Stocks rose Friday after the
S&P 500
ended a streak of finishing higher for eight straight sessions. The slump Thursday followed rising bond yields and comments from Federal Reserve Chairman Jerome Powell that the central bank wasn’t “confident” it has tightened enough to bring down inflation down to its goal of 2%.
These stocks were making moves Friday:
Plug Power
(PLUG), the hydrogen fuel cell specialist, reported a third-quarter loss wider than a year earlier and revenue that missed analysts’ expectations.
Plug Power
said it “has been negatively impacted by unprecedented supply challenges in the hydrogen network in North America.” Plug Power said it might not be able to fund its operations through the next 12 months from its existing resources and said that raised “substantial doubt about [its] ability to continue as a going concern.” The stock sank 35%.
Shares of
Trade Desk
(TTD) tumbled 21% after the internet advertising platform company’s outlook for the fourth quarter missed analysts’ expectations. Trade Desk said it expects revenue in the period of at least $580 million, below estimates of $610 million. It also forecast adjusted earnings before interest, taxes, depreciation, and amortization of approximately $270 million, below Wall Street estimates of $291 million.
Doximity
(DOCS), the online platform for medical professionals, raised its full-year outlook and said its board authorized the repurchase of up to $70 million of common stock over the next 12 months. Shares were rising 16%.
Illumina (ILMN), the DNA sequencing company, said it expects revenue to fall between 2% and 3% in 2023, compared with previous projections for growth of about 1%, and sees adjusted earnings of 60 cents to 70 cents a share, lower than prior expectations of 75 cents to 90 cents. The stock declined 14%.
Casino operator
Wynn Resorts
(WYNN) reported third-quarter adjusted earnings of 99 cents a share, beating estimates of 74 cents. Revenue rose to $1.67 billion from $889.7 million a year earlier. Wynn reached a tentative deal with the Culinary and Bartenders unions, averting a strike that was set to begin Friday. The stock was down 9.3%.
Unity Software
(U) was falling 7.9% after third-quarter revenue of $544.2 million missed analysts’ estimates and the game development platform company said it wasn’t providing guidance for the fourth quarter or full year because it has “started a comprehensive assessment” of its product portfolio. “This will likely include discontinuing certain product offerings, reducing our workforce, and reducing our office footprint,” Unity said in a letter to shareholders.
Semiconductor company
Synaptics
(SYNA) rose 7.3% after fiscal first-quarter adjusted earnings and revenue exceeded analysts’ estimates.
U.S.-listed shares of
Diageo
(DEO) were falling 14% after the maker of Johnnie Walker whisky, Tanqueray gin, Smirnoff vodka and Guinness beer said it expects growth to slow in the first half of its fiscal year on weaker performance in Latin America and the Caribbean.
Groupon
(GRPN) was down 35% after interim CEO Dusan Senkypl said the e-commerce company’s “business continues to be challenged.” The company said it was reinstating formal guidance and expects fourth-quarter revenue to decline 7% to 14%.
Groupon
also announced plans to raise about $100 million between a fully backstopped equity rights offering and non-core asset sales.
Write to Joe Woelfel at [email protected]
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