Following strong earnings reports from tech giants Microsoft and Alphabet on Wednesday, stock prices traded in a range of directions.
Wednesday Saw Some Movement in the Following Stocks
After the software giant reported earnings for the fiscal third quarter that beat analysts’ estimates and posted revenue growth of 31% at Azure, the company’s cloud unit, shares of Microsoft MSFT +7.24% (NASDAQ:MSFT) were rising by 8%. Azure is the division of the company that deals with cloud computing. Microsoft anticipates constant-currency growth at Azure of 26% to 27% for the company’s fiscal fourth quarter, which is a little higher than the consensus forecast of 25.8% that was made by Wall Street.
Even after the antitrust watchdog in the United Kingdom blocked Microsoft’s proposed $69 billion acquisition of Activision Blizzard ATVI –11.45% (NASDAQ:ATVI), the company’s stock continued to move higher. Activision’s stock price dropped 11%, reaching $77.22 per share. The videogame manufacturer surprised the market with an early release of its quarterly results, which included net bookings and earnings that were better than anticipated.
Alphabet Inc Class A (NASDAQ:GOOGL)
Alphabet (NASDAQ:GOOGL), the parent company of search giant Google, reported earnings for the first quarter that were better than expected, and the board of directors of the company expanded the company’s stock repurchase program by up to $70 billion. The advertising revenue for the quarter came in at $54.6 billion, which was below the $54.7 billion that was reported a year earlier, but it was still higher than what analysts had anticipated. The stock was demonstrating a decline of 0.3%.
Enphase Energy (NASDAQ:ENPH), an energy technology company, reported earnings for the first quarter that was higher than what was expected by Wall Street. However, the company guided for revenue in the second quarter that was lower than what was anticipated. The company forecasts revenue for the second quarter of between $700 million and $750 million, which is lower than what Wall Street is expecting of $762 million. The share price had dropped by 24.6%.
Other solar stocks were sliding. Both First Solar (NASDAQ:FSLR) and SolarEdge Technologies (NASDAQ:SEDG) experienced a loss of 4% and 8.6%, respectively.
The stock price of PacWest Bancorp (NASDAQ:PACW) increased by 13.9% after the regional lender reported that deposits have been holding steady as of late. As of the 31st of March, the total deposits had increased to $28.2 billion, which is an increase from the $27.1 billion that the bank reported in an update on March 20. In the meantime, First Republic Bank (NYSE:FRC) saw its share price drop by more than 49% on Tuesday after reporting a drop in deposits of 41% for the first quarter. The bank’s shares are currently falling by another 20.9%.
The stock of Chipotle Mexican Grill (NYSE:CMG) rose by 14.6% after the company reported earnings and sales for its first quarter that were better than expected. It has the best performance of all the stocks in the S&P 500.
Old Dominion Freight Line (NASDAQ:ODFL) saw its value drop by 8.6% after the trucking company reported earnings for the first quarter that fell short of what analysts had anticipated.
The internet networking company Juniper Networks (NYSE:JNPR) issued earnings guidance for its second quarter that was lower than the consensus estimate, which caused the stock to drop by 3%.
Tesla (NASDAQ:TSLA) shares dropped 2.5 percent to $156.74 after an analyst from Jefferies named Philippe Houchois downgraded his rating on the stock from Buy to Hold. Houchois is the most recent in a line of analysts to downgrade shares of the electric vehicle manufacturer due to concerns regarding price reductions.
Thermo Scientific (NYSE:TMO), a company that manufactures scientific equipment, saw its share price drop by 2.3% after reporting earnings for the first quarter that were in line with expectations. However, the company’s overall results were impacted negatively by lower revenue from Covid-19 testing.
Chip manufacturer Texas Instruments (NASDAQ:TXN) reported earnings for the first quarter that was higher than analysts’ expectations; however, the company’s revenue forecast for the current second quarter of $4.17 billion to $4.53 billion was lower than the consensus revenue forecast of $4.44 billion at the midpoint. The share price of Texas Instruments was down 1.4%.
After reporting an increase in revenue from the prior year’s first quarter, aerospace giant Boeing BA +0.42% (NYSE:BA) saw its stock price increase by 2.9%. Boeing has indicated that it intends to ramp up production of 737 aircraft later on in this year.
On Wednesday, after Wall Street has closed for the day, the parent company of Facebook, Meta Platforms (NASDAQ:META), is expected to report its earnings.
Featured Image: Megapixl
