Stocks fell Friday, ending a winning week as lawmakers paused debt ceiling negotiations.
These stocks made moves Friday:
Deere
(ticker: DE) reported fiscal second-quarter earnings of $9.65 a share, topping analysts’ estimates, and said sales in the period jumped 30% to $17.4 billion, which also beat forecasts.
Deere
shares fell 1.9% after trading higher earlier in the session.
Foot Locker
(FL) stock fell 27% after the footwear retailer slashed its fiscal-year earnings outlook following first-quarter earnings and sales that missed analysts’ estimates.
Morgan Stanley
(MS) CEO James Gorman said Friday at the investment bank’s annual meeting that he will be stepping down within the next 12 months and that the board has “identified three very strong senior internal candidates for consideration as the next CEO.” The stock fell 2.7%.
Catalent
(CTLT) disclosed Friday that it needs more time to report its quarterly results. However, the contract drug manufacturer told investors on a conference call that its customer supply situation remains healthy, and that it continues to win significant new business. The stock was the leading gainer on the
S&P 500
Friday and rose 16%.
Applied Materials
(AMAT) reported fiscal second-quarter earnings that beat Wall Street’s expectations, but the outlook from the semiconductor-manufacturing equipment maker failed to excite investors and the stock was down 2.3%.
Applied Materials
said the major consumer electronic markets, including PCs and smartphones, have remained weak.
Farfetch
(FTCH) surged 15% after the luxury fashion company reported a narrower-than-expected first-quarter loss and sales rose 8% to $556.4 million, higher than analysts’ forecasts.
American depositary receipts of
Alibaba
(BABA) fell 2.1%, extending losses from the previous session when the ADRs declined more than 5% after the Chinese e-commerce giant said it would spin off its prized cloud division. Revenue in the cloud division disappointed in the fiscal fourth quarter, falling 2% year over year to $2.71 billion, shy of analysts’ expectations.
Occidental Petroleum
(OXY) rose 1.5%.
Berkshire Hathaway
(BRK.A) bought about 3.5 million shares of Occidental at a price of $58 on Tuesday, Wednesday, and Thursday, raising its interest to 217.3 million shares, or 24.4% of the company, according to filing released late Thursday.
First-quarter sales of $4.49 billion at
Ross Stores
(ROST) rose from a year earlier but the off-price retailer said same-store sales for the second quarter and fiscal year would be flat from the year-earlier periods. Ross shares declined 0.6%.
Walt Disney
(DIS) shares fell 2.6% after the entertainment giant said it was dropping plans to build a sprawling business campus near Orlando. Josh D’Amaro, chairman of Disney parks, experiences, and products, said in a memo to staff that the company no longer plans to build the Lake Nona campus due to “considerable changes that have occurred since the announcement of this project, including new leadership and changing business conditions.”
DXC Technology
(DXC) gained 2.5% even after the IT-services company cut its sales outlook for the fiscal year.
Shares of
Palantir Technologies
(PLTR) fell 0.3%. The stock gained nearly 15% on Thursday after Cathie Wood’s ARK Investment disclosed that several of its funds on Wednesday purchased a total of 1.26 million shares in the analytics software company. ARK purchased another 287,000 Palantir shares on Thursday.
Write to Joe Woelfel at [email protected]
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