Stocks traded mixed Thursday after Speaker Kevin McCarthy said the House of Representatives could vote on a debt-ceiling deal as soon as next week. President Joe Biden said Wednesday he was “confident” that he and congressional leaders will reach an agreement to avoid the first ever U.S. government default.
These stocks were making moves Thursday:
Walmart
(WMT) reported fiscal first-quarter earnings and revenue that exceeded analysts’ estimates. The retailer also raised its fiscal-year profit outlook. The stock rose 0.6%.
Alibaba
(BABA) beat estimates for quarterly earnings and the Chinese tech giant said it would spin off its highly prized cloud computing division. American depositary receipts of
Alibaba
were down 4.6%.
Take-Two Interactive
(TTWO), the videogame developer, was rising 12% after posting adjusted earnings that missed estimates but revenue that beat, and signaling that key game releases would drive stronger growth in years to come. “We’ve been working on the most robust pipeline of titles in the company’s history,” CEO Strauss Zelnick told Barron’s. “And we expect that to come to fruition meaningfully, beginning in fiscal 2024, with some great titles, but really accelerating in fiscal 2025 and 2026.”
Netflix
(NFLX) shares rose 9.4% as analysts grew more optimistic about the streaming company’s ad-plan strategy.
Netflix
said its ad-supported tier has close to 5 million monthly active users six months after its launch.
Cisco Systems
(CSCO) reported quarterly earnings that beat analysts’ estimates but the networking giant’s orders in its fiscal third quarter fell 23%. The stock was down 0.4%.
Bath & Body Works
(BBWI) was rising 8.8% after adjusted first-quarter earnings topped analysts’ estimates and the specialty retailer raised its outlook for adjusted fiscal-year earnings.
Synopsys
(SNPS) jumped 8.5% after fiscal second-quarter earnings and revenue at the software company topped Wall Street forecasts.
Boot Barn Holdings
(BOOT), a Barron’s stock pick from March, was falling 12% after the footwear and apparel retailer reported lower-than-expected fiscal fourth-quarter revenue. Same-store sales, down 5.5%, also fell more than Wall Street anticipated.
Micron Technology
(MU) confirmed Thursday an agreement to begin developing advanced memory chips in Japan. Micron said it expects to invest up to 500 billion yen ($3.6 billion) in 1-gamma process technology over the next few years, “with close support from the Japanese government.” The stock gained 4.3%.
Snowflake
(SNOW) was rising 4.6% after The Information, citing people with knowledge of the discussions, reported that the cloud-based data warehousing company has been in advanced talks to acquire Neeva, a search startup founded by former top Google ad tech executive Sridhar Ramaswamy.
Read the full article here
