Stocks rose Friday, following earnings from Apple and a stronger-than-expected April jobs report.
Apple
(ticker: AAPL) closed up 4.7% after the iPhone maker reported fiscal second-quarter earnings and sales that beat analysts’ estimates. Most of the revenue beat was from stronger-than-expected sales of iPhones, which generated revenue of $51.3 billion in the quarter, up 1.5% from a year earlier. Wall Street expected quarterly iPhone sales of $48.7 billion.
Carvana (CVNA) reported a first-quarter loss that narrowed from a year earlier as the company said its cost-cutting campaign will put it in the black, excluding some expenses, for the current second quarter. The stock soared 24%.
Regional bank shares were climbing after sinking Thursday.
PacWest
(PACW) gained 82%, while
Western Alliance
(WAL) rose 49%,
Comerica
(CMA) jumped 17%,
Zions Bancorp
(ZION) was up 19%,
KeyCorp
(KEY) rose 10%, and
First Horizon
(FHN) jumped 8.8%.
A variety of other stocks were on the move.
Redfin
(RDFN) rose 33% a day after the brokerage and real estate listings company posted a narrower-than-expected loss for its first quarter. On Friday, it was upgraded to Neutral from Sell by analysts at Compass Point.
Lyft (LYFT) was down 19% after the ride-share company issued a second-quarter revenue forecast that was shy of analysts’ expectations. The company’s forecast for adjusted Ebitda of $20 million to $30 million also missed estimates.
Coinbase
(COIN) stock was up 18%, a day after the cryptocurrency broker posted a first-quarter loss that was much narrower than expected. Coinbase’s performance received a significant boost from
Bitcoin,
which has rallied in 2023, encouraging trading of the currency.
Bill Holdings
(BILL) gained 18% after the bill-payment automation company received price-target raises from Wall Street firms. On Thursday, the company posted better-than-expected adjusted earnings for its third quarter.
First-quarter revenue at
DraftKings
(DKNG) easily topped Wall Street forecasts, and shares of the sports-gambling company were up 15%.
Live Nation Entertainment
(LYV) gained 15% to $77.16 a day after the entertainment company posted a narrower-than-expected loss for its first quarter. On Friday, Benchmark analysts raised their price target on the stock to $110 from $105.
NCR
(NCR) gained 16% a day after the provider of ATMs and point-of-sale systems posted better-than-expected earnings for its first quarter.
Atlassian
(TEAM) shed 9.5%. Analysts at Goldman Sachs downgraded shares to Neutral from Buy and other Wall Street firms slashed their price targets. On Thursday, the provider of software development and project management tools delivered soft guidance for its fourth quarter.
Dropbox
(DBX) gained 8.6% after the online document storage company posted better-than-expected earnings for its first quarter.
American depositary receipts of
Adidas
(ADDYY) gained 8.3%. The sportswear company posted first-quarter results that surpassed analysts’ expectations.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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