Global Courant 2023-05-13 02:03:26
Connie Black makes production line adjustments for the Series 6 solar panels, seen during a tour of a First Solar plant in Walbridge, Ohio, Oct. 6, 2021.
Dane Rhys | Reuters
Take a look at the companies that take the biggest steps in the afternoon:
First solar energy — Shares rose 26.48% after the solar energy company announced it acquires Evolar AB for up to $80 million. First Solar said the acquisition of the European company, which develops thin film used in solar panels, should accelerate development of next-generation photovoltaic technology.
News Corp — Shares of the media company rose 8.48% after it reported a profit and revenue increase for its fiscal third quarter after the clock on Thursday, according to FactSet. The company also said it expects to save $160 million annually by the end of 2023 from the previously announced job cuts.
Icon Enterprises — Carl Icahn’s holding company rebounded 11.85%, cutting this week’s losses to 12%. The stock took a wild ride after notable short seller Hindenburg Research took a short position, partly due to “inflated” asset valuations. Separately, Icahn Enterprises said its board approved a $500 million buyback authorization. The company also recently announced a quarterly dividend of $2 per share.
JD.com — The Chinese e-commerce company’s US-listed shares fell 6.19%, a day after gaining 7.2% on a profit margin. JD.com also announced on Thursday that CEO Xu Lei will step down in June for “personal reasons” and be replaced by Chief Financial Officer Sandy Ran Xu.
Karl Schwab — Shares of the brokerage firm rose 2.54% on Friday after the company reported total client assets increased by 1% in April. CFO Peter Crawford said in a press release that customer sorting activity declined further in May.
Twilio — Twilio shares fell 3.48%. The move added to the decline that began after the communications software developer late Tuesday forecast second-quarter earnings that beat analysts’ estimates. On Friday, Mizuho downgraded the stock to neutral from buy, seeing too many near-term challenges for Twilio.
Robin Hood — The stock lost 9.43%. It’s a reversal from Thursday’s 6.4% gain, which came a day after Robinhood posted a first-quarter profit and revenue hit. On Friday, Morgan Stanley said Robinhood’s new 24-hour trading, announced Wednesday, will not materially improve the company’s financial position.
Fox — Stocks bounced back from an earlier dip to finish the day fractionally higher. The move followed a downgrade of the media company by Wells Fargo from overweight to equal weight. The Wall Street firm cited demand challenges for linear TV and sports rights costs. Fox on Tuesday reported a net loss for its fiscal third quarter due to costs related to Fox News’ settlement with Dominion Voting Systems.
Generation digital — Gen Digital fell 5.48% following its fiscal fourth-quarter earnings report, which came after Thursday’s close. The cybersecurity firm posted adjusted earnings that beat analyst estimates, according to FactSet. However, bookings of $1.02 billion for the quarter fell short of the expected $1.06 billion.
– CNBC’s Yun Li, Jesse Pound, Michael Bloom and Sarah Min contributed to the reporting.
