Stock Indexes 🌠Wrap: Semiconductors, Software Lag as Consumer Stꩵocks Get a Boost From PCE

The Dow

Salesforce (CRM) gained 7.5%, rebounding from yesterday when the stock suffered its biggest one-day decline since 2004 after 澳洲幸运5开奖号码历史查询:missing quarterly revenue estimates. 

Consumer brands that have been struggling with sticky inflation and crunched consumers got a boost from 澳洲幸运5开奖号码历史查询:modestly tamer April inflation data. McDonald’s (MCD) advanced 2.7% and Home Depot (HD) gained 1.7%. Coca-Cola (KO) rose 1.6%.

The index’s largest tech stocks lagged following a 澳洲幸运5开奖号码历史查询:mixed earnings report from AI server maker Dell (DELL). Amazon (AMZN) slid 1.6% and Microsoft (MSFT) eked out a 0.2% gain. 

The S&P 500

Caesars Entertainment (CZR) jumped 11.6% amid reports activist investor Carl Icahn had 澳洲幸运5开奖号码历史查询:amassed a “sizable” stake in the casino operator. 

Health insurers, beaten down lately by concerns about rising health care costs and lower Medicare payments, advanced on Friday. Aetna-owner CVS Health (CVS) added 6.4%, while Elevance (ELV) rose 6.1% and Cigna (CI) gained 4.1%.

The high-flying stocks of companies benefiting from AI demand were taken down a peg Friday. Vistra (VST) lost 6%, Super Micro Computer (SMCI) shed 5.3%, and HP (HPQ) declined 4.9%. 

Semiconductor stocks also lost ground, with Broadcom (AVGO) declining 2.5% and Micron (MU) shedding 1%. 

Costco (COST) declined 1% despite the warehouse retailer 澳洲幸运5开奖号码历史查询:beating quarterly ea𒀰rnings estimates.

The Nasdaq 100

ZScaler (ZS) climbed 8.5% after 澳洲幸运5开奖号码历史查询:reporting a surprise profit in its fiscal third quarter. Cybersecurity peer Fortinet (FTNT) followed ZScaler higher, rising 2.4%.

Kraft Heinz (KHC), Starbucks (SBUX), PepsiCo (PEP), and Keurig Dr. Pepper (KDP) all advanced amid sꦑigns of slowing inflation. 

MongoDB (MDB) tumbled 23.9% as 澳洲幸运5开奖号码历史查询:weak current-quarter guidance overshadowed its better-than-expected earnings. Enterprise software peers Datadog (DDOG) and Atlassian (TEAM) fell 6.2% and 2.2%, respectively. 

Marvell (MRVL) slid 10.4% after reporting a 澳洲幸运5开奖号码历史查询:big slowdown in the non-AI parts of its business.

MongoDB Stock Plunges On Weak Guidance

MongoDB (MDB) shares plunged Friday as soft guidance offset stronger-than-expected quarterly results.

The company, which makes money by selling add-on features and support for its open-source document-oriented database, guided fiscal second-quarter 澳洲幸运5开奖号码历史查询:adjusted earnings of between 46 cents and 49 cents per share, well below analysts’ forecasts of 58 cents a share. It projects 澳洲幸运5开奖号码历史查询:net sales in the period of $460.0 million to $464.0 million, also below the $470.4 million Street estimate.

MongoDB now expects full-year adjusted earnings per share of between $2.15 and $2.30, compared with previous guidance of $2.27 to $2.49. The company pegs rev💝enue at between $1.88 billion and $1.90 billion, versus a previous forecast of between $1.90 billion and $♔1.93 billion.

The weak outlook follows light guidance from other enterprise software companies, including Salesforce (CRM), UiPath (PATH), and Workday (WDAY)♚, as corporat൲e customers spend more cautiously amid an uncertain economic environment.

MongoDB shares were down nearly ✃25% about an hour before markets closed on Frida🀅y. They have lost 43% of their value since the start of the year.

-澳洲幸运5开奖号码历史查询:Tim Smith

Caesars Entertainment Stock Jumps on Report of Carl Icahn's 'Sizable' Stake

Shares of Caesars Entertainment (CZR) spiked Friday following a Bloomberg report that billionaire investor 澳洲幸运5开奖号码历史查询:Carl Icahn has taken "a sizable position” in the hotel and casino operator.

Citing people familiar with the matter, Bloomberg said it was unclear what the siz𝓀e of the stake was or what Icahn might plan to do ❀with it. 

The news organization noted that Icahn has a long history of investing in the gambling industry, and that he was involved with making changes at Caesars in the past. In 2019, the company announced an agreement with Icahn to appoint three members he backed to the board.

At the time, Icahn said the best path forward for Caesars was a merger. A few months later, Caesars agreed to be purchased by rival Eldorado Resorts for $17.3 billion, including debt, and the combined company retained the Caesars name.

Caesars Entertainment shares had surged 11.5% as of Friday after💧noon but were still down almost 25% year-to-ꦬdate.

-澳洲幸运5开奖号码历史查询:Bill McColl

Zscaler Jumps on Unexpected Profit

Shares of cloud security provider Zscaler (ZS) surged Friday, a day after the company 澳洲幸运5开奖号码历史查询﷽:released fiscal third-quarte🐷r results that easily beat estimates.

Zscaler posted a surprise profit for the quarter of $19.1 milli👍on, compared with a loss of $46.05 million in the year-earlier period. Revenue of $553.2 million was up 32% from last year.

