Stock futures showed positive momentum early Thursday following the Federal Reserve’s decision to pause interest rates. Chairman Jerome Powell’s comments further boosted investor confidence, signaling a possible conclusion to the central bank’s assertive rate hike strategy.
Here are some Thursday’s biggest stock movers:
Biggest Stock Gainers
Roku (Roku) Stock jumped 19% after mixed third-quarter results and better-than-expected fourth-quarter sales prospects. The company expects net sales of $955 million in the fourth quarter, beating the consensus of $951.26 million, along with gross profit expectations of $405 million. With ~20% year-over-year revenue growth, active accounts increased 16% and streaming hours increased 22%.
Shares of Clorox (NYSE:CLX) increased by more than 10%which beat first-quarter expectations despite a 20% year-over-year revenue decline and a reduction in fiscal 2024 expectations. The company now expects net sales to be in the mid-to-high single digits, from a previously flat level to a 2% increase and adjusted earnings per share between $4.30 and $4.80, compared to prior guidance of $5.60 and $5.90 and a consensus of $4.58.
PayPal Holdings’ (NASDAQ:PYPL) stock Rmore than 6%, with third-quarter earnings and revenue exceeding Wall Street estimates. However, the company’s fourth-quarter earnings estimates of $1.38 fell short of the average analyst estimate of $1.40. The company also reaffirmed expectations for 2023 share buybacks worth approximately $5 billion. The company also appointed Jamie Miller, most recently Global CFO at EY, as Chief Financial Officer, effective November 6.
Qualcomm (NASDAQ:QCOM) experienced almost 5% surge in its shares following the release of fourth-quarter results and guidance that exceeded expectations. For the first quarter, the company expects revenue between $9.1 billion and $9.9 billion (compared to a consensus of $9.26 billion), while QCT revenue is expected to be between $7.7 billion and $8.3 billion . Adjusted earnings per share are expected to be between $2.25 and $2.45, versus the consensus of $2.25 per share.
Fast (NYSE:FSLY) climbed 16% after an optimistic third quarter result and outlook, which was in line with consensus. For the fourth quarter, total revenue is estimated between $137 million and $141 million versus the consensus of $140.21 million, and non-GAAP earnings per share are in the range of ($0.05) to ($0.01) versus the consensus of -$0.04. For FY23, total revenue is expected to be between $505 million and $509 million versus consensus of $506.63 million and non-GAAP EPS of -$0.23 and $0.19 versus consensus of -$24.
Biggest Stock Losers
Even though Confluent (NASDAQ:CFLT) shares down more than 30% after the company lowered its full-year revenue guidance to $768 million to $769 million, down from a previous range of $767 million to $772 million and a consensus of $771.05 million. The company expects adjusted earnings between -$0.01 and $0.00 per share, compared to a loss of -$0.03 cents per share. Full year operating margin is expected to be -9%. Confluent expects adjusted earnings of $0.05 for the next quarter, in line with the consensus of $0.05, on revenue of $204 million to $205 million, below the average of $212.28 million.
SolarEdge Technologies (NASDAQ:SEDG) shares fell 17% after reporting lower third-quarter adjusted earnings and fourth-quarter revenue below analyst estimates. The company forecast fourth-quarter revenue of $300 million to $350 million, well below the consensus estimate of $715.1 million. Non-GAAP gross margin was 5%–8%, including a solar segment margin of 7%–10%.