Stocks were mostly down Friday with tech stocks leading Wall Street lower as rising Treasury yields remained a pain point.
These stocks were making moves Friday:
Keysight Technologies (ticker: KEYS), the test equipment manufacturer, issued a weaker-than-expected fiscal fourth-quarter outlook and the stock was falling 15%. It was the leading decliner in the
S&P 500.
Keysight forecast earnings of $1.83 to $1.89 a share on revenue between $1.29 billion and $1.31 billion. Analysts were expecting profit of $2 a share on revenue of $1.39 billion.
Farfetch
(FTCH) slumped 42% after the luxury fashion company’s second-quarter sales of $572 million missed analysts’ expectations of $649 million.
Hawaiian Electric Industries
(HE) was rising 12% after the utility provider accused of playing a role in starting devastating wildfires in Maui, Hawaii, said it was seeking advice but intends to endure as a financially strong company.
Bloomin’ Brands
(BLMN), which operates Outback Steakhouse, was rising 6.9%. Starboard Value confirmed a report that it has built a 9.9% stake in the company.
XPeng
(XPEV) reported a second-quarter loss that was wider than a year earlier. U.S.-listed shares of the Chinese electric-vehicle maker were down 6.1% despite solid guidance, weighed down by slumping Chinese markets. Fellow EV maker
Tesla
(TSLA) was down 2%.
Ross Stores
(ROST), the discount retailer, posted better-than-expected second-quarter earnings and raised guidance. The stock was up 5.3% and was the leading performer in the S&P 500.
Deere
(DE) reported fiscal third-quarter earnings that topped analysts’ estimates. Guidance for the full year from the farm equipment maker also topped Wall Street expectations. Shares, however, fell 5%.
Fiscal third-quarter earnings at
Applied Materials
(AMAT) topped Wall Street expectations as did its fourth-quarter outlook, sending shares of the maker of semiconductor-manufacturing equipment up 3.1%. “Over the past several years, we have focused our strategy and investments on key technologies to accelerate the Internet of Things and AI era, enabling us to consistently deliver strong results in 2023 and positioning
Applied Materials
for sustainable outperformance,” said CEO Gary Dickerson in a statement.
American depositary receipts of
Alibaba
(BABA) fell 2.9% and
JD.com
(JD) declined 5.4% as China’s central bank bolstered its defense of the yuan as fears over the health of the world’s second-largest economy continued to mount.
Estee Lauder
(EL) fell 2.8% after the cosmetics company’s earnings forecast for fiscal 2024 was below analysts’ expectations.
Write to Joe Woelfel at [email protected]
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