Stocks Close Higher After Fed’s Powell Says Economy in Good Shape; S&P 500,

These Were the Big S&P 500 Movers on Friday

15 minutes ago

Advancers

• The top performance in the S&P 500 on Friday belonged to shares of Broadcom (AVGO), which surged 8.6% after the chipmaker topped quarterly sales and profit forecasts. The semiconductor firm highlighted strength in its artificial intelligence (AI) business. Broadcom’s revenue guidance for the current quarter also came in ahead of consensus estimates, with the company anticipating continued strength in AI processing units and data center connectivity solutions.
• Shares of Skyworks Solutions (SWKS), a manufacturer of wireless connectivity chips for smartphones, tablets, and other devices, jumped 8.5%. The move higher came despite a class-action lawsuit alleging that the company misled investors regarding its revenue outlook. Skyworks shares plunged a month ago after the chipmaker predicted a slowdown in mobile revenue driven by decreasing business from Apple (AAPL), its largest customer.
• Walgreens Boots Alliance (WBA) agreed to a $10 billion buyout deal with private equity firm Sycamore Partners, and shares of the drugstore operator popped 7.5%. Sycamore said it would pay $11.45 per share for the pharmacy chain, approximately 8% higher than Thursday’s closing price. The transaction to take the company private follows a difficult period for Walgreens, which announced plans in October to close around 1,200 underperforming locations.

Decliners

• Hewlett Packard Enterprise (HPE) shares plummeted 12.0%, losing the most of any S&P 500 stock after the IT services provider issued lower-than-expected quarterly and full-year profit guidance. The maker of data center equipment indicated that pricing pressure on its traditional servers could strain near-term sales growth and announced cost-cutting plans that include reducing staff by around 5%.

• Shares of Costco Wholesale (COST) dropped 6.1% after the membership warehouse club operator reported mixed financial results for its fiscal second quarter. Although revenue exceeded forecasts, boosted by higher traffic in stores and online, net income fell shy of expectations, reflecting increased merchandise costs.
• Cooper Companies (COO) missed quarterly sales estimates, and shares of the consumer medical equipment maker fell 6.6%. The company reported soft revenues in its CooperVision business in the Asia-Pacific region as well as its CooperSurgical fertility business. Stifel analysts trimmed their price target on Cooper Companies stock but maintained their “buy” rating.

–Mike Bromberg

Tesla Falls for 7th Consecutive Week

27 minutes ago

Tesla (TSLA) shares fell 10% this week, extending their losing streak to seven consecutive weeks.

The electric vehicle maker has seen its share price fall every week since President Trump’s inauguration in January amid investor concerns about the amount of time CEO Elon Musk is spending as leader of the new Department of Government Efficiency. Tesla also appears to be suffering from souring brand sentiment—sales have fallen sharply in China and Europe—as well as uncertainty about the potential impact of tariffs.

Tariffs on Canada and Mexico, which Trump imposed this week before later announcing delays, could “pose significant risk” to North American automakers including Tesla, Bank of America analysts said recently.

Initially, Musk’s close ties to Trump were viewed positively, as investors placed bets that the relationship would result in favorable policies for Tesla.

The stock surged to a record closing high of $479.86 on Dec. 17, an increase of about 90% from its close on Election Day. With seven straight weeks of losses, the stock has since given back almost its entire post-election gain.

–Andrew Kessel

What Analysts Think of Oracle Ahead of Earnings Monday

54 minutes ago

Oracle (ORCL) is set to report fiscal third-quarter results after the market closes Monday, with analysts watching for revenue growth and possible commentary on the company’s Stargate joint venture.

Of the 14 analysts covering the stock tracked by Visible Alpha, eight have “buy” or equivalent ratings, with six giving the stock a “hold” rating. Their consensus price target of near $194 would suggest about 25% upside from Friday’s close.

The cloud services giant is expected to report fiscal first-quarter revenue of $14.38 billion, up around 8%…