Stocks declined sharply Friday as the yield on the 10-year Treasury held near 5%. Comments from Federal Reserve Chairman Jerome Powell suggested the central bank would hold short-term interest rates steady at its next meeting but that a stronger economy could lead to higher-for-longer interest rates. Oil prices crossed $90 a barrel on concerns of an escalation in the Israel-Hamas war.
These stocks were making moves Friday:
SolarEdge Technologies
(SEDG) warned that demand in Europe has slumped significantly and the solar-equipment maker slashed its estimates for third- and fourth-quarter revenue. The stock was falling 31% after
SolarEdge
said it experienced “substantial unexpected cancellations and pushouts of existing backlog from our European distributors” during the second half of the third quarter. Competitor
Enphase Energy
(ENPH) was down 16%, and shares of solar developers
Sunrun
(RUN) and
SunPower
(SPWR) dropped 8.9% and 14%, respectively.
American Express
(AXP) reported better-than-expected third-quarter earnings of $3.30 a share and its sixth consecutive quarter of record revenue. Total card member spending climbed 7% to $420 billion on a currency-adjusted basis. In the U.S., card spending climbed 9% year over year. The stock was down 4.4%.
Knight-Swift Transportation Holdings
(KNX), the North American truckload carrier, said revenue in the third quarter rose 6.5% to $2.02 billion, topping analysts’ estimates. The company’s less-than-truckload segment rose 7%, helping to offset a revenue drop of 22% in its core truckload segment. The stock surged 10%.
Regions Financial
(RF) was falling 11% after the regional lender posted third-quarter earnings, net interest income, and revenue that missed analysts’ estimates.
Comerica
(CMA) was down 6.6%. The bank reported third-quarter earnings of $1.84 a share, sharply down from $2.60 a year earlier.
Hewlett Packard Enterprise
(
HPE
) fell 6.4% after the enterprise hardware and services company said it expects adjusted earnings in fiscal 2024 of $1.82 to $2.02 a share, below analysts’ forecasts of $2.15. HPE forecast revenue growth in fiscal 2024 of 2% to 4%.
Intuitive Surgical
Intuitive Surgical
(ISRG) was falling 4.3% after third-quarter revenue of $1.74 billion at the surgical robotics company missed analysts’ estimates. Adjusted earnings of $1.46 a share beat forecasts of $1.42.
SLB (SLB), the oil-field services company formerly known as Schlumberger, reported third-quarter earnings of 78 cents a share, beating analysts’ expectations of 77 cents, but revenue of $8.31 billion that just missed forecasts.
SLB
stock declined 3.4%.
Merck
(MRK) was upgraded to Buy from Neutral at
UBS
after analyst Trung Huynh assumed coverage on shares of the drug maker. Merck said Friday that cancer drug Keytruda achieved positive results in a confirmatory trial as a treatment for a rare form of esophageal cancer. The stock was up 2.5%.
Write to Joe Woelfel at [email protected]
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