U.S. stocks closed higher Friday amid mixed moves from some of the biggest tech companies, including Amazon, Intel, and Snap, which all disclosed financial results.
In economic news, the core personal-consumption expenditures price index came in higher than expected, suggesting the Federal Reserve has more work to do to rein in inflation.
These stocks made the most moves on Friday:
First Republic Bank
(ticker: FRC) fell 43% to $3.51 Friday following its 8.8% gain Thursday. Reuters reported that government officials, including from the Federal Reserve and Federal Deposit Insurance Corporation, were coordinating meetings to provide a lifeline to the bank. Further pressuring the stock, several of its top financial advisors are leaving.
Cloudflare
(NET), the internet infrastructure company, declined 21% after revising its full-year sales guidance down.
First Solar
(FSLR) fell 9.1% after first-quarter earnings weren’t as strong as expected.
Pinterest
(PINS) sank 16% after disappointing investors with a financial forecast, and
Gilead Sciences
(GILD) dropped 1.6% after its profit missed Street expectations.
Snap
(SNAP), the parent company of social media platform
Snapchat,
fell 17% after first-quarter sales fell 7% to $988.6 million and missed Wall Street forecasts. “We are working to accelerate our revenue growth and we are using this opportunity to make significant improvements to our advertising platform to help drive increased return on investment for our advertising partners,” CEO Evan Spiegel said in a statement.
Charter Communications
(CHTR) gained 7.6% even after the cable company missed on earnings for its first quarter.
Skechers
(SKX) rose 6.8% a day after the footwear company posted better-than-expected earnings for its first quarter. Several Wall Street firms raised their price targets on the stock on Friday.
Chip maker
Intel
(INTC) posted a narrower-than-expected first-quarter loss Thursday. Revenue fell from a year earlier but beat analysts’ expectations. The company’s outlook called for second-quarter revenue of $11.5 billion to $12.5 billion, a range whose midpoint is above the consensus forecast for $11.74 billion. The stock was up 4%. Analysts at Benchmark upgraded the shares to Buy from Hold.
Mondelez International
(MDLZ) shares rose 3.9% a day after the maker of Oreo cookies posted better-than-expected adjusted earnings for its first quarter. The stock received a flurry of price-target increases from Wall Street firms on Friday.
Colgate-Palmolive
(CL) shares rose 2.4% after the consumer products company’s first-quarter earnings beat expectations. It raised its forecast for net sales growth for the year.
Amazon.com
(AMZN), the online retailing and tech giant, reported first-quarter earnings that easily surpassed Wall Street estimates. The stock fell 4% in response to downbeat news about revenue for Amazon Web Services, disclosed on a call to discuss the results. Profit in the period was $3.17 billion, the highest since 2021.
Shares of T-Mobile (TMUS) fell 4% despite the telecommunications company boosting expectations for subscriber growth in 2023.
T-Mobile
said it anticipates postpaid net customer additions of between 5.3 million and 5.7 million this year, up from its prior guidance of 5 million to 5.5 million.
Newell Brands
(NWL) shares rose 2.3% even after the owner of Rubbermaid, Sharpie, Paper Mate, and Graco brands posted a wider-than-expected loss for its first quarter.
Exxon Mobil
(XOM) and
Chevron
(CVX) both reported better-than-expected first-quarter earnings. Shares of Exxon rose 1.3% Friday, and
Chevron
stock gained 0.1%.
Write to Joe Woelfel at [email protected] and Rupert Steiner at [email protected]
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