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Stock futures were largely unchanged on Thursday, with the S&P 500 index approaching the significant milestone of 5,000.
Here are some of Thursday's biggest stock movers:
Biggest stock gainers
- Following mixed FQ1 results, Walt Disney (NYSE:DIS) shares rose over 9% on providing upbeat profit guidance. The company anticipates FY2024 adjusted EPS to rise by at least 20% compared to 2023, reaching approximately $4.60 and free cash flow generation of around $8B. Additionally, Disney expects Disney+ Core subscriber net additions to range between 5.5M and 6M in the second quarter, with ongoing positive momentum in ARPU.
- Arm Holdings (NASDAQ:ARM) shares surged 42% after beating expectations in FQ3 results and raising the FY2024 earnings outlook. Arm now expects adjusted earnings between $1.20 and $1.24 per share for the full year, up from the previous range of $1 to $1.10 per share, surpassing the estimated $1.05 per share. Additionally, Arm increased its sales forecast to $3.16B to $3.21B, up from $2.96B to $3.08B, exceeding analysts' expectations of $3.02B. Moreover, it provided an upbeat Q4 outlook, expecting adjusted earnings between $0.28 and $0.32 per share above the consensus of $0.21 and sales between $850M and $900M vs. the consensus of $778.5M.
- News Corp. (NASDAQ:NWS) shares rose by 9% after reporting better than expected FQ2 results. Dow Jones business, which includes The Wall Street Journal and other financial publications, made $584M in revenue, a 4% increase, thanks to offering bundled subscription deals. Also, digital real-estate services group did well, bringing in $419M, up 9% from last year. Even though their book publishing segment, with HarperCollins, also saw a 4% increase in revenue to $550M, advertising revenues went down by 5.6% to $438 million compared to last year.
- Ralph Lauren (NYSE:RL) surged by as much as 14%, marking its highest intraday gain since November 2020, after reporting FQ3 comparable sales and profit figures that surpassed analysts' expectations. Additionally, the apparel company revised its revenue forecast for FY2024, now anticipating a low-single-digit increase centered around 2%, compared to the previous range of 1% to 2%. Foreign currency is expected to provide a modest benefit of approximately 10 basis points on revenue growth. Furthermore, the company anticipates an operating margin improvement of 30 to 50 basis points in constant currency, reaching 12.3% to 12.5% in FY2024, principally driven by a gross margin expansion of 140 to 180 basis points in constant currency.
Biggest stock losers
- Despite surpassing expectations in Q4, Paypal (NASDAQ:PYPL) shares plummeted more than 9% due to a weak FY2024 outlook. PayPal (PYPL) projected a 2024 adjusted EPS of approximately $5.10, consistent with 2023 and below the average analyst estimate of $5.53. For Q1, it anticipates adjusted EPS growth in the mid-single digits from $1.17 in the year-ago period, suggesting around $1.23, which is lower than the $1.26 consensus.
- Digital Turbine (NASDAQ:APPS) shares contracted 14% on lower-than-expected FQ3 results and outlook. Looking ahead to 2024, the company expects revenue between $547M and $553M, falling short of the consensus estimate of $572.47M. Additionally, non-GAAP adjusted EPS is expected to range between $0.50 and $0.54, below the consensus of $0.61, while non-GAAP adjusted EBITDA is forecasted to be between $90M and $94M, significantly lower than the 2023 adjusted EBITDA of $163.2M.
- FleetCor Technologies (NYSE:FLT) shares dropped more than 8% as the company fell short of consensus estimates in Q4 and provided guidance for the upcoming quarter below market expectations. For 1Q24, the company anticipates revenues between $925M and $945M, which is below the consensus of $947.71M, and adjusted diluted EPS between $4.02 and $4.12, compared to the consensus of $4.13.
More on related stocks:
- PayPal: Q4 Earnings, Weak Guidance Takes Shares Lower
- PayPal Holdings, Inc. (PYPL) Q4 2023 Earnings Call Transcript
- The Walt Disney Company 2024 Q1 - Results - Earnings Call Presentation
- Disney in charts: Domestic Disney+ subscribers drop
- PayPal in charts: Total payment volume climbs 15% from last year