Workers load packages into Amazon Rivian Electric trucks at an Amazon facility in Poway, California on November 16, 2022.
Sandy Huffaker | Reuters
Find out which companies are making headlines in the midday business.
Amazon – The e-commerce giant’s stock fell 4% despite falling revenue. Late Thursday, Amazon released a weaker-than-expected forecast for the current period. The company also reported slowing growth in its cloud business.
Alphabet — The tech giant saw its shares fall 1% following its disappointing earnings report. Alphabet’s earnings per share of $1.05 beat Refinitiv analysts’ consensus estimate of $1.18 per share. The company’s revenue of $76.05 billion also fell below the expected $76.53. Despite the tough earnings report, Bank of America reiterated the action as a buy, saying it expects results in 2023 to be more encouraging.
Apple – The iPhone maker’s stock gained 3% after analysts said they could overlook the company’s tough quarter. Apple missed earnings and revenue estimates for its latest quarterly printout. The company posted its biggest quarterly revenue decline since 2016 as it fended off a strong dollar, production issues in China and a difficult macroeconomic situation.
Nordström – The retailer jumped 20% after the Wall Street Journal reported that activist investor Ryan Cohen is building a stake and will push for board changes, citing people familiar with the matter .
Clorox – Clorox shares rose 7% after the cleaning products company posted a beat in profits. The company made $0.98 per adjusted share on revenue of $1.72 billion as Wall Street expected adjusted earnings per share of $0.65 and $1.66 billion in revenue, per Refinitiv.
Starbucks – Shares of the coffee chain fell more than 3% after the company missed Wall Street expectations for quarterly revenue and reported a hit in international sales following the Covid outbreak in China. China is the company’s second largest market.
Ford – Ford Motor lost 6% after fourth-quarter profits lagged both Wall Street and its own forecast. Deutsche Bank also downgraded the automaker’s shares to a sell rating, citing the fourth quarter failure and doubt over Ford’s 2023 revenue forecast.
Bill.com – Shares fell 26% as market performance deteriorated as BMO Capital Markets outperformed it as it expressed concern about a deceleration in its core business. The online bill payment company beat analysts’ expectations for revenue and earnings in its second fiscal quarter, according to FactSet.
Reached – Shares of lending platform AI fell 1.9% after Loop downgraded the stock to keep it long. The shares have gained almost 80% since the start of the year. The Wall Street firm said the rally was driven by a short squeeze. which may not be sustainable.
Generac — The backup battery company fell 4% after Guggenheim downgraded the stock to neutral from long. The company said the stock was fairly priced after its recent rally.
– CNBC’s Samantha Subin, Hakyung Kim, Tanaya Macheel, Carmen Reinicke and Yun Li contributed reporting
