Stocks rose Friday—even 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 made moves Friday:
Affirm
(ticker: AFRM) rose 30% 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 6.6%.
Domo
(DOMO) shares sank 36% to $10.94 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 22% after the sporting goods company posted better-than-expected second-quarter earnings.
Hawaiian Electric
(HE) tumbled 19% after the firm suspended 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.
AMC Entertainment
(AMC) finished down 14% 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 debt. AMC concluded a 10-for-1 reverse stock split before trading opened Thursday.
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 7.7%.
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 7.2%.
Ulta Beauty
(ULTA) stock fell 3.7% after the firm’s latest quarterly results weren’t enough to push shares higher. It was the worst performer in the
S&P 500.
Warner Bros.
(WBD) dropped 3.4% after The Wall Street Journal reported the media and entertainment giant delayed the release of three big-budget films.
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 5.4%.
Write to Joe Woelfel at [email protected]
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