Stocks fell on Wednesday as traders looked ahead to key inflation data.
These stocks were making moves Wednesday:
Beyond Meat
surged 31% after fourth-quarter revenue fell 7.8% from a year earlier to $73.7 million but beat Wall Street forecasts of $66.7 million, and the plant-based meat maker said it was taking steps this year “to steeply reduce operating expense and cash use; pricing actions and the right-sizing of our production footprint, both in support of margin expansion.”
Shares of
eBay
rose 7.8% after the online marketplace company reported fourth-quarter earnings that beat analysts’ estimates, boosted its quarterly dividend, and said it would be buying back an additional $2 billion of stock. The company said it expects fiscal first-quarter revenue of $2.5 billion to $2.54 billion versus analysts’ expectations of $2.53 billion.
Boston Beer
fell 16% after the brewer of Samuel Adams beer said it expects earnings this year of $7 to $11 a share, below analysts’ forecasts of $11.33. The company also announced CEO and President Dave Burwick would be retiring on April 1.
UnitedHealth
dropped nearly 3% following a report from The Wall Street Journal that said the Justice Department had launched an antitrust investigation into the health insurance giant.
Axon Enterprise
jumped 14%. The taser maker’s fourth-quarter earnings topped Wall Street estimates and the company issued a strong forecast for the fiscal year.
Progyny
fell 15% after the fertility-solutions company issued a disappointing revenue outlook. The company expects first-quarter revenue of $285 million to $292 million, while analysts had expected $312.3 million.
Urban Outfitters
declined 13% after the retailer reported fourth-quarter adjusted earnings and revenue that missed analysts’ estimates. The company said it expects first-quarter same-store sales at its namesake
Urban Outfitters
chain to be comparable with the fourth quarter when they declined 13.6%.
Lemonade
dropped 28% after the insurance company said it planned to “roughly double” its growth budget in 2024 from the $55 million spent last year and that the spending and the “resultant growth, should boost our bottom line a couple of years hence, but it will weigh on our bottom line in the coming quarters.”
Bumble
fell 15% after the online-dating company said it would be cutting 350 employees, or 37% of its workforce, as part of a restructuring plan.
First Solar
‘s fourth-quarter earnings beat estimates but revenue of $1.2 billion missed estimates of $1.3 billion. The stock rose 2.9% after the solar-power company said it expected net sales in 2024 of between $4.4 billion and $4.6 billion, and earnings of $13 to $14 a share. Analysts have been predicting sales of $4.56 billion and profit of $13.26 a share.
Agilent Technologies
reported first-quarter adjusted earnings of $1.29 a share, beating Wall Street estimates of $1.22. Sales at the laboratory supplies and services company fell 5.6% to $1.66 billion, but beat expectations of $1.59 billion. Agilent said it anticipates second-quarter adjusted profit of $1.17 to $1.20 a share, below forecasts of $1.26. The stock rose 3.4%.
U.S.-listed shares of
Baidu
fell 8.1% after fourth-quarter revenue at the Chinese search-engine giant rose nearly 6% but missed estimates.
Advance Auto Parts
reported a fourth-quarter loss, swinging from a year-earlier profit, but shares of the auto parts retailer rose 2.6% after the company said it expects earnings this year of $3.75 to $4.25 a share, higher than analysts’ expectations of $3.65.
Earnings reports from
Salesforce,
HP Inc.,
Snowflake,
C3.ai,
Monster Beverage,
Nutanix,
Okta,
Paramount Global,
Pure Storage,
and
Marathon Digital
were slated after the closing bell.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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