Stocks were rising Thursday as investors bought Wednesday’s big dip that put an end to a Wall Street rally driven by optimism over anticipated interest-rate cuts from the Federal Reserve next year.
These stocks were making moves Thursday:
Micron Technology
posted an adjusted fiscal-first-quarter loss of 95 cents a share, narrower than analysts’ estimates, and issued sales guidance for the second quarter of about $5.3 billion at the midpoint, higher than expectations of $4.97 billion. The semiconductor company also said generative artificial intelligence would spark rising demand for memory chips over the next several years. Shares of Micron jumped 7.7%.
Canadian cybersecurity company
BlackBerry
forecast fourth-quarter revenue of $150 million to $159 million, below analysts’ estimates for $185.6 million. The stock was down 11%. For the third quarter, BlackBerry reported an adjusted profit of 1 cent a share, while analysts had expected an adjusted loss of 4 cents.
CarMax
was rising 7.4% after the used-car retailer reported better-than-expected fiscal-third quarter earnings and resumed its share repurchase program.
JFrog
jumped 6.4% to $33.86 after Morgan Stanley analysts upgraded shares of the software-development-tools company to Overweight from Equal Weight and raised their price target to $42 from $32.
Paychex
declined 5.4% after the payroll services reported fiscal second-quarter sales that missed analysts’ expectations.
The CEOs of
Warner Bros. Discovery
and
Paramount Global
met this week and discussed a possible merger between the media companies, The Wall Street Journal reported, citing people familiar with the matter. No formal talks between the companies are under way, the Journal added. Warner Bros. owns several studio and television properties, including cable channels CNN and HBO, and streaming platform Max. Paramount also owns a studio, the CBS television network, cable operations including Nickelodeon, and streaming platform Paramount+. Warner Bros. shares dropped 4.3%, while Paramount slid 3.2%.
Toyota
stock fell 4% in Tokyo after the auto maker said it was recalling around 1 million Toyota and Lexus vehicles in the U.S., citing issues over potential air bag malfunctions. The recall affects certain 2020-2022 Toyota and Lexus models. U.S.-listed shares fell 0.7%.
Calliditas Therapeutics
received full approval from the Food and Drug Administration for Tarpeyo delayed release capsules as a treatment for adults with primary immunoglobulin A nephropathy, a kidney disease. The stock was up 17%.
Salesforce
stock gained 2.7% to $267.32 after Morgan Stanley analysts upgraded shares of the software firm to Overweight from Equal Weight and lifted their price target to $350 from $290.
Spotify Technology
stock rose 2.5% to $193.48 after Pivotal Research upgraded shares of the streaming-audio company to Buy from Hold, and raised the price target to $265 from $170, the Fly reported.
Boeing
moved closer to resuming 737 MAX deliveries to China as it appeared Chinese airlines were getting ready to take delivery of the jets again. Trade publication The Air Current reported Boeing has won
a key clearance from China’s aviation regulator. The MAX hasn’t been delivered to a Chinese airline since March 2019. Boeing stock was up 1.2%.
Write to Joe Woelfel at [email protected] and Emily Dattilo at [email protected]
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