Spotify, First Solar, Nokia, Lululemon, Docusign, and More Market Movers


Stocks were falling Friday ahead of the closely watched jobs report, which may be key to expectations over how soon the Federal Reserve may cut interest rates next year—the driving force behind recent gains.

Spotify

fell 1.2% in the premarket after announcing late Thursday that its chief financial officer, Paul Vogel, will leave the company as of March 31 next year. The music-streaming group just days ago announced plans for sweeping job cuts that will reduce head count representing some 17% of its workforce.

RH

tumbled 8.4% after the owner of

Restoration Hardware

reported an unexpected third-quarter adjusted net loss of $8 million, with revenue down 14% from a year ago. The home furnishings group said it has experienced increased headwinds, particularly in early October when mortgage rates peaked above 8%.

Smith & Wesson Brands

dropped 5.3% after the gun maker reported a dramatic fall in profit from a year ago. While sales in the October quarter rose 3% year over year, gross profit tumbled 19% with gross margins shrinking to 25% from 32%.

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First Solar

rose 3.3% to $148.88 after

Morgan Stanley

upgraded the solar company to Overweight from Equal Weight and increased their price target to $237 from $214.

American depositary receipts of

Nokia

were up 2.9%. Jefferies cut its rating on the Finnish telecom equipment maker to Hold from Buy. The firm also upgraded shares of rival

Ericsson

to Buy from Hold, and American depositary receipts jumped 2.3%. Earlier this week,

AT&T

said it has reached a deal with Ericsson to buy up to $14 billion worth of network equipment over five years.

Lululemon Athletica

slumped 2.5% after the athletic apparel retailer’s fourth-quarter guidance disappointed Wall Street. Citing macroeconomic pressures, the company sees quarterly revenue in a range of $3.14 billion to $3.17 billion, short of the analyst consensus call of $3.18 billion. Guidance soured the mood despite strong third-quarter results, with revenue growth at 20% and earnings ahead of estimates.

DocuSign

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fell 2% despite better-than-expected results for the October quarter released late Thursday. The e-signature company showed signs of recovery following a post-Covid slowdown, with earnings per share and revenue both firmly ahead of Wall Street’s estimates.

Qorvo

popped 1.4% to $101.72 after Morgan Stanley analysts upgraded the wireless-chip company to Overweight from Equal Weight and lifted their price target to $134 from $120.

Qualcomm

was tipping 1.2% lower to $131.31 after the firm cut its rating on the chip company to Equal Weight from Overweight but raised its price target to $132 from $119.

Broadcom

slipped 0.3%, continuing earlier losses from Thursday’s aftermarket, after the chip maker reported solid quarterly results with earnings ahead of analysts’ expectations. The company’s CEO, Hock Tan, said that demand related to generative artificial intelligence is accelerating.

Write to Jack Denton at jack.denton@barrons.com



Read More:Spotify, First Solar, Nokia, Lululemon, Docusign, and More Market Movers

2023-12-08 16:20:00

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