Amazon, Alphabet, Apple, Ford, Nordstrom, and More Stock Market ...

3 Feb 2023

Barron's

Amazon Alphabet Apple Ford Nordstrom and More Stock Market

Earnings at Alphabet and Amazon miss analysts' estimates. Fiscal first-quarter revenue of $117.2 billion at Apple falls 5% from a year earlier, marking the first quarterly revenue decline for Apple in almost four years.

Amazon stock was falling after the company posted weaker-than-expected quarterly profit. Ina Fassbender/AFP via Getty Images

Stocks fell Friday following a U.S. monthly jobs report that came in far stronger than expected and disappointing earnings from tech giants Apple , Amazon.com and Alphabet .

These stocks were making moves Friday:

Amazon.com (AMZN) was falling 6.2% after the tech and online retailing giant reported better-than-expected fourth-quarter sales growth but weaker-than-anticipated profit, due largely to a loss on the company’s stake in electric-truck maker Rivian (RIVN). Revenue at the company’s Amazon Web Services unit fell shy of expectations, and Amazon’s first-quarter revenue outlook, was well below Wall Street estimates.

Google parent Alphabet (GOOGL) reported slowing revenue growth in the fourth quarter and an earnings miss, sending the stock down 2.4%. An advertising slowdown weighed on the results.

Apple (AAPL) was up 1.4% after falling in premarket trading. The iPhone maker reported fiscal first-quarter earnings and sales that missed Wall Street estimates. Revenue of $117.2 billion fell 5% from a year earlier, marking the first quarterly revenue decline for Apple in nearly four years. Sales in the company’s iPhone, Mac and wearables segments, in particular, came up well short of expectations.

Nordstrom (JWN) surged about 23% after The Wall Street Journal reported activist investor Ryan Cohen has taken a big stake in the retailer. The Journal reported that Cohen has become one of the top five non-family shareholders of the company.

Bill.com Holdings (BILL) tumbled 22% after the software company reported revenue guidance that disappointed Wall Street. An analyst at BTIG downgraded the stock to Neutral from Buy, while a BMO analyst downgraded Bill.com to Market Perform from Outperform.

Atlassian (TEAM) fell 10%. The software company’s fiscal second-quarter loss was wider than a year earlier.

Auto maker Ford (F) reported fourth-quarter earnings that missed analysts’ expectations and the stock was tumbling 7.5%. Ford said it expects to generate operating profit in 2023 of about $9 billion to $11 billion; Wall Street had projected operating profit this year of about $10 billion.

Clorox (CLX) was rising 6.3% after the cleaning products company posted better-than-expected fiscal second-quarter profit.

Gilead Sciences (GILD) was up 5% after fourth-quarter earnings and sales beat Wall Street expectations. The pharma company also raised its dividend.

Starbucks (SBUX) was down 3.8% after the coffee chain reported fiscal first-quarter earnings that missed Wall Street forecasts.

Write to Joe Woelfel at joseph.woelfel@barrons.com