Stocks fell as fresh economic data raised concerns on Wall Street that the Federal Reserve would have to hold interest rates higher for longer.
These stocks made moves Thursday:
Tesla will recall cars equipped with its highest level of self-driving software. It will affect 362,758 cars, according to the National Highway Traffic Safety Administration. The stock declined 5.7%.
TravelCenters of America soared 71% after oil company BP (BP) said it was acquiring the fuel and service center operator in a deal with a total equity value of about $1.3 billion.
Community Health Systems reported fourth-quarter adjusted earnings that beat Wall Street estimates and the stock surged more than 53%.
RingCentral issued revenue guidance for 2023 that missed Wall Street expectations. Shares of the cloud-based communications provider fell 24%.
Toast fell 23% after the cloud-based company reported a wider-than-expected loss for its fourth quarter.
QuantumScape fell 17% even after the electric-vehicle battery start-up posted a fourth-quarter loss that was narrower than analysts expected.
Shopify declined 16% after the e-commerce software company issued softer-than-expected guidance for the first quarter.
Boston Beer slumped 15% after the brewer of Samuel Adams posted a surprise loss in the fourth quarter. Boston Beer said it expects earnings in 2023 of between $6 and $10 a share, below analysts’ expectations of $10.94.
Twilio jumped 14% after reporting a narrower-than-expected loss in the fourth quarter and revenue that topped estimates. The board of the text app developer platform also authorized the company to buy back $1 billion of stock. Twilio announced Monday it was cutting 17% of its workforce.
Seagen rose 13% after the biotech company posted a narrower-than-expected fourth-quarter loss. The stock was upgraded to Strong Buy from Outperform by analysts at Raymond James and to Outperform from In Line at Evercore ISI.
Shares of Roku rose 11% after the streaming platform company posted a narrower-than-expected fourth-quarter loss and revenue that beat analysts’ estimates. Roku added a higher-than-expected 4.6 million new active accounts in the quarter.
DocuSign said it was reducing staff by about 10% as part of a broader restructuring plan. The stock rose 1.8%.
Comments