16% after the brewer of Samuel Adams beer said it expects earnings this year of $7 to $11 a share, below analysts’ forecasts of $11.33. The company also announced CEO and President Dave Burwick would be retiring on April 1.
UnitedHealth
dropped nearly 3% following a report from The Wall Street Journal that said the Justice Department had launched an antitrust investigation into the health insurance giant.
Axon Enterprise
jumped 14%. The taser maker’s fourth-quarter earnings topped Wall Street estimates and the company issued a strong forecast for the fiscal year.
Progyny
fell 15% after the fertility-solutions company issued a disappointing revenue outlook. The company expects first-quarter revenue of $285 million to $292 million, while analysts had expected $312.3 million.
Urban Outfitters
declined 13% after the retailer reported fourth-quarter adjusted earnings and revenue that missed analysts’ estimates. The company said it expects first-quarter same-store sales at its namesake
Urban Outfitters
chain to be comparable with the fourth quarter when they declined 13.6%.
Lemonade
dropped 28% after the insurance company said it planned to “roughly double” its growth budget in 2024 from the $55 million spent last year and that the spending and the “resultant growth, should boost our bottom line a couple of years hence, but it will weigh on our bottom line in the coming quarters.”
Bumble
fell 15% after the online-dating company said it would be cutting 350 employees, or 37% of its workforce, as part of a restructuring plan.
First Solar
‘s fourth-quarter earnings beat estimates but revenue of $1.2 billion missed estimates of $1.3 billion. The stock rose 2.9% after the solar-power company said it expected net sales in 2024 of between $4.4 billion and $4.6 billion, and earnings of $13 to $14 a share. Analysts have been predicting sales of $4.56 billion and profit of $13.26 a share.
Agilent Technologies
reported first-quarter adjusted earnings of $1.29 a share, beating Wall Street estimates of $1.22. Sales at the laboratory supplies and services company fell 5.6% to $1.66 billion, but beat expectations of $1.59 billion. Agilent said it anticipates second-quarter adjusted profit of $1.17 to $1.20 a share, below forecasts of $1.26. The stock rose 3.4%.
U.S.-listed shares of
Baidu
fell 8.1% after fourth-quarter revenue at the Chinese search-engine giant rose nearly 6% but missed estimates.
Advance Auto Parts
reported a fourth-quarter loss, swinging from a year-earlier profit, but shares of the auto parts retailer rose 2.6% after the company said it expects earnings this year of $3.75 to $4.25 a share, higher than analysts’ expectations of $3.65.
Earnings reports from
Salesforce,
HP Inc.,
Snowflake,
C3.ai,
Monster Beverage,
Nutanix,
Okta,
Paramount Global,
Pure Storage,
and
Marathon Digital
were slated after the closing bell.
Write to Joe Woelfel at [email protected]
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