New York, February 02, 2024 - PRISM MarketView - Here’s an update on companies that have recently garnered attention in midday trading.
Meta Platforms, the parent company behind the social giants Facebook and Instagram, experienced a 20% surge in shares after it disclosed a threefold surge in its Q4 profit and announced its pioneering dividend due for payment in late March. Comparably, its revenue saw a 25% leap year-on-year, marking its most rapid growth rate since mid-2021.
Apples’s shares dipped marginally by 0.3% as its financial forecast for the ongoing quarter indicated a possible slump in iPhone sales. Despite this, the tech behemoth reported a higher-than-expected earnings per share ($2.18) in its fiscal Q1 ending December, prevailing over the $2.10 projected by LSEG analysts, albeit coupled with a drop in sales in China.
E-commerce titan, Amazon, witnessed over a 7% rise in shares following a surpassing of earnings and revenue estimates in Q4. Posting earnings per share of $1 on a revenue of $169.96 billion, Amazon outstripped analysts’ earnings estimates of 80 cents per share on a revenue of $166.21 billion, according to LSEG.
Skechers’ stock took a hit with a 7.6% decrease, the day subsequent to the release of its mixed Q4 results and conservative year-round guidance. The sneaker manufacturer projected its 2024 revenue to range between $8.6 and $8.8 billion and earnings to oscillate between $3.65 to $3.85 per share, falling short of LSEG analysts’ estimates of $8.9 billion in revenue and earnings of $4.18 per share for the year.
Meanwhile, pharmaceutical company Bristol-Myers Squibb added 1% to its stock after its Q4 earnings and revenue figures, spurred by its Opdivo anti-cancer treatment, surpassed analyst estimates. With adjusted earnings per share amounting to $1.70, it outshone the expected $1.53 by analysts, and a revenue of $11.48 billion beat the consensus estimate of $11.19 billion.
Deckers Outdoor, the name behind Ugg and Teva footwear, saw a 16% midday surge in shares following its Q3 results that exceeded Wall Street estimates and announced their new CEO. Analysts subsequently raised their price targets on the stock following Deckers’ earnings per share of $15.11, which surpassed LSEG analysts’ estimates by $3.63 and revenue that totalled $1.56 billion against estimates of $1.45 billion.
Health services firm Cigna experienced a 6% increase in shares following stronger-than-anticipated Q4 financial results and an optimistic revenue forecast for the year. Cigna disclosed earnings of $6.79 per share on a $51.15 billion revenue, besting estimates of $6.54 per share on a $48.91 billion revenue according to FactSet. Its full-year revenue guidance stood at $235 billion, a comfortable rise against estimates of $228.65 billion.
Toy manufacturer Mattel augmented 3% to its shares following news that activist investor Barington Capital had acquired an undisclosed stake in Mattel, and was encouraging the sale of its American Girl and Fisher-Price units.
Bleach producer Clorox jumped by 4% after it beat Wall Street expectations for its fiscal Q2. Clorox reported $2.16 earnings per share on a $1.99 billion revenue, a considerable leap over LSEG analysts’ forecast of $1.10 per share on a $1.80 billion revenue.
Chevron’s shares rose close to 3% following the declaration of a 8% dividend hike by the country’s second-largest oil firm. Despite a mixed Q4 performance, Chevron’s adjusted earnings per share of $3.45 surpassed the $3.21 projected by LSEG analysts.
Exxon, the largest oil company in the U.S., had a 1% rise in shares after its Q4 EPS exceeded analysts’ estimates, although revenue at both firms fell short of Wall Street estimates.
Chipmaker Intel fell by 2.3% after the Wall Street Journal reported a delay in the construction of its $20 billion chip factory in Ohio due to market challenges.
Finally, semiconductor firm MicroChip Technology saw a more than 2% slide in stock after announcing a bleak outlook for its fiscal Q4 ending March 31, although the company’s reported revenue was in line with analysts’ expectations.
PRISM MarketView does not provide investment advice.
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Company Name: Prism MarketView
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Phone: 646-863-6341
Website: https://prismmarketview.com
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