On Friday, stock markets experienced an upward trend driven by progress on the U.S. debt ceiling negotiations and higher-than-expected inflation in April.
Here are notable stock movements from that day:
Marvell Technology (MRVL) saw a significant surge of nearly 23% after the semiconductor company provided a positive growth outlook. CEO Matt Murphy highlighted the company's anticipation of doubling its AI revenue in fiscal 2024 compared to the previous year.
Nvidia (NVDA) slipped 0.4% following a remarkable 24% gain on Thursday. The chip maker's fiscal second-quarter revenue forecast exceeded analysts' expectations, driven by strong demand for its chips used in artificial intelligence applications.
Workday (WDAY) rose 8.7% as its first-quarter adjusted earnings surpassed Wall Street forecasts, accompanied by a 20% increase in subscription revenue. The company also announced the appointment of a new chief financial officer and projected an 18% growth in second-quarter subscription revenue.
Costco Wholesale (COST) reported fiscal third-quarter earnings and sales that fell short of expectations, resulting in a slight decline in its stock. Same-store sales growth of 0.3% was below the estimated 2.8% growth.
Gap (GPS) surprised Wall Street with adjusted earnings of 1 cent per share in its fiscal first quarter, contrary to the expected loss of 16 cents. As a result, the stock surged by 14%.
Ulta Beauty (ULTA) experienced a 12% decrease after reporting a slightly lower-than-expected fiscal first-quarter profit. The company revised its fiscal-year sales forecast but provided a lower operating margin outlook.
Shares of PDD Holdings (PDD), formerly known as Pinduoduo, jumped 14% following the release of fiscal first-quarter earnings and revenue that exceeded estimates. The company operates a mobile marketplace.
Big Lots (BIG) faced a decline of 19% as its adjusted loss in the fiscal first quarter was significantly wider than analysts' estimates, accompanied by an 18% drop in same-store sales. The company also announced the suspension of its dividend.
Paramount Global (PARA) gained 5.8% after reports that controlling shareholder National Amusements secured a $125 million investment from merchant bank BDT & MSD Partners.
MongoDB (MDB) saw a 2.8% decrease in its stock price after being downgraded to Sell from Neutral by Guggenheim. The analysts raised the price target to $210 from $205, considering modestly improved forecasts.
Autodesk (ADSK) reported fiscal first-quarter adjusted earnings of $1.55 per share, meeting Wall Street estimates. The design software maker's revenue increased by 8% to $1.27 billion, and total billings rose by 4%. The company expects second-quarter revenue of $1.32 billion to $1.33 billion, aligning with forecasts. The stock declined by 1.2%.
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