Intel reported a surprise profit in the second quarter.
David Paul Morris/BloombergThe Dow and S&P 500 each notched their third consecutive week of gains, as traders sorted through a flurry of earnings reports and economic data.
These stocks made moves Friday:
Shares of Intel (ticker: INTC) gained 6.6% after the chip maker reported a surprise second-quarter profit and issued a revenue forecast for the third quarter that was better than expectations. Chief Financial Officer David Zinsner told Barron’s that Intel will benefit from the rising interest in artificial intelligence applications, citing demand for its AI accelerator products and server processors. But the executive also said there may be some “wallet shift” to GPUs in the second half of the year in the data center segment.
Ford (F) reported second-quarter earnings that beat Wall Street’s expectations and the auto maker raised its financial forecasts for the full year, saying it anticipates operating profit of between $11 billion and $12 billion, higher than a prior forecast of between $9 billion and $11 billion. But the stock fell 3.4% after Ford said it expects to reach a production rate of 600,000 electric vehicles in 2024. The company previously had said it would reach that rate by the end of 2023.
Roku (ROKU), the streaming device maker, jumped 31% after reporting a narrower-than-expected loss and issuing better-than-expected third-quarter guidance.
Exxon Mobil (XOM) reported second-quarter adjusted earnings of $1.94 a share, below analysts’ estimates of $2.03. Revenue of $82.9 billion beat forecasts of $81.8 billion. Exxon stock fell 1.2%.
Procter & Gamble (PG) rose 2.8% after topping quarterly earnings and revenue expectations following further price hikes at the maker of Tide detergent and Crest toothpaste.
Reata Pharmaceuticals (RETA) surged 54% to $167.19 after Biogen (BIIB) agreed to acquire the company for $7.3 billion in cash. Biogen will pay $172.50 per Reata share. Biogen was up 0.9%.
Enphase Energy (ENPH) fell 7.5% after second-quarter revenue missed expectations and the maker of solar energy equipment said it expects third-quarter revenue of between $550 million and $600 million, well below analysts’ estimates.
Sleep Number (SNBR) slumped 29% after second-quarter sales dropped 16% to $459 million and missed consensus forecasts of $471 million. The bed and mattress maker said it expects earnings in 2023 in a range of $1.25 to $1.75 a share, which assumes sales will be down low to mid-single digits from a year earlier.
Juniper Networks (JNPR) declined 6.9% after the networking-equipment provider said it expects third-quarter revenue of about $1.385 million, plus or minus $50 million, as it expects to see “continued weakness in bookings, particularly with our cloud and, to a lesser extent, our service provider customers.” Analysts expect revenue of about $1.48 billion.
Write to Joe Woelfel at joseph.woelfel@barrons.com
