Stocks were rising Wednesday as Wall Street weighed corporate earnings and more cautious commentary from Federal Reserve officials about lowering interest rates.
These stocks were making moves Wednesday:
Shares of
Snap
were plunging 36% after the social-media company posted fourth-quarter revenue of $1.36 billion, below Wall Street estimates of $1.38 billion, and said it expects an adjusted Ebitda loss for the first quarter of between $55 million and $95 million, much wider than the Wall Street consensus forecast for a loss of $21 million.
Ford Motor
reported fourth-quarter adjusted earnings and sales that beat analysts’ estimates and the auto maker said it expects to generate an operating profit in 2024 of between $10 billion and $12 billion. Ford also declared a special dividend of 18 cents a share in addition to its regular quarterly dividend of 15 cents. The stock rose 3.1%.
U.S.-listed shares of
Alibaba
were up down 6.1% after the Chinese e-commerce company reported fiscal third-quarter earnings that narrowly missed expectations but announced it was increasing its share buyback program.
CVS Health
reported fourth-quarter adjusted earnings of $2.12 a share on revenue of $93.8 billion, beating Wall Street forecasts on both metrics. The nation’s biggest drugstore chain reduced guidance for 2024 as it warned of elevated medical costs. The stock rose 3.2%.
Uber Technologies
reported fourth-quarter earnings that beat Wall Street estimates as gross bookings surged 22%. Shares rose 1.5%.
Roblox
was rising 9.9% after the videogame platform posted strong quarterly bookings. Bookings in the period were $1.13 billion, up 25% from a year earlier.
Enphase Energy
reported fourth-quarter adjusted earnings of 54 cents a share on revenue of $302.6 million, down 58% from a year earlier. Analysts had been expecting an adjusted profit of 55 cents a share on revenue of $328 million. The stock was rising 17%. Coming into the session, it has declined 54% over the past year.
Sonos
was rising 15% after the maker of wireless audio speakers reported a first-quarter profit that rose from a year earlier and beat analysts’ forecasts. The company backed its previous outlook for fiscal 2024 sales to be down 3% to up 3%.
VF Corp.
was down 12% after the parent company of Vans and The North Face reported fiscal third-quarter adjusted earnings and revenue that missed Wall Street estimates.
Emerson Electric
was up 11% after the industrial automation company reported better-than-expected first-quarter earnings and raised its fiscal-year guidance.
Fortinet
rose 2.6% after the cybersecurity company posted fourth-quarter adjusted earnings of 51 cents a share, topping estimates of 43 cents.
Fortinet
also reported a 10% jump in revenue to $1.42 billion, and billings of $1.86 billion, higher than analysts’ estimates of $1.63 billion.
Shares of
Cirrus Logic
were rising 15% after fiscal third-quarter earnings and revenue at the electronics supplier beat analysts’ estimates.
Fourth-quarter earnings from
Chipotle Mexican Grill
were better than expected and shares of the restaurant chain rose 7.6%. Chipotle reported adjusted earnings in the period of $10.36 a share, topping forecasts of $9.71. The company said same-store sales rose 8.4%, better than predictions for 7.1% growth, and operating margins expanded to 14.4% from 13.6% a year earlier.
Walt Disney
was down 1.2% ahead of its earnings report schedule for after markets close Wednesday. Wall Street expects the entertainment giant to report fiscal first-quarter profit of 99 cents a share on revenue of $23.71 billion, up from $25.31 billion a year earlier. On Tuesday, Disney,
Fox Corp.,
and
Warner Bros. Discovery
said they were creating a sports streaming platform that will cover a variety of professional and college sports, including football, basketball, baseball, hockey, and soccer.
Write to Joe Woelfel at [email protected]
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