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Tech stocks were leading Wall Street lower on Wednesday. (STAN HONDA/AFP via Getty Images)
Stocks closed lower Wednesday as the Federal Reserve held interest rates steady and lowered hopes for an imminent rate cut.
These stocks made moves Wednesday:
Fourth-quarter earnings at
Alphabet,
the parent company of Google, rose to $1.64 a share, up from $1.05 a year earlier. Revenue at the search giant was $86.3 billion, compared with $76 billion a year earlier. Analysts were forecasting earnings of $1.59 a share on revenue of $85.3 billion. Total advertising sales at Google rose to $65.5 billion from $59 billion a year earlier but missed analysts’ expectations of $65.8 billion. The stock fell 7.5%.
Advanced Micro Devices
posted fourth-quarter adjusted earnings that were in line with estimates and revenue that was better than expected but the chip maker said first-quarter revenue would be “approximately $5.4 billion, plus or minus $300 million” versus Wall Street estimates of $5.73 billion. AMD raised its guidance for data center AI chip sales, with CEO Lisa Su saying the company expects revenue for its data center GPU products to surpass $3.5 billion in 2024. Shares fell 2.5%.
Microsoft
reported fiscal second-quarter earnings of $2.93 a share, beating analysts’ expectations of $2.79 as revenue rose to $62 billion from $52.7 billion a year earlier. Analysts were expecting revenue of $61.1 billion. The company reported a better-than-expected 30% jump, 28% adjusted for currency, in Azure and other cloud revenue. Microsoft said it expects third-quarter Azure growth on a constant currency basis to be in line with the 28% growth in the second quarter, which is about a percentage point ahead of Wall Street estimates. The stock fell 2.7%.
Boeing
reported a fourth-quarter adjusted loss of 47 cents a share, narrower than analysts’ estimates on revenue of $22 billion that topped forecasts. The aerospace giant said it was suspending its forecast for 2024. The stock rose 5.3%.
Rockwell Automation
declined 18% after the industrial-technology company posted a first-quarter adjusted profit of $2.04 a share, below expectations of $2.64. Sales were up almost 4% to $2.05 billion, below estimates of $2.1 billion. The company also cut its fiscal-year outlook.
New York Community Bancorp
dropped 38% after the bank reported a surprise fourth-quarter loss and slashed its dividend to build up capital to meet regulatory requirements following its purchase of the assets of the collapsed
Signature Bank.
Paramount Global
rose 6.7%, to $14.59, after Allen Media Group made a $14.3 billion offer to buy
Paramount Global,
The Wall Street Journal reported, citing people familiar with the situation. Allen has offered $28.58 for each voting share of the media company and $21.53 for each nonvoting share, the people told the Journal. With debt, the offer is around $30 billion.
Plug Power
was up 19%, to $4.45, after shares of the hydrogen-technology stock were upgraded to Buy from Neutral at Roth MKM, which also boosted its target price on the stock to $9 from $4.50.
Cloud-networking company
Extreme Networks
dropped 19% after issued disappointing guidance amid continuing supply-chain issues.
Shares of
Teradyne
fell 7.7% after the automatic testing-equipment maker said it expects first-quarter revenue of $540 million to $590 million, a drop of as much as 12.5% from a year earlier, and below analysts’ expectations for revenue of $625.5 million.
SoFi Technologies
fell 6.8% to $7.83 as shares of the financial technology company were downgraded by
Morgan Stanley
to Underweight from Equal Weight and the price target was cut to $6.50 from $7.
Write to Joe Woelfel at [email protected] and Angela Palumbo at [email protected]
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