Stocks closed higher Thursday and the
S&P 500
hit an intraday high of 5,000.40.
These stocks made moves:
U.S.-listed shares of
Arm Holdings
surged 48% after the chip designer said it anticipated revenue in its fiscal fourth quarter of $850 million to $900 million, well above the $779 million midpoint of analysts’ estimates. “
Arm
delivered another quarter of record revenues driven by continued adoption of the world’s most pervasive compute platform,” CEO Rene Haas wrote in a letter to shareholders. “The AI wave drove licensing growth as these new devices require Arm’s performant and power-efficient compute platform.”
Walt Disney
reported fiscal first-quarter earnings that were better than expected and the entertainment giant issued guidance for fiscal 2024 that was well ahead of Wall Street estimates. The company also said it was boosting its semi-annual dividend by 50%, was establishing a new $3 billion stock buyback plan, and would be investing $1.5 billion for an equity stake in Epic Games, the creator of video game “Fortnite.”
Disney
shares rose 12%.
PayPal Holdings
said it expects to report adjusted earnings in 2024 roughly in line with the $5.10 a share that the company posted during 2023. Analysts had been forecasting profit of $5.51 a share. The stock was down 11%. CEO Alex Chriss said the payments company was “committed to making the necessary changes to our business to drive profitable growth in the years ahead.” He called 2024 “a year focused on execution to position
PayPal
for long-term success.”
Confluent
jumped 34% after the data-streaming company said it expects revenue in 2024 of about $950 million, up 22% and ahead of analysts’ expectations. Chief Financial Officer Rohan Sivaram said
Confluent
was confident in “achieving our revenue guidance for 2024 and our first breakeven year for both non-GAAP operating margin and free cash flow margin.”
Monolithic Power Systems
rose 14% after it reported fourth-quarter adjusted earnings that beat analysts’ estimates, raised its dividend, and said it acquired fabless semiconductor startup Axign.
Ralph Lauren
gained 17% after the luxury retailer handily topped fiscal third-quarter adjusted earnings and revenue estimates and slightly raised guidance for the fiscal year.
Philip Morris International
earned $1.36 a share on an adjusted basis in the fourth quarter, missing analysts’ estimates of $1.45. The cigarette maker’s forecast for 2024 also was below forecasts. The stock fell 2.7%.
Wynn Resorts
posted fourth-quarter adjusted earnings of $1.91 a share, better than analysts’ estimates of $1.15. Net income attributable to
Wynn Resorts
was $729.2 million, compared with $32.4 million for the year-earlier period. The casino operator said the earnings increase was the result of increased operating revenue from its Macau and Las Vegas operations. The stock rose 6.3%.
Fleetcor Technologies
declined 9.2%. The business-payments company reported fourth-quarter adjusted earnings that missed Wall Street estimates.
Write to Joe Woelfel at [email protected]
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