Stocks rose modestly Wednesday following a tumble that sent equities sharply lower after a hotter-than-expected inflation report had investors paring back bets that the Federal Reserve would be cutting interest rates as soon as expected.
These stocks were making moves Wednesday:
Shares of
Lyft
were rising 32% after the ride-hailing company reported adjusted earnings in the fourth quarter of 18 cents a share, topping forecasts of 9 cents.
Lyft
also said it expected to post positive free cash flow for the first time in fiscal 2024. The stock had surged more than 60% in after-hours trading Tuesday after a press release incorrectly said the company anticipated adjusted Ebitda margin expansion in 2024 of around 500 basis points, or around 5%, when it should have said 50 basis points. The error was corrected on the company’s conference call.
Uber Technologies
was rising 8.5% after its board authorized the Lyft rival to repurchase up to $7 billion of common stock.
Robinhood Markets
swung to a profit in the fourth quarter on better-than-expected revenue, sending shares of the online brokerage up 14%.
Robinhood
reported earnings of 3 cents a share compared with expectations for a loss of 1 cents. Revenue of $471 million beat estimates of $455 million.
QuidelOrtho
was falling 34% after the diagnostics company reported fourth-quarter adjusted earnings of $1.17 a share, well below analysts’ expectations of $2.04, while revenue fell to $742.6 million from $866.5 million a year earlier and also missed forecasts. The company’s forecast for 2024 also missed Wall Street estimates.
Upstart Holdings
declined 18% after the consumer lending company said it expected first-quarter revenue of about $125 million, below analysts’ projections of $152.3 million.
Upstart
also forecast negative earnings before interest, taxes, depreciation and amortization of $25 million versus expectations of about $5 million in adjusted Ebitda.
Zillow
reported fourth-quarter revenue of $474 million, up 9% from a year earlier and above analysts’ expectations of $452 million. The loss in the period of $73 million was narrower than analysts’ expectations that called for a loss of $77 million. The real estate company said it expects first-quarter revenue of $495 million to $510 million versus analysts’ expectations of $500.4 million. Shares rose 11%.
Airbnb
was down 5.1% after the travel hosting site topped fourth-quarter revenue expectations and said it expects first-quarter revenue of between $2.03 billion and $2.07 billion compared with expectations of $2.02 billion.
Generac
reported fourth-quarter adjusted earnings of $2.07 a share on sales of $1.06 billion. Analysts had been expecting earnings of $2.09 a share on revenue of $1.09 billion. Shares of the generator maker declined 8.2%.
Fourth-quarter earnings at
MGM Resorts
were better than expected and revenue at the casino company rose 22% to $4.38 billion. Revenue from
MGM China
increased nearly six-fold. Shares, however, were down 7.1%.
Akamai Technologies
reported fourth-quarter adjusted earnings of $1.69 a share, beating analysts’ estimates of $1.59, while revenue of $995 million came up just short of forecasts. For the first quarter, the security software company said it expects adjusted profit of $1.59 to $1.64 a share on revenue of $980 million to $1 billion versus estimates for profit of $1.59 a share on revenue of $993 million. The stock was down 3.8%.
SentinelOne
was up 3.6% to $30.04 after the cybersecurity company was upgraded to Buy from Neutral at BofA Securities and the price target was raised to $35 from $26.50.
Instacart
unveiled plans to reduce staff by 7%, allowing the grocery-delivery company to “reshape the company and flatten the organization so we can focus on our most promising initiatives,” said Chief Executive Fidji Simo. The company also announced mixed fourth-quarter results. The stock fell 7.2%.
Write to Joe Woelfel at [email protected]
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