Stocks ticked higher Friday, with the major U.S. indexes each marking their third straight week of gains.
These stocks made moves Friday:
Applied Materials
(AMAT) reported fiscal fourth-quarter earnings and revenue that topped analysts’ estimates, but the stock fell after a report detailed a U.S. Justice Department probe into the semiconductor maker. Reuters reported that
Applied Materials
was under criminal investigation by the Justice Department for sending its equipment to a Chinese company without the required licenses. The company said it was “cooperating with the government and remains committed to compliance and global laws, including export controls and trade regulations.” The stock fell 4% and was the leading decliner in the
S&P 500.
Gap
‘s (GPS) third-quarter adjusted earnings beat analysts’ estimates and same-store sales in the period fell less than expected. The retailer confirmed its full-year revenue outlook, which Chief Financial Officer Katrina O’Connell said “balances the progress we are seeing with a prudent view of the economic and consumer environment in which we are operating.”
Gap
shares jumped 31%.
ChargePoint Holdings
(CHPT) fell 35% after the electric-vehicle charging company said it expected third-quarter revenue of between $108 million and $113 million, well below previous expectations of between $150 million and $165 million, and replaced its chief executive and chief financial officer.
Third-quarter earnings at
Ross Stores
(ROST) were better than expected and the discount retailer forecast fiscal-year profit of between $5.30 and $5.36 a share, compared with a previous guidance of between $5.15 and $5.26. The stock rose 7.2%.
U.S.-listed shares of
Alibaba
(BABA) fell 1.9%, extending sharp losses from Thursday after the Chinese tech company said it wouldn’t proceed with spinning off its cloud computing arm, citing risks to the business from recently expanded U.S. export controls on advanced computer chips.
Expedia
(EXPE) rose 5.1% to $136.38 after shares of the online travel agency were upgraded to Outperform from In Line at Evercore ISI and the price target was raised to $200 from $135.
Airbnb
(ABNB) was downgraded to In Line from Outperform at Evercore. The stock rose 0.7%.
BJ’s Wholesale Club
(BJ) closed down 4.9% after the warehouse retailer missed third-quarter same-store sales estimates and reduced same-store sales growth guidance for the fiscal year.
Pacific Biosciences of California
(PACB) rose11% after receiving an upgraded to Buy from Neutral at
UBS.
Copart
(CPRT), the world’s largest auctioneer of salvaged vehicles, posted first-quarter earnings and sales that beat estimates. The stock climbed 1.9% higher.
Hubbell
(HUBB) was upgraded to Overweight from Neutral at
J.P. Morgan
and the price target was raised to $335 from $333. Shares of the the maker of electrical and utility products rose 4% to $301.02.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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