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Midday movers: Apple, Amgen and Block rise; Cloudflare and Expedia fall

May 3, 2024 8:06 AM
(Updated - May 3, 2024 11:38 AM EDT)

Investing.com -- Main U.S. indexes rose Friday, as generally positive earnings helped boost overall sentiment, while a soft monthly jobs report fueled hopes the Fed would begin cutting rates in September.

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

Apple (NASDAQ: AAPL) stock rose 7% after the iPhone maker reported a drop in revenue in the opening three months of the year, but still topped analysts' downbeat projections, while the tech giant also announced a $110B stock buyback program and hiked its dividend by 4%.

Amgen (NASDAQ: AMGN) stock soared 13% after the drugmaker said it was very encouraged after completing an interim analysis of its mid-stage study of experimental weight-loss drug MariTide. Shares of rivals Novo Nordisk (NYSE: NVO) and Eli Lilly (NYSE: LLY) were lower.

Cloudflare (NYSE: NET) stock slumped 17% after the cybersecurity company released largely solid quarterly results, but the unchanged 2024 outlook left most bulls disappointed.

Coinbase (NASDAQ: COIN) stock fell 4.6% on concerns a dip in Bitcoin prices could weigh on trading volumes, even after the cryptocurrency exchange swung to a profit in the first quarter as revenue more than doubled from a year earlier.

Fortinet (NASDAQ: FTNT) stock fell 8.3% after quarterly results that BTIG described as “soft,” highlighting an unchanged outlook for 2024 billings.

Paramount Global (NASDAQ: PARA) stock rose 3.5%, adding to gains following recent reports Sony (NYSE: SONY) and private equity firm Apollo Global Management (NYSE: APO) have proposed an all-cash offer worth $26 billion for the entertainment giant.

Hershey (NYSE: HSY) stock rose 1% after the sweets giant exceeded expectations for first-quarter sales and profit, benefiting from higher prices and steady consumer demand for its chocolates and candy.

Block (NYSE: SQ) stock rose 2% after the payments company’s first-quarter earnings topped estimates, while revealing it had been steadily investing in Bitcoin.

Expedia (NASDAQ: EXPE) stock fell 14% after the online travel agency cut its full-year revenue growth forecast, as gross bookings were hit by a drag in its vacation rental platform.

MercadoLibre (NASDAQ: MELI) rose 11% after the Latin American e-commerce company reported strong first quarter results, helped by its performance in Brazil and Mexico.

Motorola Solutions (NYSE: MSI) stock rose 5% and hit a record high after first quarter results outpaced expectations and it raised full year guidance.

Monster Beverage (NASDAQ: MNST) stock rose 2% after reporting first quarter sales that were about in-line with consensus. Analysts described its performance as "better than feared."

Additional reporting by Louis Juricic

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