By Mackenzie Tatananni, George Glover, and Joe Woelfel
Stocks tumbled Friday and tech stocks led the declines as a flush of so-so earnings from major players in artificial intelligence reignited caution about the sector.
These stocks were making moves Friday:
Broadcom sank 11%. The chip maker reported better-than-expected results for its fourth fiscal quarter but failed to ease investors' concerns over its customers. Wall Street has been worried about big chip makers' reliance on ChatGPT developer OpenAI, the loss-making startup. On an earnings call, analysts questioned the chip maker's sales forecasts and future margins.
Oracle fell 5%, deepening its losses after plunging 11% in the previous session. Oracle has delayed completion dates for some of the data centers it's developing for OpenAI, Bloomberg reported Friday, citing people familiar with the work. On Wednesday, the company raised its spending forecast and issued guidance that fell short of estimates. Oracle also failed to mitigate investor concerns over the size of its outstanding debt.
Fermi cratered 34% after the energy and data-center infrastructure company said it had lost a $150 million construction funding commitment from the first major tenant at its Project Matador campus in Texas.
Lululemon Athletica jumped 9.2% after the retailer topped analysts' expectations for third-quarter earnings and revenue. Lululemon also announced that CEO Calvin McDonald plans to step down on Jan. 31. Lululemon's board has yet to name a permanent successor.
Costco Wholesale slipped 1.7% even as the warehouse retailer reported solid fiscal first-quarter earnings. Investors were likely hoping for even stronger numbers. Costco has lost momentum this year, falling 4.1% -- a surprising reversal for a stock that has long outperformed the market.
RH jumped 5.6% after the furniture company missed analysts' third-quarter earnings targets but beat on revenue. RH's sales guidance came in weak: It expects 7% to 8% growth over the current quarter, softer than the 10% jump that Wall Street had forecast.
Bristol Myers Squibb rose 2.6% to $52.52 after shares were upgraded to Buy from Neutral at Guggenheim with a $62 price target. Analysts said the stock's underperformance this year "presents a buying opportunity before a catalyst-rich 2026" that could drive shares higher than $60.
Tilray Brands and Canopy Growth soared 33% and 41%, respectively, following reports that President Donald Trump could loosen federal restrictions on marijuana early in 2026. Trump indicated in August that he was weighing the pros and cons of reclassifying cannabis. A White House official told Barron's no final decisions on marijuana reclassification have been made.
Netskope declined 11%. The cybersecurity company posted a narrowr-than-expected third-quarter loss and revenue that topped Wall Street estimates. while guidance came in slightly above expectations. Netskope expects revenue in the fourth quarter of $188 million to $190 million, better than expectations of $185.5 million.
Shares of Quanex Building Projects, a small-cap manufacturing company, gained 9.5%. The company swung to a profit in its fiscal fourth quarter, which overshadowed a mixed print and Quanex not issuing "official guidance" for fiscal 2026.
Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com and George Glover at george.glover@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
December 12, 2025 12:51 ET (17:51 GMT)
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