Stocks rallied Wednesday afternoon, hitting the highs of the session after the Federal Reserve raised interest rates by 0.75% and Federal Reserve Chairman Jerome Powell signaled the central bank may slow the pace of its hiking cycle. The tech-heavy Nasdaq jumped 4% during the session, posting its best gain in more than two years.
Here are the top five trending tickers on Yahoo Finance:
Metas (META): The company reported second-quarter earnings after the bell Wednesday, missing Wall Street’s expectations on the top and bottom lines. Meta posted sales of $28.82 billion, its first ever year-over-year revenue decline. EPS of $2.46 was short of street’s expectations of $2.52. Facebook daily active users increased by 8 million to 1.97 billion, but Facebook monthly active users fell to 2.93 billion. Jefferies’ Brent Thill told Yahoo Finance that it is a ‘tough environment for ad-driven names’ and that it’s ‘impossible to forecast what Facebook is doing right now.’ The stock is down nearly 50% since the start of the year.
Qualcomm (QCOM): Qualcomm reported third-quarter earnings of adjusted EPS of $2.96 on revenue of $10.93 billion, beating the street’s expectations. Revenue guidance for the current quarter missed expectations, weighing on shares in after-hours trading. Moor Insights and Strategy Founder and CEO Patrick Moorhead told Yahoo Finance there was “a lot of good news in this release but the very important guidance piece is spooking investors, and that’s all about the consumer market.” Qualcomm also announced a 7-year extension of its patent licensing agreement with Samsung through 2030.
Best Buy (BBY): The retailer cut its forecast for the quarter, citing weaker demand for consumer electronics. Best Buy now expects Q2 FY23 comparable sales to decline approximately 13%. Best Buy CEO Corie Barry wrote “While our financial results are not where we expected them to be this year, our sales continue to be higher than they were pre-pandemic. We remain a strong, profitable company with a unique position in an extremely innovative, vibrant industry that is more relevant than ever in the lives of consumers.”
Etsy (ETSY): Shares jumped more than 15% in after hours after the company reported second-quarter earnings that beat on the top and bottom lines. Etsy recorded EPS of $0.51 on revenue of $585 million. Etsy CEO Josh Silverman said in a press release that the quarter’s revenue growth was “attributable to the Etsy marketplace transaction fee increase, the addition of Depop and Elo7 to our House of Brands portfolio, and the strength of our Etsy Ads product, which continues to be a great solution for sellers looking to grow their businesses.”
Spirit (SAVE), Frontier (ULCC): The airlines called off a proposed merger, ending one of the most watched battles in the airline industry. The decision came after JetBlue had offered a cash deal of about $3.7 billion compared to Frontier’s $2.6 billion cash and stock offer. Spirit Airlines CEO and President Ted Christie said “Moving forward, the Spirit Board of Directors will continue our ongoing discussions with JetBlue as we pursue the best path forward for Spirit and our stockholders.”
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