Stocks rallied late Wednesday, hitting session highs after the Federal Reserve raised interest rates by 0.75 percent and Federal Reserve Chairman Jerome Powell signaled the central bank could slow the rate of its rise cycle. The tech-heavy Nasdaq rose 4% in the session, posting its best gain in more than two years.
Here are five trending tickers on Yahoo Finance:
When (WHEN): The company reported second-quarter earnings after the bell on Wednesday, missing Wall Street expectations on both the top and bottom lines. Meta reported sales of $28.82 billion, its first year-over-year revenue decline. EPS of $2.46 was below Street expectations of $2.52. Daily active Facebook users increased by 8 million to 1.97 billion, but monthly active Facebook users fell to 2.93 billion. Jefferies’ Brent Thill told Yahoo Finance that it’s a “difficult environment for ad-based names” and that it’s “impossible to predict what Facebook is doing right now.” Shares are down nearly 50% since the start of the year.
Qualcomm (QCOM): Qualcomm reported adjusted third-quarter EPS earnings of $2.96 on revenue of $10.93 billion, beating Street expectations. Revenue guidance for the current quarter missed expectations, weighing on shares in after-hours trading. Moor Insights and Strategy founder and CEO Patrick Moorhead told Yahoo Finance that there was “a lot of good news in this release, but the very important guidance is scaring investors, and that’s all about the consumer market.” Qualcomm also announced a 7-year extension of its patent licensing agreement with Samsung until 2030.
Best Buy (BBY): The retailer cut its forecast for the quarter, citing weaker demand for consumer electronics. Best Buy now expects Q2 FY23 comparable sales to decline roughly 13%. Corie Barry, CEO of Best Buy, wrote: “Although our financial results are not where we expected them to be this year, our sales remain higher than they were before the pandemic. We remain a strong company and profitable with a unique position in an extremely innovative and vibrant industry that is more relevant than ever in consumers’ lives.”
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Etsy (ETSY): Shares rose more than 15% after hours after the company reported second-quarter earnings that beat the top and bottom lines. Etsy reported EPS of $0.51 on revenue of $585 million. Etsy CEO Josh Silverman said in a press release that the quarter’s revenue growth was “attributable to the increase in Etsy’s marketplace transaction fee, the addition of Depop and Elo7 to the our House of Brands portfolio and the strength of our Etsy Ads product, which continues to be a great solution for sellers looking to grow their businesses.”
Spirit (SAVE), Frontier (ULCC):The airlines canceled a proposed merger, ending one of the airline industry’s most high-profile battles. The decision came after JetBlue had offered a cash deal of about $3.7 billion compared to Frontier’s $2.6 billion cash and stock offer. Ted Christie, CEO and President of Spirit Airlines He said, “Going forward, Spirit’s Board of Directors will continue our ongoing discussions with JetBlue as we pursue the best path forward for Spirit and our shareholders.”
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