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Fiscal third-quarter earnings at Applied Materials beat analysts’ forecasts.
Dreamstime
Stock futures were slipping Friday following the
S&P 500
‘s third-consecutive losing session. Treasury yields paused Friday after the 10-year note closed at its highest level since 2007.
These stocks were poised to make moves Friday:
Fiscal third-quarter earnings at
Applied Materials
(AMAT) topped Wall Street expectations as did its fourth-quarter outlook, sending shares of the maker of semiconductor-manufacturing equipment up 3.2% in premarket trading. “Over the past several years, we have focused our strategy and investments on key technologies to accelerate the Internet of Things and AI era, enabling us to consistently deliver strong results in 2023 and positioning
Applied Materials
for sustainable outperformance,” said CEO Gary Dickerson in a statement.
Keysight Technologies (KEYS), the test equipment manufacturer, issued a weaker-than-expected fiscal fourth-quarter outlook and the stock was falling 11% in premarket trading. Keysight forecast earnings of $1.83 to $1.89 a share on revenue between $1.29 billion and $1.31 billion. Analysts were expecting profit of $2 a share on revenue of $1.39 billion.
Farfetch
(FTCH) slumped 39% after the luxury fashion company’s second-quarter sales of $572 million missed analysts’ expectations of $650 million.
XPeng
(XPEV) reported a second-quarter adjusted loss of 43 cents a share, wider than analysts’ estimates. U.S.-listed shares of the Chinese electric-vehicle maker were down 5.9% in premarket trading.
Bill Holdings
(BILL), which makes software that helps small businesses pay their bills, said it expects fiscal 2024 revenue of $1.29 billion to below $1.31 billion, below analysts’ expectations. Bill shares declined 5.8%.
Ross Stores
(ROST), the discount retailer, posted better-than-expected second-quarter earnings and raised guidance. The stock was up 4.8%.
Bloomin’ Brands
(BLMN), which operates Outback Steakhouse, was rising 7.3% in premarket trading. Starboard Value has built a stake of more than 5% in Bloomin’ Brands, making it one of the company’s top-five shareholders, The Wall Street Journal reported, citing people familiar with the matter.
American depositary receipts of
Alibaba
(BABA) fell 2.5%, and
JD.com
(JD) declined 3.6% as China’s central bank bolstered its defense of the yuan as fears over the health of the world’s second-largest economy continued to mount.
Deere
(DE) reporte fiscal third-quarter earnings that topped analysts’ estimates. Guidance for the full year from the farm equipment maker also topped Wall Street expectations. Shares rose 0.8%.
Palo Alto Networks
(PANW) has taken the unusual step of scheduling its quarterly earnings release for after the close of trading Friday. As Eric Savitz of Barron’s noted, companies rarely announce earnings, or any other significant financial news, on Friday afternoons, especially during the summer. That’s leading investors to believe Palo Alto will deliver news that shareholders may not like. The stock was down 1.3% in premarket trading.
Write to Joe Woelfel at joseph.woelfel@barrons.com
