Stocks gained Thursday after equities tumbled earlier in the week following comments from Federal Reserve Chairman Jerome Powell that an interest-rate cut in March was unlikely.
These stocks made moves Thursday:
Qualcomm,
the mobile device chip maker, reported fiscal first-quarter earnings and revenue that were better than expected and provided an optimistic vision for artificial-intelligence features on phones this year. For the fiscal second quarter, Qualcomm said it expects revenue of $8.9 billion to $9.7 billion. At the midpoint, the company’s revenue forecast roughly was in line with analysts’ estimates of $9.3 billion. The stock fell 5%.
Peloton Interactive’s
revenue forecast for the fiscal third quarter missed analysts’ estimates and the at-home fitness company said it would fall short of its goal for full-year cash flow. The stock closed down 24% to $4.21.
Corteva
rose 19% after the agriculture company posted fourth-quarter adjusted earnings that beat estimates and forecast sales in 2024 of $17.4 billion to $17.7 billion, which at the midpoint would be growth of 2% from a year earlier.
Nextracker
reported fiscal third-quarter adjusted earnings and sales that topped Wall Street estimates and the solar company raised guidance for the fiscal year. The stock jumped 25%.
Etsy
was up 9.1% after the online marketplace appointed Marc Steinberg, a partner at activist investor Elliott Investment Management, to its board. Elliott has accumulated a 13% economic interest in
Etsy
in the form of stock and options, which makes the firm the company’s largest holders, Barron’s reported, citing a person familiar with the situation.
MaxLinear
fell 11% after the integrated circuits provider issued a revenue forecast for the first quarter that missed analysts’ expectations.
Norfolk Southern
rose 9.1% after The Wall Street Journal reported an investor group led by Ancora Holdings has built a roughly $1 billion stake and nominated a majority slate of directors to the railroad operator’s board in a bid to oust Chief Executive Alan Shaw.
Merck
rose 4.6% after the drugmaker posted fourth-quarter adjusted earnings of 3 cents a share, down from $1.62 a year earlier but better than analysts’ estimates that called for a loss of 11 cents a share. Revenue of $14.63 also topped estimates.
Wolfspeed
fell 14% after the semiconductor maker issued weak revenue guidance for the fiscal third quarter.
Write to Joe Woelfel at [email protected]
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