Stocks charged higher Friday after U.S. hiring slowed more than expected in October. Wall Street marked its best week of the year.
These stocks made moves Friday:
Apple
(ticker: AAPL) reported slightly better-than-expected fiscal fourth-quarter earnings and revenue, but the tech company’s outlook for the first quarter—the holiday quarter—was short of Wall Street’s expectations. Fourth-quarter earnings of $1.46 a share topped estimates of $1.39, while revenue of $89.5 billion was higher than expectations of $89.34 billion. Revenue for the iPhone was $43.8 billion, up 3%, and in line with expectations, while services revenue jumped 16% to $22.3 billion and beat consensus of $21.4 billion.
The stock fell 0.5% after
Apple
said it sees overall revenue for the first quarter about flat with a year earlier, while analysts had been calling for revenue in the period to increase 5%.
Third-quarter adjusted earnings at
Block
(SQ) were better than expected and gross profit at the payments company was $1.9 billion, rising from $1.57 billion and in line with consensus. For 2024, Block said it expects adjusted earnings before interest, taxes, depreciation, and amortization of $2.4 billion, higher than expectations of $1.94 billion. The stock jumped 11%.
Bill Holdings
(BILL) dropped 25% after the financial platform for small and midsize businesses issued a weak forecast for its fiscal second quarter and cut its full-year revenue forecast. For the fiscal second quarter, Bill said it expects revenue of between $293 million and $303 million, and earnings of 35 cents to 44 cents a share. Wall Street was estimating revenue of $319 million and profit of 48 cents a share.
Fortinet
(FTNT) slumped 12% after the cybersecurity company said it expects fourth-quarter revenue of $1.38 billion to $1.44 billion, below analysts’ estimates of $1.5 billion. The company’s forecast for billings in the period was $1.56 billion to $1.7 billion, below estimates of $1.9 billion. Fellow cybersecurity company
Palo Alto Networks
(PANW) was down 2.7%.
Cloudflare
(NET) was up 14% after falling earlier following a forecast for fourth-quarter revenue that was shy of estimates.
Gartner
(IT) was rising 15% after reporting third-quarter revenue of $1.41 billion, up 6% from a year earlier. The research company also raised its full-year outlook.
Online travel agency
Expedia
(EXPE) said its board authorized a $5 billion stock buyback program and it reported better-than-expected third-quarter adjusted profit and revenue. Shares rose 19%.
DraftKings
(DKNG), the sports-betting site, reported third-quarter results that were better than estimates and raised its fiscal-year revenue forecast, saying it expects between $3.67 billion and $3.72 billion. The stock rose 16%.
Insulet
(PODD) rose 16% after the insulin pump maker raised its revenue projection for the year to a range of 26% to 27%, up from previous expectations of 22% to 25%.
Paramount Global
(PARA), the film, entertainment, and streaming company, reported third-quarter adjusted earnings that beat Wall Street expectations. Paramount said it “continues to progress on the path to streaming scale and profitability.” Shares rose 15%.
Fluor
(FLR), the engineering and construction company, reported third-quarter adjusted earnings that beat estimates and raised its fiscal-year profit outlook.
Fluor
shares jumped 5.9%.
Write to Joe Woelfel at [email protected] and Connor Smith at [email protected]
Read the full article here
