admin
Stocks traded mostly higher Thursday as the
S&P 500
looked poised to add to its eight-session winning streak if the gains hold.
These stocks were making moves Thursday:
Walt Disney
(DIS) reported fiscal fourth-quarter adjusted earnings of 82 cents a share, beating analysts’ estimates of 71 cents, as the entertainment giant’s streaming service,
Disney
+, added nearly 7 million “core” subscribers in the period. Disney also announced a more ambitious cost-cutting plan, raising its annualized cost efficiencies target to $7.5 billion, up from a prior target of $5.5 billion. The stock was rising 7.7%.
AMC Entertainment
(AMC) tumbled 12% after the movie-theater chain filed to offer up to $350 million of stock.
Affirm Holdings
(AFRM) reported a fiscal first-quarter loss that was narrower than expected and shares of the buy-now-pay-later company rose 19%. Revenue in the period of $497 million beat estimates of $444 million. Total merchandise volume rose 28% year over year to $5.6 billion.
Chip designer
Arm Holdings
(ARM) reported fiscal second-quarter adjusted earnings and revenue better than analysts’ expectations but its forecasts for the third quarter and fiscal year were shy of estimates. U.S.-listed shares of Arm, which went public in September, were down 5.9%.
Tesla
(TSLA) fell 5.5% to $209.80 after HSBC launched coverage on shares of the electric-vehicle maker with the equivalent of a Sell rating and price target of $146.
Topgolf Callaway Brands
(MODG), the maker of golf equipment and operator of the Topgolf recreational driving-range chain, reduced its outlook for full-year profit and sales following what it said was a “challenging” third quarter. Shares dropped 15%.
Twilio
(TWLO) was up 1.6% after the cloud-computing company beat Wall Street’s third-quarter earnings estimates and raised its outlook for adjusted income from operations to $475 million to $485 million, up from a previous forecast of between $350 million and $400 million.
Virgin Galactic
(SPCE) rallied 22% after the space-tourism company said it expects fourth-quarter revenue of around $3 million, higher than estimates of $1.5 million.
Medical-device maker
Becton Dickinson
(BDX) issued a sales and adjusted earnings outlook for fiscal 2024 that was below analysts’ expectations. The stock fell 8.2% and was the S&P 500’s worst perfomer.
TransDigm
(TDG) was the index’s top stock Thursday, rising 9.3%, after it paid about $1.4 billion to acquire the microwave assets of private-equity-owned Communications & Power Industries.
Krispy Kreme
(DNUT) declined 6.7% after the doughnut company’s third-quarter adjusted profit and revenue missed Wall Street expectations.
Write to Joe Woelfel at [email protected]
Read the full article here
