Midday stock moves include Amazon, Alphabet, Apple, Nordstrom, Ford, and others.

Amazon – Despite a sales increase, the e-commerce giant’s stock fell 8.4%. Amazon announced weaker-than-expected guidance for the current quarter late Thursday. In addition, the company noted a decrease in growth in its cloud business.

Alphabet – Following the release of its poor earnings report, the tech giant’s stock dropped 2.8%. Alphabet’s earnings per share of $1.05 fell short of the Refinitiv analyst consensus of $1.18 per share. The company’s sales of $76.05 billion were also less than the $76.53 billion predicted. Despite the disappointing earnings release, Bank of America continued its recommendation to buy the company, stating that they expect better results in 2023.

Apple – The stock of the iPhone maker rose 2.4% after analysts suggested they could look past the company’s challenging quarter. Apple missed profit and revenue projections in its most recent quarterly report. As a result of a high currency, China’s manufacturing challenges, and a challenging macro picture, the company reported its worst quarterly revenue decline since 2016.

— Nordstrom The store gained 24.8% after The Wall Street Journal reported, citing persons familiar with the case, that activist investor Ryan Cohen is acquiring a stake and will push for board changes.

Clorox – Clorox shares climbed 9.8% after the cleaning products business reported better-than-expected results. According to Refinitiv, the company earned $0.98 per adjusted share on revenue of $1.72 billion, compared to the $0.65 per adjusted share and $1.66 billion in revenue predicted by Wall Street.

The Adani Enterprises decline exposes some of Wall Street’s biggest names.

Starbucks — The coffee chain’s stock dropped more than 4.4% after the firm failed Wall Street revenue projections for the quarter and announced a drop in overseas sales due to the Covid rise in China. The company’s second-largest market is China.

Ford Motor Company’s stock slumped 7.6% after fourth-quarter results fell short of both Wall Street and the company’s own guidance. Deutsche Bank also cut the automaker’s stock to a sell recommendation, citing the fourth-quarter revenue loss and doubts about Ford’s 2023 revenue guidance.

www.bill.com — Shares fell 26.7% after BMO Capital Markets downgraded the company to market perform from outperform, citing concerns about a slowdown in its core business. According to FactSet, the online bill payment provider exceeded analysts’ top and bottom line estimates in its fiscal second quarter.

Upstart – The stock of the AI lending platform fell 7.3% after Loop rated it to hold from buy. Year to date, the stock has gained about 80%. According to the Wall Street firm, the surge is being driven by a short squeeze. which may not be viable.

Cardiovascular fatalities increased significantly due to the COVID pandemic.

Generac – The battery backup business fell 6.5% after Guggenheim cut it from buy to neutral. Following its recent surge, the company believes the stock is reasonably valued.

Leave a Reply

Your email address will not be published. Required fields are marked *