By Joe Woelfel and Connor Smith
Technology stocks dragged the market down on Friday. The S&P 500 and Nasdaq Composite marked their sixth straight losing session.
These stocks made moves Friday:
Netflix reported better-than-expected earnings and smashed subscriber growth estimates in the first quarter but the streaming giant issued second-quarter revenue guidance of about $9.49 billion, below analysts' forecasts of $9.53 billion. Netflix also said it planned to stop providing quarterly membership data and average revenue generated per member. The metric always has been the most closely watched for Netflix investors. The stock dropped 9.1%.
Super Micro Computer plunged 23% after the artificial-intelligence hardware company appeared to have decided not to pre-announce its earnings for the fiscal third quarter. In seven of the past eight quarters, according to reporter Eric Savitz of Barron's, Super Micro issued a press release announcing preliminary results ahead of its routine earnings release, generally raising financial guidance.
Paramount Global jumped 13% following a report from the New York Times that said Sony's movie studio division was in talks with Apollo Global Management about joining a bid for Paramount. The report came after The Wall Street Journal said earlier this month that members of Paramount's board and Skydance Media had agreed to start exclusive merger discussions.
American Express rose 6.2%. The credit card giant reported an increase in first-quarter profit and revenue as overall spending by Amex cardmembers, who tend to be more affluent, rose.
Trump Media & Technology Group rose 9.6%. Shares of the parent company of the Truth Social platform jumped 26% on Thursday, building on a gain Wednesday of 16%, and wiping out its losses for the week. CEO Devin Nunes, in a letter to the chair of the Nasdaq Stock Exchange dated Thursday, claimed that Trump Media stock could be the target of "naked" short selling, the illegal practice of short selling without actually borrowing the shares.
Tesla dipped 1.9% after the National Highway Traffic Safety Administration disclosed a recall of 3,878 Cybertruck vehicles to fix a problem with the accelerator pedal. Tesla shares have declined every day this week. The electric-vehicle company is scheduled to report quarterly earnings next Tuesday.
Jabil, the electronics-manufacturing services company, disclosed in a filing that Chief Executive Kenny Wilson was going on paid leave pending an investigation "related to company policies." Jabil didn't specify what prompted the investigation but did say the "conduct that prompted this review does not relate to, and does not impact, the company's financial statements or financial reporting." Jabil declined 8.4%.
SLB, the world's largest oil-services company, declined 2.1%. The firm reported first-quarter adjusted earnings of 75 cents a share, matching analysts' estimates, while revenue of $8.71 billion, up 13% from a year earlier, topped forecasts.
Procter & Gamble reported fiscal third-quarter earnings that beat analysts' estimates and raised its fiscal-year outlook. The stock, however, was up just 0.5% after revenue of $20.2 billion missed estimates of $20.44 billion.
KB Home was up 1% after the home builder said its board authorized the repurchase of up to $1 billion in stock and boosted its quarterly dividend to 25 cents a share from 20 cents.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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(END) Dow Jones Newswires
April 19, 2024 16:35 ET (20:35 GMT)
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