Stocks fell sharply Tuesday after the consumer price index for January rose 3.1% year over year, down from December’s pace of 3.4%, but more than economists’ expectations for an increase of 2.9%.
These stocks made moves Tuesday:
Shopify
posted fourth-quarter earnings that beat estimates and guided for growth in 2024. But shares of the e-commerce platform fell 13% after
Shopify
said it expects operating expenses to rise in the first quarter from the fourth quarter.
JetBlue
stock soared 22% after activist Carl Icahn disclosed a 9.9% stake in the carrier, calling it an undervalued and “attractive” investment opportunity.
Icahn
said he has been talking to
JetBlue’s
management and directors about possible representation on the company’s board.
Arm Holdings
sank 19.5% on Tuesday after closing with a gain of 29% on Monday. Shares of the chip-design company have nearly doubled since Arm last week raised its guidance for the fiscal year.
ZoomInfo Technologies,
a provider of database information for corporate sales and marketing teams, surged 14% after the firm posted fourth-quarter adjusted earnings and revenue that topped Wall Street estimates. Adjusted earnings in the quarter were 26 cents a share, one cent ahead of estimates, while revenue rose 5% to $316.4 million and beat forecasts of $310.6 million.
Shares of
Tripadvisor
jumped 14% after the travel advice site said it formed a special committee to consider “any proposals that may be brought forward for a potential transaction.” Those proposals include one related to parent Liberty
Tripadvisor
Holdings, which disclosed in a filing Friday that its own board was engaged in discussions about a potential cash acquisition of Tripadvisor and Liberty TripAdvisor.
Arista Networks
reported fourth-quarter earnings of $2.08 a share, beating analysts’ estimates of $1.70, as revenue jumped 21% to $1.54 billion. The cloud-networking solutions company said it expects first-quarter revenue of between $1.52 billion to $1.56 billion versus estimates of $1.53 billion. The stock declined 5.5%.
WK Kellogg
closed up 8.1% after the cereal company reported better-than-expected fourth-quarter revenue. Sales fell 2.7% from a year earlier, however, due to price elasticities and lower promotional spend.
Ecolab
rose 9% after the provider of services for food and water safety issued adjusted earnings guidance for 2024 that topped analysts’ estimates.
Biogen
declined 7.4% after fourth-quarter adjusted earnings of $2.95 a share missed analysts’ forecasts of $3.18. Revenue of $2.39 billion fell 6% from a year earlier and missed consensus of $2.47 billion.
WM, formerly known as
Waste Management,
rose 6% after fourth-quarter adjusted earnings topped forecasts and revenue rose 5.7% to $5.22 billion, beating analysts’ expectations of $5.19 billion.
Fourth-quarter earnings at
Cadence Design Systems,
the maker of electronic-design-automation software, topped analysts’ forecasts but earnings guidance for the first quarter came up short of estimates. Cadence Design said it expects first-quarter adjusted earnings of $1.10 to $1.14 a share on revenue of $990 million to $1.02 billion. Analysts had been anticipating earnings of $1.37 on revenue of $1.09 billion. Shares fell 4%.
Hasbro
declined 1.4% after the toy maker reported fourth-quarter adjusted earnings that missed analysts’ estimates as revenue fell 23% from a year earlier. Hasbro said it expects consumer products revenue to fall 7% to 12% in 2024.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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