Stocks traded slightly higher Friday following three days of losses for the
S&P 500
and four down days for the tech-heavy
Nasdaq Composite.
as investors question whether the Federal Reserve will keep interest rates higher for longer as the U.S. economy remains hot.
These stocks were making moves Friday:
Kroger
(ticker: KR) stock was rising 3.6% after the grocer said it recorded a $1.4 billion charge in its second quarter to settle a majority of opioid claims brought against the company. It also posted better-than-expected adjusted earnings for its fiscal second quarter but sales that missed.
Apple
(AAPL) rose 1% following two days of losses for the iPhone maker after China banned the use of the device for central government officials at work.
Apple
is expected to launch the iPhone 15 next Tuesday.
Adobe
(ADBE) rose 0.6% to $564.28 after shares of the software company were upgraded to Buy from Neutral at
Mizuho,
and the price target was boosted to $630 from $520.
Adobe
reports quarterly earnings on Sept. 14.
Smartsheet
(SMAR) was rising 13% after the cloud work-management platform reported second-quarter adjusted earnings better than estimates and said it expects fiscal-year revenue of between $950 million and $953 million, higher than analysts’ estimates of $946 million.
RH
(RH), the luxury furniture retailer once known as
Restoration Hardware,
posted better-than-expected second-quarter earnings and revenue, but CEO Gary Friedman said RH expects the luxury housing market and broader economy to “remain challenging throughout fiscal 2023 and into next year as mortgage rates continue to trend at 20-year highs and the current outlook is for rates to remain unchanged until the second quarter of 2024.” The stock tumbled 10%.
DocuSign
(DOCU) posted second-quarter adjusted earnings of 72 cents a share, higher than Wall Street expectations, and the e-signature company raised its revenue forecast for the fiscal year, saying it now expects revenue of between $2.73 billion and $2.74 billion. The stock was down 4.6%.
Planet Labs
(PL) said it expects fiscal-year revenue of $216 million to $223 million, down from its prior range of $225 million to $235 million. Shares of the satellite imagery provider fell 16%.
DigitalOcean
(DOCN), which provides cloud-computing services to small businesses, fell 1.9% to $26.08 after
BofA
analysts lowered their rating to Underperform from Buy and slashed their price target to $25 from $47.
Snowflake
(SNOW) shares were rising 3.9% to $166 after the cloud-based data warehousing company was initiated with a Buy rating and $200 price target at DA Davidson.
Gilead Sciences
(GILD) rose 3.4% after the biotech company was upgraded to Buy from Neutral at BofA.
First Solar
(FSLR) gained 3% to $185.57 after the stock was upgraded to Buy from Hold at
Deutsche Bank,
and the price target was raised to $235 from $220 following the company’s analyst day.
Write to Joe Woelfel at [email protected]
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