Stocks rose on Friday and
Standard & Poor's 500
It traded near its record closing high after big gains in the previous session that were driven by technology stocks.
iRobot shares fell 30% after the Wall Street Journal reported that the European Commission intends to ban Amazon.com.
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Roomba maker acquired. Amazon was told on Thursday in a meeting with competition officials from the European Commission that the deal was likely to be rejected, the newspaper said, citing people familiar with the matter. Amazon agreed to buy iRobot for $1.7 billion in August 2022. Amazon shares rose slightly.
Spirit Airlines stock rose 22% after the budget carrier said it expects fourth-quarter revenue at the high end of its initial guidance and that holiday bookings were strong. The stock closed down 7.5% on Thursday after a magazine report said Spirit was… Planning to explore restructuring options With advisors after the collapse of its merger with JetBlue Airways
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In a statement sent to Baron After markets closed on Thursday, a Spirit spokesman said the company “is neither seeking nor participating in a legal restructuring.” Spirit shares fell 47% on Tuesday and 22% on Wednesday.
Super Micro Computer rose 18% after the maker of servers and computer products said it expects fiscal second-quarter adjusted earnings of $5.40 to $5.55 per share, higher than analyst estimates of $4.51 and better than the company's previous forecast of $4.40 to $4.88. $. It expects sales of $3.6 billion to $3.65 billion, also higher than Wall Street estimates. Super Micro cited “strong market and end-customer demand for our broadband, AI and Total IT Solutions.”
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Advanced Micro Devices rose 1% to $164.34 and Nvidia rose 0.9% to $576.25 after shares of the two chipmakers closed at all-time highs on Thursday. AMD is up 11% this year while Nvidia has jumped 16%. Shares have received a boost from investors' appetite for everything related to artificial intelligence. On Thursday, AMD and Nvidia received support from Taiwan Semiconductor Corporation
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Better than expected forecast.
Texas Instruments shares rose 3.4% to $172.61. UBS upgraded the stock to buy from Neutral and raised its price target on the chipmaker's shares to $195 from $170.
Travelers' stock rose 5.9% after the property casualty insurer reported fourth-quarter core earnings of $7.01 per share, easily beating analysts' estimates of $5.10. The company said the quarter saw higher underwriting gains and lower catastrophe losses.
Wayfair
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It said it would cut 1,650 jobs after admitting it had “overhired during a strong economic period.” Shares of the online home furnishings retailer rose 9.7%.
Schlumberger shares rose 2.7% after the oil services provider's fourth-quarter revenue exceeded estimates thanks to strong international growth. SLB also raised its quarterly dividend.
International Business Machines rose 2.2% to $170.53 after Evercore raised its rating on the stock to outperform from In Line and increased its price target to $200 from $165.
Chegg's rating was downgraded to sell from neutral at Goldman Sachs and its price target was cut to $8 per share from $10. Shares of the education technology company fell 7.4% to $9.32.
Shipping company
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JB Hunt Transport Services said fourth-quarter revenue fell 9% to $3.3 billion, attributing the decline to… Low truckload volumes and integrated modular capacity solutions and lower revenue per unit truckload. Analysts had expected revenue of $3.29 billion. Earnings fell to $1.47 from $1.92 a year ago, missing analysts' expectations of $1.74. The stock rose 1.7%.
Write to Joe Woelfel at [email protected]
“Infuriatingly humble alcohol fanatic. Unapologetic beer practitioner. Analyst.”