Stocks traded mostly higher Friday following sharp gains in the previous session that were sparked by an all-time high for shares of
Nvidia.
The
Nasdaq Composite
fell Friday, but earlier in the session had been on pace to close at a record.
These stocks made moves Friday:
Nvidia
rose 0.4% after shares of the chip maker surged 16% on Thursday following blowout quarterly earnings. The company’s market capitalization topped $2 trillion at one point Friday. Nvidia has risen 238% over the past 12 months. Nvidia on Thursday added $277 billion to its market value, the biggest one-day increase ever by any U.S. company.
Shares of
Carvana
rallied 32% after the e-commerce platform for buying and selling used cars posted a fourth-quarter loss that narrowed from a year earlier and said it expects retail units sold in the first quarter to rise slightly from a year earlier.
Carvana
also said it expects adjusted earnings before interest, taxes, depreciation and amortization “significantly above” $100 million.
Block
gained 16% after the parent of payment app Square reported fourth-quarter revenue of $5.77 billion, beating analysts’ estimates of $5.7 billion. Gross profit in the quarter rose 22% to $2.03 billion and beat estimates of $1.97 billion. The company earned 2 cents a share in the quarter, compared with a year-earlier loss of 93 cents. Block said it expects first-quarter gross profit $2 billion to $2.02 billion.
Booking Holdings
posted adjusted earnings in the fourth quarter of $32 a share, topping forecasts of $29.68, as revenue surged 18% to $4.78 billion. Gross travel bookings in the period rose 16% to $31.7 billion, ahead of expectations of $31.1 billion. The stock tumbled 10%, however, after the company’s unadjusted profit in the quarter fell to $222 million, or $6.28 a share, from $1.24 billion, or $31.92 a share, a year earlier. Booking said it recorded losses in the period related to a Netherlands pension fund matter and a draft decision by the Spanish competition authority.
Intuitive Machines
rose 16% after the company’s Odysseus spacecraft became the first privately funded lander to successfully reach the moon. The Odysseus lander is the first U.S.-made spacecraft to touch down on the moon since 1972.
Warner Bros. Discovery
declined 9.9%. The media company’s fourth-quarter subscriber count beat Wall Street estimates while its loss in the period was wider than analysts’ forecasts and revenue came up short.
Rivian Automotive
fell 12% after dropping 26% on Thursday following the electric-vehicle maker’s expectation that it would produce 57,000 units in 2024, below estimates of closer to 66,000. On Friday, UBS analyst Joe Spak downgraded the stock to Sell from Buy, saying the firm “had been optimistic on Rivian’s product and brand ultimately winning out” but a “rapidly changing EV backdrop causes us to reassess.”
Nextdoor Holdings
surged 17% after the local social-networking site said co-founder Nirav Tolia was taking over from the current CEO, boosted its stock repurchase plan, and pre-announced better-than-expected fourth-quarter revenue.
Insulet
declined 6.6% after the medical-device company said it anticipates first-quarter revenue growth of 17% to 20%, below analysts’ forecasts.
Live Nation
said fourth-quarter revenue rose 36% to $5.84 billion, with revenue from concerts jumping 44%. The world’s largest concert promoter said concert-ticket sales this year were “pacing up 6%” with arena and amphitheater sales up double-digits. Shares rose 1.9%.
Write to Joe Woelfel at [email protected]
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