Midday movers: Ford, Fortinet rise; Snap slumps

February 7, 2024 9:00 AM EST
(Updated - February 7, 2024 11:26 AM EST) -- Main U.S. indexes rose Wednesday as investors digested more corporate earnings reports. The S&P 500 hit a record high, trading just shy of 5,000.

Here are some of the biggest U.S. stock movers today:

Shares in Ford Motor (NYSE: F) climbed 3% after the automotive giant unveiled a 2024 revenue outlook that topped analysts' expectations and vowed to return more cash to its stakeholders. Fellow automakers General Motors (NYSE: GM) and Stellantis (NYSE: STLA) were also in the green.

Snap (NYSE: SNAP) shares plummeted by more than 35% after the social media group reported quarterly revenue of $1.36B, missing projections.

Uber Technologies (NYSE: UBER) rose 1% after it reported its first-ever annual operating profit on a net basis thanks in part to solid holiday demand for its ride-sharing and food delivery services.

Yum China (NYSE: YUMC) shares surged 10% after the operator of the KFC and Pizza Hut fast-food chains posted fourth-quarter comparable sales that beat projections.

Fortinet (NASDAQ: FTNT) rose 4% after it reported better-than-anticipated fourth-quarter profit from the cybersecurity group after a glut of hacking incidents led an increasing number of enterprises to spend more on safeguarding their digital operations. Shares in the company rose sharply.

VF Corp (NYSE: VFC) dropped 13% after the owner of the Vans shoe brand unveiled third-quarter adjusted income per share that was below estimates and announced that its chief financial officer will step down later this year.

Roblox (NYSE: RBLX) rose 7% after it topped fourth-quarter consensus expectation. Strong bookings was an important highlight of the report.

Chipotle Mexican Grill (NYSE: CMG) climbed 8% after earnings and revenue beat consensus and it said it sees full year comparable restaurant sales growth in the mid-single digit range.

Enphase Energy (NASDAQ: ENPH) climbed 18% after reporting fourth quarter results that were not as bad as feared.

Amgen (NASDAQ: AMGN) declined 4.6% despite beating EPS and revenue estimates in the fourth quarter, as focus turned to concerns about the potential of its obesity pipeline.

Emerson Electric (NYSE: EMR) stock rose 11% after beating estimates on the top and bottom line and issuing guidance that was in-line. Expectations were subdued heading into the print.

Palantir (NYSE: PLTR) shares rose 7%, adding to yesterday’s gain after the analysis firm unveiled a better-than-projected annual profit forecast.

Yum! Brands (NYSE: YUM) shares jumped 3.4% following its latest quarterly results, as investors looked past impacts from weather and the war in the Middle East.

Additional reporting by Louis Juricic

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