Stocks closed higher Friday as the White House and House Republicans drew closer to reaching an agreement on raising the U.S. debt ceiling.
These stocks made moves Friday:
Marvell Technology
(MRVL) surged 32% after the semiconductor company issued a solid growth outlook, with CEO Matt Murphy saying that while the company was “still in the early stages” of its artificial intelligence ramp, “we are forecasting our AI revenue in fiscal 2024 to at least double from the prior year and continue to grow rapidly in the coming years.”
Nvidia
(NVDA) rose 2.5%. Earlier this week, the chip maker issued a fiscal second-quarter revenue forecast that smashed analysts’ estimates on the back of surging demand for its chips that enable artificial intelligence applications. Nvidia gained almost $184 billion in market cap on Thursday, according to Dow Jones Market Data, marking the third-largest one-day market-cap gain on record for any U.S. company.
Workday
(WDAY) rose 10% after first-quarter adjusted earnings topped Wall Street forecasts and subscription revenue rose 20%. The company said it expects second-quarter subscription revenue of $1.611 billion to $1.613 billion, up 18% from a year earlier. Workday also named a new chief financial officer.
Ford
(F) gained 6.2% after it was announced the auto maker’s electric-vehicle owners would have access to
Tesla
‘s (TSLA) supercharger network.
Costco Wholesale (COST) reported fiscal third-quarter earnings and sales that missed expectations. Same-store sales rose 0.3%, below Wall Street estimates that called for growth of 2.8%. The stock, however, was up 4.3%.
Gap
(GPS) earned 1 cent a share on an adjusted basis in its fiscal first quarter, surprising Wall Street, which expected the retailer to report a loss of 16 cents. The stock closed up 12%.
Ulta Beauty
(ULTA) fell 13% after the beauty retailer reported fiscal first-quarter profit that slightly missed estimates. The company raised its fiscal-year sales forecast but guided for a lower operating margin of 14.5% to 14.8%, down from a previous outlook of up to 15%. It was the worst performer in the
S&P 500
on Friday.
American depositary receipts of
PDD Holdings
(PDD), the mobile marketplace company formerly known as Pinduoduo, jumped 19% after fiscal first-quarter earnings and revenue topped estimates.
Big Lots
(BIG) declined 13% after the retailer’s adjusted loss in its fiscal first quarter was much wider than analysts’ estimates and same-store sales in the period dropped 18%.
Big Lots
also said it would suspend its dividend.
Paramount Global
(PARA) rose 5.9% after the entertainment company’s controlling shareholder, Shari Redstone’s National Amusements, secured a $125 million investment from merchant bank BDT & MSD Partners.
Read the full article here
