Midday movers: Disney, Arm surge; PayPal slips
Investing.com -- Main U.S. indexes were mixed on Thursday as investors parsed earnings reports and evaluated the latest jobs data, with the S&P 500 hovering just shy of 5,000.
Here are some of the biggest U.S. stock movers today:
Walt Disney (NYSE: DIS) shares advanced 11% after the entertainment giant unveiled better-than-expected first-quarter earnings and a $3 billion share buyback.
Shares in Arm (NASDAQ: ARM) surged 60% after the chip designer hiked its annual guidance as royalty revenue was bolstered by soaring demand for artificial intelligence.
U.S.-listed shares in Alibaba Group (NYSE: BABA) slumped 2.6% as worsening conditions in China led the e-commerce behemoth to post lower-than-projected fourth-quarter profit, while a $25 billion increase in its share repurchase program did little to inspire confidence.
Under Armour (NYSE: UA) rose 2.8% after the athletic apparel group raised its full-year income guidance, citing receding input and freight costs.
PayPal (NASDAQ: PYPL) shares fell 10.5% after the online payments provider forecast flat 2024 adjusted income, although executives told analysts that they are working to make the company leaner to help support profits.
GoPro (NASDAQ: GPRO) shares slipped 13% following weaker-than-projected fourth-quarter revenue from the consumer electronics maker.
Apollo Global Management (NYSE: APO) shares edged higher by 1.3% after the private equity firm reported an almost 31% spike in adjusted net income, topping Wall Street estimates.
Monolithic Power Systems (NASDAQ: MPWR) stock rose 15% after reporting strong results and outlook. Analysts pointed to AI-related tailwinds.
Allstate (NYSE: ALL) stock rose 2.4% after its quarterly report showed that rising premiums and a decline in catastrophe losses boosted earnings.
Hershey (NYSE: HSY) stock rose 6% after it reported results and issued outlook that wasn’t as bad as some analysts had feared.
McKesson (NYSE: MCK) stock declined 4.9% despite reporting better than expected quarterly results and issuing its full year forecast. Expectations were elevated heading into the print.
S&P Global (NYSE: SPGI) declined 6.3% after reporting fourth quarter results and issuing guidance. Its overall performance was viewed as slightly weaker than expected.
Zimmer Biomet Holdings (NYSE: ZBH) declined 5% after reporting results that disappointed investors. Expectations were high following strong results from peers.
Kenvue Inc. (NYSE: KVUE) declined 4% after reporting worse than expected results and guidance, with notable weakness in its organic sales outlook.
Additional reporting by Louis Juricic