Midday movers: Meta Platforms and Amazon surge
(Updated - February 2, 2024 11:29 AM EST)
Investing.com -- Main U.S. indexes were mixed Friday as investors balanced earnings from mega-cap tech companies, including strong reports from Amazon (NASDAQ:AMZN) and Meta, against positive employment data and reduced chances the Fed will begin cutting rates in March or May. The Nasdaq and S&P 500 moved higher but the Dow declined.
Here are some of the biggest U.S. stock movers today:
Meta Platforms (NASDAQ:META) stock soared 20% after the Facebook owner posted a tripling of profit from a year earlier, resulting in the tech giant paying a dividend for the first time as well as an additional $50 billion in share buybacks.
Amazon (AMZN) stock rose 7% after the online retailing giant swung back to a full-year profit of more than $30 billion, announcing $170 billion in quarterly sales.
Exxon Mobil (NYSE:XOM) stock rose 0.8% after the energy giant reported better-than-expected fourth-quarter adjusted profit, and announced a 4.4% increase in its dividend.
Apple (NASDAQ:AAPL) stock fell 0.3% after the iPhone manufacturer reported a drop in sales of this key product in China amid rising competition.
Chevron (NYSE:CVX) stock rose 2.9% after the oil major beat fourth-quarter expectations, and announced an 8% increase in its quarterly dividend.
Cigna (NYSE:CI) stock rose 6% after the health insurer raised its 2024 profit forecast after lower-than-expected medical costs and strong demand in its pharmacy benefit management unit helped it beat fourth-quarter profit estimates.
Tesla (NASDAQ:TSLA) stock fell 3.2% after the electric vehicle manufacturer said it is recalling 2.2 million vehicles, or nearly all of its electric vehicles in the United States, due to incorrect font sizes on warning lights, which increases the risk of a crash.
Bristol-Myers Squibb (NYSE:BMY) stock rose 0.7% after the drugmaker posted better-than-expected results for the fourth quarter as sales of its new anemia drug Reblozyl and its patent blood cancer drug Revlimid outperformed forecasts.
Clorox (NYSE:CLX) stock rose 6% after it reported quarterly results that trounced estimates, a clear sign of recovery after a cyber-attack impacted operations. Analysts expect more positive surprises from the cleaning products company moving forward.
Deckers Brands (DECK) stock rose 15% after it beat estimates on the top and bottom line and issued a strong forecast. Management said HOKA and UGG brands drove exceptional performance. Analysts expect continued momentum.
Skechers USA (NYSE:SKX) stock declined 7% after it reported fourth quarter results and issued guidance for the first quarter and full year that was well below consensus estimates. Analysts called the footwear company’s performance a disappointment.
Atlassian (NASDAQ:TEAM) declined 13% despite reporting solid results for quarter. Analysts were disappointed by cloud metrics.
Charter Communications (NASDAQ:CHTR) declined 13% after reporting worse than expected results and a decline in broadband users. The size of the decline in users was a surprise.
The Hartford (HIG) climbed 4.8% after beating fourth quarter consensus estimates on the top and bottom line. The beat was broad-based, with strength in most areas of its business.
Edwards Lifesciences (NYSE:EW) climbed 7% after it announced that its EVOQUE tricuspid valve replacement system was the first transcatheter therapy to receive U.S. Food and Drug Administration approval for the treatment of tricuspid regurgitation. Shortly after it announced the approval, analysts at Wells Fargo upgraded the stock to 'overweight.'
Grainger (GWW) climbed 4.3% after it reported better than expected fourth quarter results, with above consensus EPS guidance for 2024.
Additional reporting by Louis Juricic
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