According to the "wtop.com"

May 13, 2022

Monday, May 16, 2022 - 04:50:14

Tesla, Occidental rise; New Relic, Merck fall

This news has been received from: wtop.com

All trademarks, copyrights, videos, photos and logos are owned by respective news sources. News stories, videos and live streams are from trusted sources.

Contact Newsletter-online.com: [NewsMag]

NEW YORK (AP) — Stocks that traded heavily or had substantial price changes Friday:

Motorola Solutions Inc., up $13.75 to $215.29.

The communications equipment maker’s first-quarter profit and revenue beat Wall Street forecasts.

Tesla Inc., up $41.59 to $769.59.

CEO Elon Musk suspended his plan to buy social media company Twitter.

New Relic Inc., down $1.22 to $46.60.

The cloud-based software analytics company reported disappointing fiscal fourth-quarter earnings.

Natural Alternatives International Inc., up $1.47 to $10.48.

Investors were encouraged by the nutritional supplement maker’s financial results and forecast.

Fiesta Restaurant Group Inc., up 55 cents to $6.76.

The owner of the Pollo Tropical and Taco Cabana restaurant chains gave investors an encouraging business update.

Occidental Petroleum Corp., up $4.86 to $64.08.

The energy company gained ground along with rising crude oil prices.

Joby Aviation Inc., up 90 cents to $5.33.

The electric air taxi developer’s first-quarter earnings beat Wall Street forecasts.

Merck & Co., down 42 cents to $90.41.

The drug developer and some peers slipped as the sector lagged the broader market.

Copyright © 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.

News Source: wtop.com

Tags: beat wall street forecasts quarter earnings first quarter

Tic Tac Toe plays with genetically modified bacteriologists

Next News:

US stocks fall as inflation remains stubbornly high

NEW YORK (AP) — Stocks fell in afternoon trading on Wall Street as investors received another dire readout on inflation.

The S&P 500 fell 1.2% as of 12:01 p.m. Eastern. The Dow Jones Industrial Average fell 366 points, or 1.2%, to 31,467 and the Nasdaq fell 1%.

Technology stocks were among the biggest weights on the broader market. Apple fell 3.6% and Microsoft fell 2.3%. The tech sector made solid gains during the pandemic amid a broad shift to working and shopping from home, but it has seen sharp declines as inflation worsens and interest rates head higher.

“The pullback in growth stocks, tech in particular, has been dramatic,” said Brian Price, head of investment management at Commonwealth Financial Network. “We have a reckoning, if you will, that maybe we did go too far too fast” with many of those stocks.

Retailers gained ground, along with some household goods companies. Amazon rose 1.7% and Walmart rose 1%.

The yield on the 10-year Treasury fell to 2.84% from 2.92%.

Major indexes are all in the red for the week as investors worry about rising inflation, rising interest rates and their impact on the economy.

The Labor Department on Thursday reported that wholesale prices soared 11% in April from a year earlier. Many of the costs at the wholesale level are being passed on to consumers as companies try to cover higher expenses. That has raised more concerns about a potential pullback in spending that could crimp economic growth.

Inflation pressure has been building for consumers. On Wednesday, the Labor Department’s report on consumer prices came in hotter than Wall Street expected. It also also showed a bigger increase than expected in prices outside food and gasoline, something economists call “core inflation” and which can be more predictive of future trends.

Rising inflation has prompted the Federal Reserve to pull its benchmark short-term interest rate off its record low near zero, where it spent most of the pandemic. It also said it may continue to raise rates by double the usual amount at upcoming meetings. Investors are concerned that the central bank could cause a recession if it raises rates too high or too quickly.

Inflation has been worsened by Russia’s invasion of Ukraine and the conflicts impact on rising energy prices. China’s recent lockdowns amid concerns about a COVID-19 resurgence have also worsened supply chain and production problems at the center of rising inflation.

The impact of higher prices for consumers has been global. On Thursday, Britain said its economy grew at the slowest pace in a year during the first quarter. That is raising fears that the country may be headed for a recession.

The latest round of corporate earnings are also being closely watched by investors as they assess how companies and industries are handling the pressure from inflation. Entertainment giant Disney fell 2.8% after missing analysts’ forecasts in its latest earnings report. Coach and Kate Spade owner Tapestry jumped 13.6% after reporting strong financial results.

“We’ll continue to pay attention to what the Fed has to say, but it’s worthwhile to pay attention to company outlooks on earnings calls,” Price said. “That’s something that investors will focus more and more on as we go into the second half of the year, how durable are company earnings.”

Copyright © 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.

Other News

  • Video game developer walks back ranking functionality of diversity space tool
  • Tapestry, Sonos rise; AmerisourceBergen, Capital One fall
  • Katie Porter raises awareness about Donald Trumps alleged bribery scheme
  • January trial date set for ex-NY Lt Gov in corruption case
  • Coach owner Tapestry cuts profit outlook as China lockdowns dent demand
  • Google announces new smartphones, a watch and tablet at its I/O developer conference
  • Walt Disney Co. Q2 results fall short but stock jumps
  • Callaway, Alcon rise; Wendys, Fiverr International fall
  • Disney reports earnings after the bell. Here's what to expect
  • Roblox pops 12% after initial earnings dip
  • Bitcoin crash is crushing Coinbase. Stock plunges again
  • Sysco, Simon Property rise; Peloton, Dentsply fall
  • SoFi stock falls, trading halted after fintech firm accidentally releases first-quarter report early
  • AMC shares rise after results outpace Wall Street expectations
  • Uber, Elanco fall; TreeHouse Foods, Energizer rise
  • Minnesota telecom companies are seeking to block a controversial broadband developer from using $311 million in federal grants
  • Palantir plunges 15% in premarket on weak revenue guidance, earnings miss
  • Stocks making the biggest moves in the premarket: Palantir, Rivian, Uber and more