On Wednesday, several companies experienced significant movements in the stock market. In this article, we will look at some of the top stocks that m
On Wednesday, several companies experienced significant movements in the stock market. In this article, we will look at some of the top stocks that made the biggest moves midday.
Shares of video game company Roblox surged more than 24% following its announcement of $899.4 million in fourth-quarter bookings, which exceeded analysts’ expectations of $875.3 million. Additionally, CEO David Baszucki stated that the company is “driving towards our vision to reimagine the way people come together by enabling deeper forms of expression, communication, and immersion” and has 65 million daily active users as of January.
Airbnb’s shares also rose by 12% after it reported stronger-than-expected fourth-quarter earnings of 48 cents per share and $1.90 billion in revenue. Analysts surveyed by Refinitiv had projected 25 cents per share and $1.86 billion in revenue. The company also said it was seeing “continued strong demand” in the first quarter.
The crypto bank Silvergate Capital’s shares surged more than 19% after Ken Griffin’s Citadel Securities revealed a 5.5% stake in the company worth about $25 million.
However, Devon Energy‘s shares tumbled 12.3% after the company reported fourth-quarter earnings and revenue that fell below analysts’ expectations. Devon earned $1.66 per share on revenue of $4.3 billion, while analysts had expected a profit of $1.75 per share on revenue of $4.39 billion.
Akamai Technologies also saw a drop of over 10% after issuing first-quarter revenue and earnings guidance that was below expectations. RBC Capital Markets downgraded shares to sector perform from outperform and slashed its price target to $85 from $100 per share.
Power-generator maker Generac Holdings saw shares rally 8% after it reported fourth-quarter earnings of $1.78 per share, surpassing StreetAccount’s estimate of $1.75 per share. However, its revenues of $1.05 billion came in slightly below a consensus forecast of $1.07 billion.
Barclays’ U.S.-listed stock tumbled more than 9.3% after the U.K. bank reported an annual net profit slide of 19%, which was partly due to a trading blunder in the U.S. that resulted in litigation and conduct charges.
Chipmaker Analog Devices gained 6.2% after reporting adjusted earnings of $2.75 for the fiscal first quarter, higher than the $2.61 expected by analysts, per StreetAccount. Revenue came in at $3.25 billion, surpassing expectations of $3.15 billion.
Shares of retailer Bath & Body Works fell 3% after being downgraded to neutral from buy by Citi. The Wall Street firm cited significant margin headwinds continuing into 2023 and beyond.
Entertainment company Paramount Global‘s shares gained 6.5% after Berkshire Hathaway revealed that it increased its stake in the company. Warren Buffet’s firm now owns more than 93 million shares of Paramount.
Construction materials company Martin Marietta Materials saw shares gain 7% after reporting fourth-quarter net income of $183.6 million, up from $156.8 million a year ago. However, it missed Wall Street’s expectations, with adjusted earnings per share coming in at $3.04, versus StreetAccount’s estimate of $3.08. Products and services revenue also missed expectations.
Finally, apparel company American Eagle Outfitters‘ stock dipped more than 2% after Jeffries downgraded it to hold from buy. The Wall Street firm cited the historically low performance of the clothing and footwear category over the past eight recessions.
Taiwanese semiconductor maker Taiwan Semiconductor saw its stock decline by 6% after Berkshire Hathaway revealed that it had reduced its stake in the company by 86% from the previous quarter to $168 million. The move came as a surprise to many investors, as Berkshire Hathaway had previously been a significant investor in the semiconductor maker. However, it’s worth noting that Berkshire Hathaway has a reputation for making unexpected moves in the market, and this reduction in stake may be part of a larger strategy.
Investors will likely continue to keep a close eye on Taiwan Semiconductor and other semiconductor companies, as the industry faces ongoing challenges such as supply chain disruptions and chip shortages. Despite these challenges, many experts believe that the long-term outlook for the semiconductor industry remains positive, as demand for chips continues to grow in a wide range of industries, from automotive to consumer electronics.
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