Stocks were down sharply Thursday and bond yields dropped as a slide in technology shares overshadowed stronger-than-expected growth for the U.S. economy.
These stocks were making moves Thursday:
Meta Platforms
(META) posted third-quarter earnings that beat analysts’ expectations but shares of the parent company of Facebook and Instagram fell 4.9% after a warning from the company’s chief financial officer about weaker advertising demand so far in the fourth quarter.
Third-quarter earnings at
International Business Machines
(IBM) edged Wall Street estimates, and the company’s CEO said IBM’s push into artificial intelligence was starting to pay off. The stock rose 4.1%.
United Parcel Service
(UPS) dropped 5.4% after third-quarter revenue missed analysts’ estimates and the shipping company reduced its fiscal-year revenue outlook.
Comcast
(CMCSA) was falling 6.9%. Third-quarter earnings topped Wall Street forecasts but the company lost 18,000 domestic broadband customers in the period. Subscribers to its video business also fell.
ServiceNow
(NOW) posted better-than-expected third-quarter adjusted earnings and raised its full-year financial guidance. The IT workflow-management software company said it has continued to add generative artificial intelligence across its product line. Shares rose 4.2%.
Align Technology
(ALGN) was down 25% after the maker of Invisalign orthodontic aligners reported third-quarter adjusted earnings and revenue that missed analysts’ estimates. The company said the results reflected “lower-than-expected demand and a more difficult macro environment than we experienced in the first half of 2023.”
Whirlpool
(WHR) fell 16% after revised earnings guidance from the appliance maker and margin concerns outweighed a quarterly earnings beat.
Endeavor Group
(EDR) jumped 23% after private-equity firm Silver Lake said it was looking to take the sports and entertainment company private. Silver Lake owns about 71% of Endeavor’s voting stake.
Mattel
‘s (MAT) third-quarter earnings beat expectations and the toy maker raised its profit forecast for the fiscal year. Sales in the third quarter rose 9% to $1.92 billion, driven by growth in its dolls segment, such as Barbie and Disney Princess dolls. The stock, however, dropped 7.8% after Mattel warned of slowing demand as it enters the holiday season.
Fellow toy maker
Hasbro
(HAS) declined 10%. The company’s third-quarter earnings and revenue missed analysts’ expectations and Hasbro slashed its full-year outlook.
Bristol Myers
(BMY) posted third-quarter earnings and revenue that beat Wall Street estimates but sales of cancer-fighting drug Revlimid fell during the period. The stock was down 5.5%.
Sunnova Energy International
(NOVA) was up 9.9% after the residential and commercial solar energy company said it has taken “several actions to increase corporate liquidity” that have lowered its capital needs in 2024 to zero from an anticipated $500 million.
Amazon.com
(AMZN) is expected by Wall Street to report third-quarter earnings Thursday of 58 cents a share on sales of $141.5 billion, up 11% from a year earlier. The stock was down 2.2% ahead of the report.
Intel
(INTC) also is scheduled to report quarterly earnings after the closing bell Thursday. Intel declined 1.7%.
Write to Joe Woelfel at [email protected]
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