Stocks turned lower Thursday, adding to losses from the previous session following hawkish comments from Federal Reserve officials.
These stocks were making moves Thursday:
Walt Disney (ticker: DIS) dropped 1.3% after the entertainment giant said it planned to cut 7,000 jobs. The company’s restructuring plan would lead to cost savings of $5.5 billion. Disney also said it was reinstating its dividend after fiscal first-quarter earnings beat analysts’ estimates.
Tesla (TSLA) rose 3%. Elon Musk said the electric vehicle maker’s Master Plan 3 would be unveiled at the company’s annual meeting on March 1.
Applovin (APP) reported better-than-expected fourth-quarter revenue and said it expects the mobile ad market to remain “relatively stable” in the first quarter. The stock was soaring 27%.
Affirm Holdings (AFRM) said it would cut 19% of its staff after the buy-now-pay-later company reported a wider-than-expected quarterly loss and issued an outlook shy of forecasts. The stock slumped 17%.
Sonos (SONO), the smart speaker company, surged 16.6% after posting record revenue in its fiscal first quarter and beating analysts’ earnings expectations.
Globus Medical (GMED), a medical device company, said it would buy NuVasive (NUVA), which makes technology for spine surgery, in an all-stock transaction with a value of $3.1 billion. Shares of Globus were fell 18%, while NuVasive rose 3%.
International Flavors & Fragrances (IFF) fell 19% after the company posted fourth-quarter earnings that slightly beat expectations and issued a full-year outlook below consensus.
GitLab (GTLB) shares tumbled 14% after the software company announced it will slash about 7% of its staff.
Baxter International (BAX) fell 12.2% after the medical supply company reported fourth-quarter earnings that missed expectations and fiscal-year guidance well below Wall Street expectations.
Mattel (MAT) was down 11% after fourth-quarter profit and sales at the toy maker missed analysts’ estimates. The company also guided for flat sales in 2023.
MGM Resorts (MGM) rose 6.4%. The casino company reported fourth-quarter revenue that topped expectations and announced a stock buyback program of $2 billion. Fellow casino operator Wynn Resorts (WYNN) gained 4.7% after it also posted quarterly revenue that beat estimates.