Stocks traded mixed Friday with Wall Street concerned that higher interest rates will curb economic growth in the coming months.
These stocks were making moves Friday:
Procter & Gamble
(ticker: PG) rose 4.4% Friday after the consumer goods giant posted better-than-expected fiscal third-quarter earnings and raised its outlook.
XPO
(XPO) shares jumped 7.6% after the logistics provider was upgraded to Overweight from Neutral by analysts at
J.P. Morgan,
and raised to Buy from Neutral at
Citi.
On Thursday, the company named Dave Bates as chief operating officer of North American LTL.
HCA Healthcare
(HCA) stock jumped 5.1% after the hospital chain posted better-than-expected quarterly earnings and raised guidance.
Tesla
(TSLA) was rising 0.6%. The electric-vehicle maker late Thursday raised prices in the U.S. for its Model S and X high-end vehicles. Tesla had cut prices for the sixth time this year earlier in the week.
The stock fell 9.8% on Thursday after the world’s most valuable car company reported first-quarter earnings that met Wall Street expectations but declines in automotive gross profit margins.
Meta Platforms
(META) was down 1.3%. Chief Executive Officer Mark Zuckerberg told employees that he won’t rule out future layoffs, according to a recording of the employee town hall, The Wall Street Journal reported. Zuckerberg addressed employees in a virtual Q&A session Thursday, a day after the parent company of Facebook completed its latest round of layoffs, the Journal noted.
Meta finished Thursday’s session with a market cap of $552.4 billion, topping Tesla’s market cap of $515.7 billion. It was the first time Meta has closed with a higher valuation than Tesla since Dec. 20, 2021, according to Dow Jones Market Data.
SAP
(SAP), the German software company, reported strong first-quarter revenue and earnings, but sales in its key cloud division missed estimates and SAP adjusted its outlook downward. U.S.-listed shares of SAP were up 5.2%.
Regions Financial
(RF) reported first-quarter earnings that rose from a year earlier but missed analysts’ estimates. The stock was up 3.8%.
SLB
(SLB), the oil services company formerly known as Schlumberger, declined 3.5% even after reporting first-quarter adjusted earnings that beat expectations. The company posted weaker-than-expected cash flow and said activity in the North American onshore market may plateau this year.
Freeport-McMoRan
(FCX) dropped 3.2%. The copper and gold miner reported better-than-expected adjusted first-quarter earnings but said bad weather disrupted operations in February.
First-quarter earnings at
CSX
(CSX), the Jacksonville, Fla.-based railroad, rose 15% from a year earlier and revenue jumped 9% to $3.71 billion on solid volume growth in merchandise and coal, higher fuel surcharges, and pricing gains, the company said. CSX rose 2.9%.
AT&T
(T) gained 2.6% to $18.11 after shares of the telecommunications giant were upgraded to Buy from Hold with an unchanged price target of $21 at HSBC. J.P. Morgan, meanwhile, maintained an Overweight rating on the shares but lowered the price target to $22 from $23. J.P. Morgan said “we would buying” AT&t at current levels.
AT&T
fell 10.4% on Thursday after reporting slower subscriber growth.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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