Stocks rose Thursday after the Federal Reserve’s preferred inflation gauge matched expectations. The
Dow Jones Industrial Average
hit its highest close of the year.

These stocks made moves Thursday: 

Salesforce,
the provider of cloud-based customer relationship management software, reported fiscal third-quarter adjusted earnings of $2.11 a share on revenue of $8.72 billion. Earnings beat analysts’ estimates while revenue was slightly higher.
Salesforce
said it expects fourth-quarter adjusted profit of between $2.25 and $2.26 a share on revenue of between $9.18 billion and $9.23 billion. Analysts had been forecasting non-GAAP profit of $2.18 a share on revenue of $9.2 billion. The stock rose 9.4%.

Third-quarter adjusted earnings at
Snowflake
came in better than expected and the software company’s guidance for fiscal fourth-quarter product revenue of $716 million to $721 million topped estimates of $696 million. Shares of the cloud data warehouse software company rose 7.1%.

Pure Storage
was down 12% after the provider of flash-memory based enterprise storage products issued disappointing revenue guidance for the fiscal fourth quarter and fiscal year. The company blamed the miss on a combination of a business model transition and the delayed fulfillment of a large customer order.

Tesla
began its Cybertruck delivery event Thursday afternoon in Austin, Texas. It was livestreamed on 
Tesla
‘s website. Tesla planned to hand over the initial batch of Cybertrucks to buyers. The event will start answering two key questions for investors: Will the Cybertruck be a big seller and will the truck help boost sales of other Tesla models? Tesla shares were down 1.8%.

Ford Motor
fell 3.1% after the auto maker said it expects adjusted earnings before interest and taxes in 2023 of $10 billion to $10.5 billion, compared with guidance provided in July of between $11 billion and $12 billion. Ford had withdrawn guidance in October because of the strike by the United Auto Workers union. The guidance issued Thursday includes $1.7 billion in strike-related costs.

Immunogen
surged 83% to $29.35 after
AbbVie
 agreed to buy the cancer treatment developer for $10.1 billion, or $31.26 a share, a 95% premium to the stock’s closing price of $16.07 on Wednesday.
AbbVie
was up 2.8%.

Discover Financial Services
rose 4.6% after saying it would stop accepting new applications for student loans by Feb. 1, 2024, as it seeks strategic alternatives, including a sale of the Discover Student Loans portfolio.

Snap
gained 6.6% after shares of the Snapchat parent were upgraded to Buy from Hold at Jefferies.
Pinterest
also was upgraded to Buy at Jefferies and the stock gained 2.4%.

Synopsys
beat fiscal fourth-quarter analyst estimates for adjusted profit and sales and the chip design software maker’s guidance for its first quarter topped expectations. In an interview with Barron’s, new CEO Sassine Ghazi said
Synopsys
sees multiple ways to leverage artificial intelligence in its business. Synopsys was down 1.6%.

Hewlett Packard Enterprise
rose 2.4% after announcing an expanded collaboration in artificial intelligence with
Nvidia.
In addition, the stock was upgraded to Equal Weight from Underweight at
Morgan Stanley
and the price target was left unchanged at $16.

Kroger
said it expects full-year same-store sales excluding fuel to rise 0.6% to 1%. In September, it called for an increase of 1% to 2%. Shares of the grocer, which blamed a slowdown on food inflation and broader economic pressure, rose 1.4%.

Write to Joe Woelfel at joseph.woelfel@barrons.com 

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