Stocks making the biggest moves at noon: AMZN, GOOGL, AAPL
Workers load packages onto Amazon Rivian Electric trucks at an Amazon facility in Poway, California on November 16, 2022.
Sandy Huffaker | Reuters
Check out the companies that make headlines in the afternoon trade.
Amazon – Shares of the e-commerce giant fell 4% despite falling revenue. Late Thursday, Amazon released a weaker-than-expected current period guidance. The company also reported a slowdown in the growth of its cloud business.
Alphabet — The tech giant’s shares fell 1% after a disappointing earnings report. Alphabet’s reported EPS of $1.05 falls short of Refinitiv’s consensus estimate of $1.18 per share. The company’s revenue of $76.05 billion also fell below the $76.53 forecast. Despite a tough earnings call, Bank of America confirmed the stock is buyable, saying it expects results in 2023 to be more encouraging.
Apple – Shares of the iPhone maker rose 3% after analysts said they could forget about a difficult quarter for the company. Apple omitted earnings and revenue estimates in its latest quarterly report. The company reported its biggest quarterly decline in revenue since 2016 as it managed to overcome a strong dollar, manufacturing problems in China and a difficult macroeconomic picture.
nordstrom — The retailer grew by 20% after It is reported by The Wall Street Journal. Activist investor Ryan Cohen is contributing and will push for board changes, citing people familiar with the matter.
Clorox – Clorox shares rose 7% after the cleaning products company reported higher profits. The company earned $0.98 per adjusted share on revenue of $1.72 billion, while Wall Street had expected adjusted earnings per share of $0.65 and revenue of $1.66 billion, according to Refinitiv.
Starbucks — The coffee chain’s shares fell more than 3% after the company fell short of Wall Street’s quarterly revenue expectations and reported a sharp decline in its international sales due to the Covid surge in China. China is the company’s second largest market.
Ford Ford Motor shares shed 6% after fourth-quarter earnings fell short of Wall Street’s or its own forecasts. Deutsche Bank also downgraded the automaker’s stock to a sell rating, citing a fourth-quarter failure and doubts about Ford’s 2023 revenue outlook.
Bill.com — Shares tumbled 26% after a market downgrade from “outperform” by BMO Capital Markets, which said it was concerned about the slowdown in its core business. The online bill payment company beat analysts’ expectations for revenue and earnings in its fiscal second quarter, according to FactSet.
Upstart — AI lending platform shares fell 1.9% after Loop downgraded the shares to keep them from being bought. Shares are up nearly 80% since the start of the year. The Wall Street firm said the rally was caused by a short squeeze. which cannot be sustainable.
Generac — Shares of the backup power company fell 4% after the Guggenheim downgraded the stock from Buy to Neutral. The firm said the stock is fairly valued after the recent rally.
– CNBC’s Samantha Subin, Hakyoung Kim, Tana Machil, Carmen Reinike, and Yun Lee provided reporting.