The stock market’s everything rally looks like it’s fading, with the major indexes ending Friday mixed.
Still, Friday’s performance didn’t kill the stock market’s streak of seven weeks of gains.
These stocks made moves on Friday:
Roku
fell 6.8% to after MoffettNathanson slashed their rating on the streaming-media company to Sell from Neutral. The firm lifted its target for the price to $66 from $64.
Jefferies analysts started coverage of
First Solar,
Enphase Energy,
and
Sunrun
at Buy, while
Array Technologies
and
SunPower
were initiated at Hold. First Solar gained 6.6%, Enphase rose 3.1%,
Sunrun
jumped 3.9%, Array slid 1.8%, and
SunPower
climbed 2%.
Costco Wholesale
reported fiscal first-quarter earnings that beat analysts’ estimates and declared a special cash dividend of $15 a share, for an aggregate payment of about $6.7 billion. Revenue in the quarter rose 6.1% to $57.8 billion and same-store sales were up 3.8%. Sales got a boost fromfood and sundries, the company said. The stock rose 4.5%.
Revenue at
Scholastic
declined 4% in the company’s fiscal second quarter, ended Nov. 30, a setback in the important back-to-school period for the educational publisher.
Scholastic
also reduced its fiscal-year earnings guidance. The stock fell 12%.
Quanex Building Products
reported fiscal fourth-quarter sales of $295.5 million, down 3.9% from a year earlier. Quanex said it was entering fiscal 2024 with a “somewhat cautious outlook for the first half due to the ongoing macroeconomic challenges combined with typical seasonality” in its business. Shares fell 11%, even though management said it was optimistic that demand would improve in the second half of the year as consumers regain confidence.
American depositary receipts of Chinese tech stocks
Alibaba
and
JD.com
were up 2.8% and 4.5% as investors digested news of economic stimulus and weighed up the prospect of further government measures.
American depositary receipts of
Nokia
tipped 2.5% lower after
Citi
slashed their rating on the telecom stock to Sell from Buy.
Fiscal fourth-quarter adjusted earnings at
Lennar
were better than expected. The home builder said it received 17,366 orders in the fourth quarter and delivered 23,795 homes. The company, however, reported a gross margin on home sales of 24.2%, lower than the 24.6% expected by analysts. The stock declined 3.6%.
Intel
rose 2.2%. Analysts at BofA upgraded the stock to Neutral from Underperform and raised their target for the price to $50 from $32. The chip maker on Thursday launched a lineup of laptop processors named “Core Ultra” that are designed to enhance AI-related features in software for personal computers.
Tesla
shares edged 1% higher after Guggenheim analysts raised their price target on the electric-vehicle company to $132 from $125. On Thursday, the stock jumped 4.9% on the heels of commentary from the Federal Reserve that hinted at interest-rate cuts in the coming year.
Write to Joe Woelfel at [email protected]
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