Walt Disney’s fiscal fourth-quarter adjusted earnings topped Wall Street forecasts. (Photo by PATRICK T. FALLON/AFP via Getty Images)
AFP via Getty Images
Stocks fell Thursday, putting in jeopardy the
S&P 500
‘s eight-session winning streak. Investors again were focused on commentary about interest rates from global central bankers. Federal Reserve Chairman Jerome was scheduled to speak later Wednesday.
These stocks were making moves Thursday:
Walt Disney
(DIS) reported fiscal fourth-quarter adjusted earnings of 82 cents a share, beating analysts’ estimates of 71 cents, as the entertainment giant’s streaming service,
Disney
+, added nearly 7 million “core” subscribers in the period. Disney also announced a more ambitious cost-cutting plan, raising its annualized cost efficiencies target to $7.5 billion, up from a prior target of $5.5 billion. The stock was rising 7%.
AMC Entertainment
(AMC) tumbled 13% after the movie-theater chain filed to offer up to $350 million of stock.
Affirm Holdings
(AFRM) reported a fiscal first-quarter loss that was narrower than expected and shares of the buy-now-pay-later company rose 18%. Revenue in the period of $497 million beat estimates of $444 million. Total merchandise volume rose 28% year over year to $5.6 billion.
Chip designer
Arm Holdings
(ARM) reported fiscal second-quarter adjusted earnings and revenue better than analysts’ expectations but its forecasts for the third quarter and fiscal year were shy of estimates. U.S.-listed shares of Arm, which went public in September, were down 6.2%.
Applovin
‘s (APP) third-quarter earnings of 30 cents a share beat projections of 27 cents as revenue jumped to $864 million from $713 million a year earlier. Shares of
Applovin,
which makes software that helps its customers increase sales with artificial intelligence, were down 2.5% after rising as much as 16% in the premarket session.
Topgolf Callaway Brands
(MODG), the maker of golf equipment and operator of the Topgolf recreational driving-range chain, reduced its outlook for full-year profit and sales following what it said was a “challenging” third quarter. Shares dropped 16%.
MGM Resorts
(MGM) fell 1.7% after the casino company reported better-than-expected third-quarter revenue and CEO Bill Hornbuckle said a tentative contract was taking shape for 20,000 of the company’s hospitality workers. Las Vegas Strip workers struck a tentative deal with
Caesars Entertainment
(CZR) on Wednesday.
Twilio
(TWLO) was up 3.8% after the cloud-computing company beat Wall Street’s third-quarter earnings estimates and raised its outlook for adjusted income from operations to $475 million to $485 million, up from a previous forecast of between $350 million and $400 million.
Virgin Galactic
(SPCE) rallied 28% after the space-tourism company said it expects fourth-quarter revenue of around $3 million, higher than estimates of $1.5 million.
Medical-device maker
Becton Dickinson
(BDX) issued a sales and adjusted earnings outlook for fiscal 2024 that was below analysts’ expectations. The stock fell 8.4% and was the S&P 500’s worst perfomer.
TransDigm
(TDG) was the index’s top stock Thursday, rising 9.6%, after it paid about $1.4 billion to acquire the microwave assets of private-equity-owned Communications & Power Industries.
Krispy Kreme
(DNUT) declined 9.2% after the doughnut company’s third-quarter adjusted profit and revenue missed Wall Street expectations.
Write to Joe Woelfel at [email protected]
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