Stocks fell Friday and Treasury yields climbed after producer prices at the wholesale rose more than expected.
These stocks were making moves Friday:
Coinbase Global
‘s fourth-quarter earnings and revenue handily beat Wall Street expectations and shares of the crypto trading platform were rising 15%.
Coinbase
reported earnings of $1.04 a share, compared with a year-earlier loss of $2.46. Sales rose to $905 million from $605 million. “Coinbase is a fundamentally stronger company today than a year ago, and we are in a strong financial position to capitalize on the opportunities ahead,” the company said in the letter to shareholders.
Applied Materials
reported adjusted earnings in its fiscal first quarter of $2.13 a share, beating analysts’ forecasts of $1.90. Revenue at the chip equipment maker of $6.71 billion topped expectations of $6.48 billion. The company said it expects second-quarter revenue of $6.5 billion, plus or minus $400 million, compared with expectations of $6.34 billion. Shares of
Applied Materials
were up 9.1%.
Trade Desk
was rising 21% after the advertising-technology company issued a first-quarter outlook that topped analysts’ expectations.
Trade Desk
said it anticipates revenue of at least $478 million in the period, and adjusted earnings before interest, taxes, depreciation and amortization of $130 million. Analysts were expecting revenue of $451 million and Ebitda of $113 million.
Roku
was falling 19% after the media-streaming company reported fourth-quarter results that beat analysts’ estimates but said it expected fiscal first-quarter gross profit of about $370 million, below the $373.4 million expected by analysts. The company said it remains “mindful of near-term challenges in the macro environment and an uneven ad market recovery.”
DoorDash,
the food-delivery company, reported better-than-expected fourth-quarter sales but its loss in the quarter was wider than expected, sending the stock down 13%. Gross order volume in the period rose 22% from a year earlier to $17.6 billion.
Nike
plans to reduce its workforce by about 2%, or more than 1,600 people, in a bid to cut costs, The Wall Street Journal reported.
Nike
CEO John Donahoe said the sneaker company was using its resources to increase investment in categories like running, women’s apparel and the Jordan brand, according to an employee memo reviewed by the Journal. Nike shares fell 3.4%.
Fourth-quarter earnings and revenue at
Dropbox
beat expectations but shares of the cloud-computing and file-management company were falling 17%. The stock was downgraded to Underperform from Buy at BofA Securities.
Yelp
issued weaker-than-expected guidance for both its first quarter and fiscal 2024 amid signs of soft demand from the company’s restaurant and retail segment. The stock was down 11%.
Fourth-quarter revenue at
Toast
jumped 35% to $1.04 billion from a year earlier, beating Wall Street forecasts, and shares of the cloud-based restaurant-management software company rose 14%. The company also said it was cutting about 550 employees under a restructuring plan.
Carvana
was down 5.6% after analysts at Raymond James downgraded shares of the used-car retailer to Underperform from Market Perform. They don’t have a price target on the shares.
Bloom Energy
slid 21% after the hydrogen and electricity generator reported fourth-quarter adjusted earnings that missed estimates and its revenue forecast for 2024 also was shy of expectations.
Write to Joe Woelfel at [email protected]
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