Stock futures pointed mostly to the downside Friday after
Apple
issued a disappointing revenue forecast for the holiday quarter and Wall Street awaited the release of the U.S. jobs report for October.
These stocks were poised to make moves most Friday:
Apple
(AAPL) reported slightly better-than-expected fiscal fourth-quarter earnings and revenue, but the tech company’s outlook for the first quarter—the holiday quarter—was short of Wall Street’s expectations. Fourth-quarter earnings of $1.46 a share topped estimates of $1.39, while revenue of $89.5 billion was higher than expectations of $89.34 billion. Revenue for the iPhone was $43.8 billion, up 3%, and in line with expectations, while services revenue jumped 16% to $22.3 billion and beat consensus of $21.4 billion.
The stock fell 3% in premarket trading, however, after
Apple
said it sees overall revenue for the first quarter about flat with a year earlier, while analysts had been calling for revenue in the period to increase 5%.
Third-quarter adjusted earnings at
Block
(SQ) were better than expected and gross profit at the payments company was $1.9 billion, rising from $1.57 billion and in line with consensus. For 2024, Block said it expects adjusted earnings before interest, taxes, depreciation, and amortization of $2.4 billion, higher than expectations of $1.94 billion. The stock jumped 18%.
Bill Holdings
(BILL) dropped 32% after the financial platform for small and midsize businesses issued a weak forecast for its fiscal second quarter and cut its full-year revenue forecast. For the fiscal second quarter, Bill said it expects revenue of between $293 million and $303 million, and earnings of 35 cents to 44 cents a share. Wall Street was estimating revenue of $319 million and profit of 48 cents a share.
Fortinet
(FTNT) slumped 23% after the cybersecurity company said it expects fourth-quarter revenue of $1.38 billion to $1.44 billion, below analysts’ estimates of $1.5 billion. The company’s forecast for billings in the period was $1.56 billion to $1.7 billion, below estimates of $1.9 billion.
Booking Holdings
(BKNG) reported third-quarter earnings that beat expectations but the travel website said the Israel-Hamas war was impacting travel demand.
Online travel agency
Expedia
(EXPE) said its board authorized a $5 billion stock buyback program and it reported better-than-expected third-quarter adjusted profit and revenue. Shares rose 11%.
DraftKings
(DKNG), the sports-betting site, reported third-quarter results that were better than estimates and raised its fiscal-year revenue forecast, saying it expects between $3.67 billion and $3.72 billion. The stock rose 8%.
Crypto broker
Coinbase Global
(COIN) reported third-quarter revenue of $674 million, higher than a year earlier and above analysts’ forecasts of $651 million. The stock fell 2.7%, however, after Coinbase reported total trading volume of $76 billion, down from $92 billion in the second quarter.
Paramount Global
(PARA), the film, entertainment, and streaming company, reported third-quarter adjusted earnings that beat Wall Street expectations. Paramount said it “continues to progress on the path to streaming scale and profitability.” Shares rose 4.3%.
Cybersecurity company
Cloudflare
(NET) was falling 4.7% after issuing a forecast for fourth-quarter revenue that was shy of estimates.
Yelp
(YELP) posted better-than-expected third-quarter results and boosted its full-year guidance on strong demand for advertising from service pros.
Live Nation Entertainment
(LYV), the parent of Ticketmaster, posted third-quarter earnings of $1.78 a share on revenue of $8.2 billion, beating expectations of $1.26 a share on revenue of $6.99 billion. The stock was up 3.1%.
Earnings reports expected Friday include
Cardinal Health
(CAH),
Enbridge
(ENB),
Sempra
(SRE),
Dominion Energy
(D),
Icahn Enterprises
(IEP), and
Fluor
(FLR).
Write to Joe Woelfel at joseph.woelfel@barrons.com
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