The cybersecurity industry has been in a 澳洲幸运5开奖号码历史查询:tough spot in recent months, with profit and sales projections from other cloud and cybersecurity providers 澳洲幸运5开奖号码历史查询:like Palo Alto Networks (PANW) and 澳洲幸运5开奖号码历史查询:Cloudflare (NET) 澳洲幸运5开奖号码历史查询:dragging down stoc💎ks around the industry.

Zscaler shares were up 6.4% in early-afternoon trading but have still lost about a quarter their value since the🍷 start of the year.

-澳洲幸运5开奖号码历史查询:Aaron McDade

DJT Slips After Trump Conviction

Shares of Trump Media & Technology Group (DJT), th🃏e parent company of Donald Trump’s Truth Social, fell Friday after the former President was found guilty꧂ of 34 criminal charges. 

The stock, which is known for being highly volatile due to its small float and the notoriety of its namesak🔯e, rebounded at the open after slumping Thursday night when the Manhattan jury’s verdict was announc👍ed. Shortly after the open, shares tumbled to trade about 7% lower at mid-day. 

The stock has joined the ranks of meme stocks since Digital World Acquisition Corp. 澳洲幸运5开奖号码历史查询:merged with Trump Media and donned t𝄹h🍨e ticker “DJT” in March. It regularly experiences double-digit swings in either direction as retail traders pile in to ride momentum higher and dump the stock as it tanks. 

Marvell's Q1 Struggles in Other Divisions Outweigh AI, Data Center Growth

Marvell Technology's (MRVL) shares plunged Friday, after the company's first-quarter fiscal 2025 report showed that struggles in most areas of business澳洲幸运5开奖号码历史查询: offset an 87% year-over-year jump in data center revenue.

Total revenue for the quarter was $1.16 billion, narrowly above the $1.15 billion 澳洲幸运5开奖号码历史查询:analysts expected thanks to what Marvell 澳洲幸运5开奖号码历史查询:Chief Executive Officer (CEO) Matt Murphy called "stronger than forecasted demand" for its 澳洲幸运5开奖号码历史查询:arti▨ꩵficial intelligence-related products. In the first quarter a year ago, Marvell generated $1.32 billion in revenue.

Marvell reported a wider-than-ꦉexpected loss of $215.6 million, or 25 cents per share, as analyst estimates compiled by Visible Alpha had projected a quarterly loss of $196.6 million, or 20 cents per share. Last year, the company lost $168.9 million, or 20 cents per share, in the first quar𝓀ter.

Marvell's 87% jump in data center revenue to $816.4 million, which was largely fueled by the company's 澳洲幸运5开奖号码历史查询:AI-related ꦫ;products, wasn't enough to offset declines in its other divisions, which ranged from 13% to 75% compared with last year.

Marvell shares fell 12%.

-澳洲幸运5开奖号码历史查询:Aaron McDade

Gap Stock Sur🌱ges After Turnaround Plan Drives Qꩵuarterly Results, Raised Outlook

Gap Inc. (GPS) shares surged 22% Friday morning after the clothing and accessories retailer posted a 澳洲幸运꧒5开奖号码历史查询:better-than-expectedജ quarterly earnings report and raised its full-year guidance in signs that the company's turnaround plan is paying off.

For the three month period ending May 4, the retailer posted earnings per diluted share of 41 cents, crushing analysts' estimates of 14 cents a share. Sales in the quarter of $3.39 billion grew 3% from a year earlier and topped expectations of $3.29 billion.

Looking ahead, the company raised its full-year guidance, saying it now expects full-year 澳洲幸运5开奖号码历史查询:operating income outlook to the mid-40% growth range, significantly higher than its earli𒆙er forecast of growth in the low-to-mid teens.

Since finding a bottom in May last year, Gap shares have trended higher, with gains accelerating after the 50-day moving average (MA) crossed above the 200-day MA in early October to form a 澳洲幸运5开奖号码历史查询:golden cross pattern. Leading into the retailer’s quarterly results, the stock had rallied towards the 50-day MA after a period of recent 澳洲幸运5开奖号码历史查询:consolidation, indicatinꦅg bullish expectations by market participants.

Amid the stock’s earnings-driven surge, investors should closely monitor the $28.50 level, an area where the price would likely run into overhead 澳洲幸运5开奖号码历史查询:resistance from its March 2024 high.

-澳洲幸运5开奖号码历史查询:Tim Smith

Stocks Making the Biggest Moves Premarket

Gains:

• Gap (GPS): Shares surged 23% in premarket trading after the clothing and accessories retailer’s 澳洲幸运5开奖号码历史查询:earnings beat and raised outlook showed its turnaround is working.
• Nvidia (NVDA): Shares rose 2% as the pickup in sentiment following the PCE data’s release buoyed the AI chip maker. 
• Zscaler Inc. (ZS): Shares jumped 17% after the cloud-based cybersecurity provider reported better-than-expected first-quarter revenue and billings. 

Losses:

• Dell Technologies (DELL): Shares fell 16% after the PC maker’s 澳洲幸运5开奖号码历史查询:double-digit decline in 澳洲幸运5开奖号码历史查询:operating income and lower margins offset an earnings beat on surging demand for 澳洲幸运5开奖号码历史查询:artificial intelligence (AI) servers
• MongoDB (MDB): Shares lost 24% in premarket trading after the database-software maker posted 澳洲幸运5开奖号码历史查询:earnings below expectations and cut its full-year forecast.

Stock Futures Fall Ahead of PCE

Dow futures dropped 0.1% in premarket trading o🦋n Friday.

S&P futures fell 0.2%.

Nasdaq 100 futures were off 0.3%.