Stocks rallied midday Friday with major benchmarks hitting record highs.
The S&P 500 moved up 0.6% while the tech-heavy Nasdaq Composite added 0.2%. The Dow Jones Industrial Average is up 0.8%. The Russell 2000 Index rose 0.5%.
S&P 500 big stock movers today
Five S&P 500 stocks making big midday moves are:
- Axon Enterprise (AAXN) +28.2%
- Insulet (PODD) +11%
- Tesla (TSLA) +9.3%
- Fortinet (FTNT) +9.2%
- Fair Isaac (FICO) +7.7%
The worst-performing five S&P 500 stocks with the largest midday drops are:
- Akamai (AKAM) -13.5%
- Airbnb (ABNB) -7.9%
- Arista Networks (ANET) -7.1%
- Moderna (MRNA) -6.9%
- Mettler-Toledo (MTD) -6.5%
Stocks also worth noting include:
- Nvidia (NVDA) -1%
- Apple (AAPL) +0.1%
- Sweetgreen (SG) -8.7%
- Rivian Automotive (RIVN) +2.8%
- Pinterest (PINS) -15.7%
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Sweetgreen drops on weak earnings
Sweetgreen declined 8% after its third-quarter results didn't meet Wall Street's estimates.
The salad chain’s adjusted loss per share came in at 18 cents, missing analysts’ expectations of a 13-cent loss. Sweetgreen posted a 22-cent loss per share for the year-earlier period.
Revenue grew to $173.4 million from $153.4 million but fell short of analysts' expectations of $175.5 million.
Sweetgreen increased the lower end of its 2024 sales outlook, now projecting revenue between $675 million and $680 million, up from the prior minimum of $670 million.
Even allowing for Friday's drop, Sweetgreen stock has more than tripled this year.
Airbnb down on mixed financial results
Airbnb stock lost 8% after its Q3 earnings came in shy of analyst estimates, while its revenue beat.
The home-stay-services provider earned $2.13 a share for the third quarter, a penny shy of the $2.14 expected by analysts surveyed by LSEG. Revenue of $3.73 billion was in line with analysts’ forecast of $3.72 billion.
The company expects fourth-quarter revenue to range between $2.39 billion and $2.44 billion, at the midpoint below analysts' expectation of $2.42 billion.
Airbnb said it was focusing on expanding into underpenetrated markets worldwide, where third-quarter booking growth was double that of core markets.
“We’ll remain focused on accelerating growth while preparing for Airbnb’s next chapter, which will take us beyond accommodations,” Airbnb said. “You’ll see more on this next year.”
Arista Networks falls despite earnings beat
Arista Networks shares fell 7% after the company reported a thinning margin, despite profits surpassing Wall Street’s expectations.
The cloud-networking company reported Q3 earnings per share of $2.40, surpassing analysts’ forecast of $2.08. Its revenue was $1.81 billion, a 7% year-over-year increase and topping the $1.75 billion expected by analysts.
However, Arista’s gross margin fell to 64.2% in the third quarter, thinner than the 64.9% of the previous quarter.
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For the fourth quarter, Arista expects gross margins to ease to between 63% and 64%, while projected revenue surpasses analysts' expectations. It estimates Q4 revenue at $1.85 billion to $1.9 billion.
Arista declared a 4-for-1 stock split effective Dec. 3. Split-adjusted trading starts Dec. 4.
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