By Joe Woelfel, George Glover, Nate Wolf, and Connor Smith
Stocks rose Wednesday after the Supreme Court appeared skeptical of arguments underpinning President Donald Trump's tariffs. Wall Street also weighed a stronger-than-expected reading on the U.S. jobs market.
These stocks made notable moves:
Advanced Micro Devices rose 2.3% after falling earlier in the session. The chip maker reported better-than-expected earnings and revenue for the third quarter. Data-center revenue in the period rose 22% to $4.3 billion. AMD said it expects fourth-quarter revenue of about $9.6 billion, plus or minus $300 million, versus analysts' expectations of $9.2 billion.
Chip-making rival Nvidia declined 1.8% while Intel rose 3.7%. Qualcomm, which was scheduled to report fiscal fourth-quarter earnings after the closing bell, gained 4%.
Arista Networks declined 8.6%. The cloud services provider posted better-than-expected third-quarter adjusted earnings as revenue rose 27% to $2.31 billion and beat forecasts, but sales guidance for the fourth quarter disappointed. Arista said it expects revenue in the period of $2.3 billion to $2.4 billion compared with projections of $2.33 billion.
Super Micro Computer tumbled 11% after the server maker reported weaker-than-expected fiscal first-quarter earnings and revenue and issued mixed guidance for the current quarter.
Pinterest plummeted 22% after the social-media platform reported weak third-quarter earnings. Fourth-quarter revenue guidance also disappointed, while the company's outlook for adjusted Ebitda, or earnings before interest, taxes, depreciation, and amortization, was in line with Wall Street expectations.
Axon Enterprise dropped 9.4% after the Taser maker swung to a loss in the third quarter, and adjusted earnings in the period of $1.17 a share missed analysts' expectations of $1.52. The company also said it was acquiring Carbyne, an emergency communications and response platform. The deal is valued at $625 million.
Novo Nordisk lowered its potential growth outlook as it faces competitive pressure from copycat versions of its weight-loss drugs Ozempic and Wegovy. The Danish pharmaceutical company now expects operating profit growth of between 4% and 7% at constant exchange rates this year, from a previous expected range of 4% to 10%. Sales growth was estimated at between 8% and 11% from a prior range of 8% to 14%. "The narrowing of the guidance ranges reflects lowered growth expectations for Novo Nordisk's GLP-1 treatments within diabetes and obesity," the company said. U.S.-listed shares of Novo Nordisk rose 0.4%.
Humana posted third-quarter adjusted earnings of $3.24 a share, better than analysts' estimates of $2.93. Humana's medical-loss ratio, which measures the share of premiums paid out to cover medical expenses, was in line with expectations at 91.1%. The stock declined 6%, however, after Humana lowered its full-year guidance.
Rivian Automotive gained 23% after the electric-vehicle company reported a wider-than-expected third-quarter loss but gross profit of $24 million versus analysts' estimates that called for a loss of $64 million.
McDonald's rose 2.2% after third-quarter adjusted earnings slightly missed analysts' estimates. Same-store sales increased 2.4% in the U.S. during the quarter, while global same-store sales rose 3.6%. Sales for company-owned and operated restaurants, as opposed to franchises, were down 3%.
Zimmer Biomet was the worst performer in the S&P 500, with the stock falling 15%. The maker of hip and knee replacements reported weaker-than-expected quarterly sales.
Trex dropped 31% after the decking and railing company reported weaker-than-expected quarterly sales and earnings and slashed its 2025 and 2026 guidance.
Kratos Defense & Security Solutions fell 14% after the drone maker issued fourth-quarter sales guidance that missed analysts' estimates.
Lumentum Holdings gained 24% after the provider of optical and photonic products for the cloud sector posted fiscal first-quarter earnings and revenue that beat Wall Street forecasts and issued strong revenue guidance for the second quarter.
In addition to Qualcomm, earnings reports were expected after the closing bell Wednesday from AppLovin, Arm Holdings, Robinhood Markets, DoorDash, Fortinet, Fair Isaac, Albemarle, and Figma.
Write to Joe Woelfel at joseph.woelfel@barrons.com, George Glover at george.glover@dowjones.com and Nate Wolf at nate.wolf@barrons.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
November 05, 2025 16:34 ET (21:34 GMT)
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