Stocks declined Friday after Federal Reserve Chairman Jerome Powell noted in a speech that while inflation has tumbled in recent months it’s not yet at an acceptable level.
These stocks were making moves Friday:
Affirm
(ticker: AFRM) was rising 31% after revenue of $446 million in its fiscal fourth quarter beat analysts’ estimates and the buy-now-pay-later company posted a narrower-than-expected loss. Gross merchandise volume in the period was $5.5 billion, and
Affirm
anticipates GMV of $5.3 billion to $5.5 billion in the first quarter.
Marvell Technology
(MRVL) reported second-quarter adjusted earnings that beat analysts’ forecasts but issued an outlook for the third quarter that was in-line with estimates, disappointing investors and sending shares of the chip maker down 7.1%.
Domo
(DOMO) shares were sinking 42% to $9.80 after the cloud company slashed fiscal-year guidance. Analysts at TD Cowen downgraded the stock to Market Perform from Outperform and lowered their price target to $14 from $20.
Hibbett
(HIBB) rose 20% after the sporting goods company posted better-than-expected second-quarter earnings.
Hawaiian Electric
(HE) was tumbling 16% after suspending its dividend, beginning in the third quarter, “to further increase its cash position.” The company said “taking this action will allow us to continue to allocate cash to rebuilding and restoring power and ensure a strong future for the utility.” Hawaiian Electric has been accused of playing a role in starting the devastating wildfires in Maui.
Second-quarter earnings at
Nordstrom
(JWN), the upscale department-store chain, beat forecasts and the company reaffirmed its forecasts for the fiscal year even as revenue fell to $3.77 billion from $4.09 billion a year earlier. Shares fell 9.5%.
AMC Entertainment
(AMC) was down 6% after sinking 27% in the previous session. The movie-theater chain converted its preferred equity units to common stock on Friday. The “APEs” debuted last year on the New York Stock Exchange as AMC attempted to raise money to pay off debts. AMC concluded a 10-for-1 reverse stock split before trading opened Thursday.
Apparel retailer
Gap
(GPS) reported a sales decline in the second quarter of 8% to $3.55 billion, below Wall Street estimates, while comparable-store sales fell 6%. Adjusted profit in the quarter of 34 cents a share beat forecasts that called for earnings of 9 cents. Gap estimated that third-quarter sales could decrease in the low double-digit range—starker than forecasts for a roughly 7% decline. The stock rose 4.6%.
Ulta Beauty
(ULTA) fell 3.4% even after the cosmetics retailer raised its fiscal-year sales and earnings outlook.
Workday
(WDAY), the provider of enterprise HR and financial software, posted better-than-expected second-quarter adjusted earnings and a 16% jump in revenue to $1.79 billion, which also beat expectations. The company also raised its guidance for fiscal-year subscription revenue growth and the stock gained 3.8%.
Intuit
(INTU) reported fiscal fourth-quarter earnings and revenue that beat analysts’ estimates. The maker of TurboTax software said it expects first-quarter revenue growth of about 10% to 11%, and adjusted earnings of $1.94 to $2 a share versus analysts’ expectations of $2.01. The stock rose 3.2%.
Write to Joe Woelfel at [email protected]
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