Stock Market Update: Pinterest, CleanSpark, Expedia, Take-Two Interactive Software, PepsiCo, Cloudflare, Bill Holdings, Applied Materials, Lam Research, Enphase Energy, First Solar, SolarEdge
Here’s a summary of the latest stock market news:
Pinterest shares dropped by approximately 10% after the company provided weaker-than-expected guidance for its first-quarter revenue. While Pinterest’s fourth-quarter revenue beat earnings expectations, it fell short of Wall Street’s estimates.
CleanSpark
The bitcoin miner CleanSpark saw a 33% surge in its stock after reporting better-than-expected results for its fiscal first quarter. The company’s earnings per share came in at 14 cents, surpassing analysts’ predictions of a loss of 26 cents per share. Additionally, CleanSpark’s revenue for the quarter reached $73.8 million, exceeding expectations of $71 million.
Expedia
Expedia’s stock dropped by 17% as the travel booking company reported disappointing fourth-quarter bookings. Analysts were expecting $22 billion in bookings, but Expedia only reported $21.7 billion. The company also announced a CEO change and received a downgrade from Bank of America.
Take-Two Interactive Software
Shares of video game maker Take-Two Interactive Software slid by 8.6% after providing a disappointing forecast for its current quarter. The company projected fiscal fourth-quarter bookings between $1.27 billion and $1.32 billion, falling short of analysts’ estimates of $1.51 billion.
PepsiCo
PepsiCo shares fell nearly 4% after the beverage and snacks giant reported fourth-quarter revenue that missed expectations. The company’s revenue came in at $27.85 billion, below the anticipated $28.4 billion. PepsiCo attributed the decline to high borrowing costs and lower personal savings affecting consumers’ budgets.
Cloudflare
Cloud services provider Cloudflare experienced a more than 19% surge in its stock after beating Wall Street estimates for the fourth quarter. The company reported adjusted earnings of 15 cents per share and revenue of $362 million, surpassing analysts’ predictions of 12 cents per share and $353 million in revenue. Cloudflare also provided optimistic full-year guidance for earnings per share.
Bill Holdings
Billing software company Bill Holdings dipped by over 13% after posting revenue guidance for the fiscal third quarter. While the company projected revenue between $299 million and $309 million, analysts were expecting $302 million.
Chip Stocks
Chip stocks, including Applied Materials, Lam Research, and Nvidia, experienced gains. The VanEck Semiconductor ETF (SMH) rose by nearly 2.2%. Applied Materials increased by almost 7%, Lam Research advanced by 5.4%, and chip giant Nvidia jumped by 3.5%.
Solar Stocks
Solar stocks saw significant growth on Friday, driving up the Invesco Solar ETF (TAN) by 3.1%. Enphase Energy and First Solar each added about 4.5% and 5.8%, respectively, while SolarEdge climbed by 3%. However, these stocks remain down significantly for the year.
Sources: CNBC Twitter, CNBC
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