Stocks charged higher Friday after U.S. hiring slowed more than expected in October. Wall Street was on pace for its best week of the year.
These stocks were making moves Friday:
Apple
(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 0.8% 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 13%.
Bill Holdings
(BILL) dropped 26% 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 14% 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 2.4%.
Cloudflare
(NET) was up 8.4% after falling earlier following a forecast for fourth-quarter revenue that was shy of estimates.
Gartner
(IT) was rising 17% 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 18%.
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 17%.
Insulet
(PODD) rose 15% 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 14%.
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 8.4%.
Write to Joe Woelfel at [email protected]
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