Stocks rose Wednesday after the Federal Reserve left interest rates unchanged at a target range between 5.25%-5.5%.
These stocks made moves Wednesday:
Advanced Micro Devices
(AMD) reported third-quarter adjusted earnings of 70 cents a share, beating analysts’ estimates by 2 cents, but the chip maker’s revenue forecast for the fourth quarter was shy of expectations. AMD said it expects revenue in the period of “approximately $6.1 billion, plus or minus $300 million,” while Wall Street was estimating revenue of $6.4 billion. CEO Lisa Su said AMD expects data-center GPU products to generate about $400 million of revenue in the fourth quarter and surpass $2 billion in 2024. AMD shares rose 9.7%.
Shares of
Paycom Software
(PAYC) plunged 38% after the provider of cloud-based human capital management software said it expects fourth-quarter revenue of $420 million to $425 million, below analysts’ estimates of $452 million. Paycom also forecast adjusted earnings before interest, taxes, depreciation and amortization of $169 million to $174 million versus expectations of $189 million.
CVS Health
(CVS) reported third-quarter earnings and revenue that topped analysts’ estimates but the healthcare company reduced its full-year guidance for the third consecutive quarter. The stock declined 0.4%.
Estee Lauder
(EL) fell 19% after the beauty products company issued a fiscal second-quarter outlook that was well off Wall Street expectations. The company said it expects adjusted earnings in the period of 48 cents to 58 cents a share, below expectations of $1.21.
Generac
(GNRC) rose 14% after third-quarter earnings and revenue at the generator maker beat analysts’ estimates.
Wayfair
(W) closed up 4.2% after declining earlier in the session. The online furniture retailer reported third-quarter sales that missed expectations and a decline in customers.
SunPower
(SPWR) sank 5.6% after the solar power company cut its 2023 outlook on weakening demand.
DuPont
(DD) fell 8.1% after third-quarter sales missed analysts’ estimates and the chemicals company issued full-year guidance below consensus forecasts.
Match Group
(MTCH), the parent company of online dating platforms Tinder, Hinge, and OkCupid, fell 15% after saying it anticipates fourth-quarter revenue of $855 million to $865 million, below analysts’ estimates of $894.2 million. Match also said it expected revenue growth for the full year at the low end of its guidance range.
WeWork
(WE) dropped 47% after The Wall Street Journal reported that the flexible-office-space provider was planning to file for bankruptcy as early as next week. The Journal cited people familiar with the matter.
Yum China
(YUMC) tumbled 15% after the owner of Pizza Hut, KFC, and other fast-food brands in China reported third-quarter earnings that came up short of estimates and said it had “observed softening consumer demand.”
Humana
(HUM) fell 6.6% after the health insurance company said it was revising its GAAP earnings guidance for the fiscal year ending in December to “at least $26.31″ from “at least $26.91,” and affirmed its adjusted earnings guidance of at least $28.25 a share.
Write to Joe Woelfel at [email protected]
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