Cadence Design Systems slid 4% due to weak guidance, while Bruker gained 8.8%. Crypto stocks fell as bitcoin retreated post-CPI report.
The cereal company, WK Kellog, shares surged 8.1% after exceeding expectations for both revenue and profit in the fourth quarter. Additionally, the company raised its forecast for 2024, which likely contributed to the positive sentiment among investors.
Shares of the e-commerce company, Shopify declined by nearly 15% following a mixed forecast for the current quarter.
Although Shopify surpassed earnings and revenue estimates for the fourth quarter, its projected free cash flow margin for the upcoming quarter fell short of Wall Street’s expectations.
ZoomInfo Technologies experienced a significant boost, with shares rallying 14.3% following robust earnings and a slightly improved first-quarter earnings per share outlook.
ZoomInfo reported earnings of 26 cents per share, excluding items, on $316 million in revenue, surpassing analysts’ expectations. Analysts polled by LSEG had forecasted earnings per share of 25 cents and revenue of $311 million.
On the other hand, Biogen, a biotechnology company, faced a downturn of around 7.4% after missing Wall Street’s fourth-quarter estimates, with revenue and profit declining from the previous year.
The discontinuation of its Alzheimer’s drug Aduhelm and a drop in sales within its multiple sclerosis therapies category contributed to the company’s underperformance.
Hasbro saw its shares drop by 1.3% as the toymaker fell short of Wall Street’s expectations for the fourth quarter.
Despite recording 38 cents per share in earnings, excluding items, and $1.29 billion in revenue, analysts polled by LSEG had forecasted earnings of 66 cents per share on revenue of $1.36 billion.
The company, known for brands like Dungeons & Dragons and My Little Pony, also expects weak gross margins and a decline in full-year revenue from its consumer products unit.
Housing stocks experienced a collective decline as a result of the January consumer price index coming in higher than expected, driven by elevated shelter prices.
Homebuilders such as Toll Brothers witnessed a drop of more than 5%, while shares of D.R. Horton and Lennar slid around 4% each. PulteGroup shares also declined, falling by 3.5%.
Cadence Design Systems, a software company, experienced a 4% decline after issuing a weak first-quarter guidance.
While the company surpassed Wall Street’s fourth-quarter estimates, it expects revenue to decrease to a range between $990 million and $1.01 billion in the current period, falling short of the consensus estimate of $1.09 billion, according to FactSet.
On the other hand, Bruker, a biotech company, saw an 8.8% gain after reporting a revenue beat and in-line earnings per share for the fourth quarter. Additionally, guidance for organic growth for the full year exceeded estimates.
In the realm of crypto stocks, companies linked to the price of bitcoin faced downward pressure following a retreat in the cryptocurrency’s value in response to a hotter-than-expected January CPI report.
The crypto exchange Coinbase fell 4.7%, while bitcoin proxy Microstrategy lost 4.4%. Miners also saw declines, with CleanSpark and Iris Energy each dropping by less than 1%. Marathon Digital and Riot Platforms, the two largest mining stocks, retreated by 5.7% and 3%, respectively.
