Technology stocks rose Friday following solid earnings reports from
Amazon.
com and Intel. The broader market, however, was slumping to end a week of steep losses.
These stocks made moves on Friday:
Amazon.com
(AMZN) reported third-quarter earnings of 94 cents a share, well above analysts’ consensus of 58 cents. Sales rose 13% from a year earlier to $143.1 billion. Amazon Web Services revenue rose 12%, about in line with Wall Street estimates. Amazon said it expects fourth-quarter revenue of between $160 billion and $167 billion versus analysts’ projections of $167.1 billion. Amazon shares rose 6.8%.
Chip maker
Intel
(INTC) reported third-quarter adjusted earnings that were better than expected and issued upbeat profit guidance. Intel said it expects fourth-quarter adjusted profit of 44 cents a share and revenue ranging from $14.6 billion to $15.6 billion. At the midpoint, the revenue forecast was higher than Wall Street consensus of $14.4 billion. Perhaps even more importantly, Intel said it has been signing up more customers for its chip manufacturing services. The stock jumped 9.3%.
Ford Motor
(F) reported weaker-than-expected third-quarter earnings and withdrew its guidance for the year, citing the tentative labor agreement with the United Auto Workers that was reached earlier this week. The company’s electric-vehicle business, called Model e, reported a loss of $1.3 billion on sales of 36,000 vehicles for a per-vehicle loss of about $36,000. Shares of the auto maker declined 12%.
Chevron
(CVX) reported third-quarter adjusted earnings of $3.05 a share, well below analysts’ estimates of $3.70. Revenue of $51.9 billion topped Wall Street forecasts. The stock was down 6.7%.
Shares of
Exxon Mobil
(XOM) fell 1.9% after the oil major reported third-quarter profit of $9.07 billion, down from $19.66 billion a year earlier. Production declined 0.8% in the period.
Enphase Energy
(ENPH) projected that the current slowdown in solar-product sales would last through the first quarter of 2024, sending the stock down 15%. Third-quarter earnings slightly beat estimates but the company’s fourth-quarter revenue outlook was well below Wall Street’s expectations.
Enphase
said it expects revenue in the fourth quarter of $300 million to $350 million, well below estimates of $579 million.
Deckers Outdoor
(DECK), the maker of Ugg boots and Hoka sneakers, reported better-than-expected fiscal second-quarter earnings and revenue and raised its fiscal-year sales forecast to about $4.025 billion. “The strength of demand for our Hoka and Ugg brands continued to drive exceptional performance,” the company said in a statement.
Deckers
rose 19%.
DexCom
(DXCM), the maker of glucose monitoring systems, reported third-quarter earnings that handily beat analysts’ expectations, and boosted its revenue forecast for 2023. Shares rose 10%.
Capital One Financial
(COF) rose 9.2% after the lender’s third-quarter earnings beat estimates. Interest income at the bank rose 6%.
Charter Communications
(CHTR) fell 9.7% as total video customers declined 6% in the third quarter from a year earlier partly due to cancellations related to the loss of
Disney
(DIS) programming.
Newell Brands
(NWL) declined 9.9% after the consumer brands company reported third-quarter revenue that missed estimates and issued earnings guidance for the fourth quarter that was well below forecasts.
Masimo
(MASI) was up 2.1% after the U.S. International Trade Commission trade agency on Thursday found that
Apple
(AAPL) violated
Masimo
patents for blood-oxygen reading technology. The ruling could lead to an import ban for certain models of the Apple’s Watch. Apple was up 0.8%.
Write to Joe Woelfel at [email protected]
Read the full article here