Stocks traded mostly higher Wednesday after the previous session’s steep losses that were driven by investors’ realization that the Federal Reserve will keep interest rates higher for longer and also a decline in consumer confidence.
These stocks were making moves Wednesday:
Costco Wholesale
(ticker: COST) reported fiscal fourth-quarter earnings and sales that beat analysts’ estimates. The stock rose 1.5%. The retailer failed to provide an update on a potential increase in membership fees, a move that many on Wall Street believe is overdue.
Furniture company
MillerKnoll
(MLKN) raised its fiscal 2024 outlook, saying it expects adjusted earnings $1.85 to $2.15 a share, better than its previous guidance for profit of $1.70 and $2 a share.
MillerKnoll
also posted first-quarter earnings and sales that beat analysts’ expectations. The stock jumped 30%.
Blink Charging
(BLNK) rose 11% to $3.25 after
UBS
initiated coverage of the electric-vehicle charging equipment company with a Buy rating and price target of $7.
ChargePoint
(CHPT) gained 7.1% after also being initiated at Buy at UBS.
Guardant Health
(GH) gained 5.8% after shares of the oncology company were upgraded to Overweight from Neutral at
Piper Sandler.
Cloudflare
(NET) rose 4.9% after the internet infrastructure company made several announcements including a partnership with
Meta Platforms
(META) to make Llama 2, an open source large language model, available to developers building AI applications on Cloudlfare’s developer platform, Workers.
AAR Corp.
(AIR), which provides aviation services to commercial and government operators, expects to swing to a profit in the current fiscal second quarter amid growing operating margins, Chief Executive John Holmes told The Wall Street Journal in an interview. On Tuesday, the company reported first-quarter adjusted earnings of 78 cents a share, higher than analysts’ estimates, on a sales increase of 23%. Shares were up 3.8%.
Paramount
(PARA) rose 3.2% after Hollywood writers agreed to a deal to end their strike.
Netflix
(NFLX) shares were up 0.8%, while
Walt Disney
(DIS) rose 0.5%.
Hasbro
(HAS) and
Mattel
(MAT) were rising 1.4% and 3.5%, respectively, after coverage of the toymakers was initiated at Overweight at
Morgan Stanley.
E.l.f Beauty
(ELF) was rising 1.5% to $110.91 after the cosmetics company was initiated with a Buy rating and $138 price target at UBS.
Amazon.com
(AMZN) was rising 0.5% after slumping 4% on Wednesday after the Federal Trade Commission said it was suing the online retailer and cloud company. The agency alleged that Amazon strategically prevents competition with its dominant online marketplace.
Earnings reports are expected after the closing bell Wednesday from
Micron Technology
(MU) and
Jefferies Financial Group
(JEF).
Write to Joe Woelfel at [email protected]
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