Stocks posted sharp gains Monday after declines last week dropped the
S&P 500
into correction territory. Oil prices slid.
Wall Street has a lot to contend with this week: a decision on interest rates from the Federal Reserve, the monthly U.S. jobs report, and more corporate earnings, with
Apple
‘s quarterly numbers the highlight.
These stocks were making moves Monday:
Western Digital
(WDC) rose 7.3% after the data-storage company said it intends to split its disk-drive and flash memory businesses into two independent companies.
SoFi Technologies
(SOFI) rose 1% after jumping as much as 14% earlier the session. The fintech company reported third-quarter adjusted revenue of $531 million, higher than analysts’ estimates, and raised its revenue outlook for 2023.
Fast-food chain
McDonald’s
(MCD) reported third-quarter earnings and revenue better than Wall Street expectations. Same-store sales in the U.S. rose 8.1%, higher than expectations of an increase of 7.5%. The stock was up 1.7%.
ON Semiconductor
(ON) posted third-quarter earnings and revenue that were better than Wall Street estimates, but provided fourth-quarter guidance below expectations. The stock fell 22%.
Lumentum
(LITE) said it would be acquiring Cloud Light in a transaction with a value of about $750 million. The acquisition,
Lumentum
said, is expected to accelerate the company’s “push into the fastest growing segments of the multibillion-dollar opportunity for optical modules used in cloud computing data center infrastructure.” Lumentum shares rose 10.3%.
Revvity
(RVTY), the health sciences company, missed third-quarter earnings expectations and cut its full-year outlook. The stock fell 16%.
AbbVie
(ABBV) rose 2.2% to $141.92 after analysts at Barclays upgraded shares of the biopharmaceutical company to Overweight from Equal Weight and raised their target to $170 from $160.
AbbVie
declined 4% on Friday after reporting quarterly earnings that beat analysts’ estimates.
Realty Income
(O) declined 5.7% after reaching an agreement to acquire
Spirit Realty Capital
(SRC) in a deal that values the Dallas-based real estate investment company at $9.3 billion. Spirit Realty was up 7.9%.
Earnings reports are also expected Monday from
Arista Networks
(ANET),
Pinterest
(PINS), and
VF Corp.
(VFC).
Reports are expected later in the week from
Apple
(AAPL),
Eli Lilly
(LLY),
Pfizer
(PFE), Advanced Micro Devices (AMD),
Amgen
(AMGN),
Caterpillar
(CAT), Qualcomm (QCOM),
CVS Health
(CVS),
Moderna
(MRNA),
Airbnb
(ABNB),
PayPal
(PYPL),
ConocoPhillips
(COP),
Starbucks
(SBUX),
Anheuser-Busch InBev
(BUD), and
Electronic Arts
(EA),
Write to Joe Woelfel at [email protected]
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