Stocks traded higher Friday after Federal Reserve Chairman Jerome Powell said that while the central bank has made progress on bringing inflation down to its 2% target, it’s still prepared to tighten monetary policy further if needed. However, he did note that the 11 rate hikes the Fed has made so far have shifted monetary policy “well into restrictive territory.”
These stocks were making moves Friday:
Tesla
handed over the initial batch of Cybertrucks to buyers on Thursday. The base model of what CEO Elon Musk called “potentially our best product ever” costs $60,990, pricier than expectations. The driving range on one charge for the base model is 250 miles. Higher-end models have a driving range of up to 340 miles. Investors had been hoping the highest-range version of the Cybertruck might go 500 miles on one charge. Shares of
Tesla
declined 0.2%.
Pfizer
was down 4.1% after saying it wouldn’t be moving forward with a Phase 3 trial of its weight-loss candidate, twice-daily danuglipron, as high rates of the most common adverse affects, including nausea and vomiting, were observed.
Elastic
jumped 34% to $107.68 after the data analytics company reported fiscal second-quarter adjusted earnings and sales that beat Wall Street estimates. Elastic expects revenue in its third quarter of about $320 million, just ahead of analysts’ forecasts. Wells Fargo analyst Andy Nowinski upgraded the stock to Overweight from Hold and raised the price target to $115 from $70.
UiPath,
the automation-software company, reported fiscal third-quarter adjusted profit and revenue that beat analysts’ expectations. Annual recurring revenue in the period rose 24% to $1.38 billion, topping the company’s forecast range of $1.359 billion to $1.364 billion. The stock was up 27%.
Dell Technologies,
the personal-computer maker, reported adjusted third-quarter earnings that beat forecasts but lower-than-expected revenue on weak demand. Dell said revenue in its client solutions group—mostly PCs—was $12.3 billion, down 11% from a year earlier, and below the Wall Street consensus forecast of $12.9 billion. Dell said it expects a rebound in revenue growth “given the tailwinds to our business.” Shares fell 5.1%.
Third-quarter adjusted earnings at
Marvell Technology
topped expectations and the chip company said data-center revenue declined 11% to $556 million but beat forecasts of $525 million.
Marvell
said it expects revenue in the fourth quarter of $1.42 billion, plus or minus 5%, compared with $1.419 billion a year earlier. Analysts have been expecting revenue of $1.46 billion. Shares fell 5.1%.
Ulta Beauty,
the beauty company, reported better-than-expected third-quarter earnings, sales, and same-store sales. Ulta raised the lower end of its sales and profit outlook for the fiscal year. Ulta shares jumped 12%.
Samsara
posted better-than-expected revenue and profit for the fiscal third quarter, and issued guidance for the fourth quarter that beat expectations. Shares of the asset-tracking software provider surged 21%.
Paramount Global was up 7.8% after The Wall Street Journal reported the media company was in discussions with Apple about bundling their respective streaming services.
U.S.-listed shares of
Alibaba Group
were down 1.7% to $73.63 after the Chinese e-commerce company was downgraded to Equal Weight from Overweight by
Morgan Stanley
and the price target was reduced to $90 from $110.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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