Charles J. Laurent
Stock futures traded relatively unchanged on Wednesday as Federal Reserve officials voiced their intention to proceed cautiously with interest rate adjustments. Here are some notable movements in the stock market for the day:
Ford Motor reported adjusted earnings and sales for the fourth quarter that exceeded analysts' expectations. The automaker also delivered promising news by projecting an operating profit of $10 billion to $12 billion in 2024. As a bonus for investors, Ford declared a special dividend of 18 cents per share on top of its regular quarterly dividend of 15 cents. Consequently, the stock saw a 5.7% increase.
Shares of Snap plummeted by 31% following its announcement of fourth-quarter revenue amounting to $1.36 billion. This figure fell short of Wall Street estimates, which had projected $1.38 billion. Furthermore, the social-media company expects to incur an adjusted Ebitda loss between $55 million and $95 million in the first quarter, a substantial gap compared to the consensus forecast of a $21 million loss.
Cybersecurity firm Fortinet experienced a surge of 10% after revealing its fourth-quarter adjusted earnings of 51 cents per share, surpassing estimates of 43 cents. Additionally, the company reported a 10% increase in revenue, reaching $1.42 billion, along with billings of $1.86 billion. Both figures exceeded analysts' projections of $1.63 billion.
Enphase Energy disclosed its fourth-quarter results, reporting adjusted earnings of 54 cents per share on revenue totaling $302.6 million. Although the figure exceeded analyst predictions for earnings, it represented a 58% decline in revenue compared to the previous year. Analysts had anticipated revenue of $328 million. Nevertheless, Enphase Energy's stock rose by 13%, likely due to positive investor sentiment, despite a 54% overall decline in the past year.
Leave A Reply
Your email address will not be published. Required fields are marked *