Uber Technologies, Intel, Arista Networks, and More
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Key Takeaways
U.S. equities were mixed at midday Wednesday, May 8, 2024, with the Dow continuing its recent rally, after a number of companies reported quarterly earnings.
Uber shares tumbled after the ridesharing company posted a net loss after reporting hundreds of millions in charges related to revaluations of its investments and gross bookings fell short of estimates.
Arista Networks shares surged after the company posted better-than-expected results, boosted its outlook, and announced a $1.2 billion stock buyback program.
U.S. equities were mixed at midday after a number of companies reported quarterly earnings. The Dow rose for a sixth-straight session, but the S&P 500 and Nasdaq lost ground.
Uber Technologies (
UBER
) was the worst-performing stock in the S&P 500 after the ridesharing firm posted a net loss after reporting hundreds of millions in charges related to revaluations of its investments. Its
gross bookings also fell short of forecasts
on slowing demand in Latin America and the earlier start dates for the Easter and Ramadan holidays.
Shares of Intel (
INTC
) declined as the chipmaker
changed its current quarter guidance
after U.S. regulators revoked its license to sell to Chinese telecom Huawei.
Tripadvisor (
TRIP
) shares also plunged as the online travel site said a special committee ruled against a potential merger.
Shares of Arista Networks (
ANET
) jumped as strong demand for its
artificial intelligence (AI)
products helped the cloud computing networking equipment maker
exceed profit and sales estimates
. It also raised its guidance and announced a $1.2 billion
share repurchase
program.
Reddit (
RDDT
) shares took off after the social media platform reported a lower-than-expected loss and
soaring revenue
on strong ad sales as user traffic hit a record high. It was the company’s first quarterly earnings report since going public in March.
Ad revenue declined at Fox (
FOXA
), but the media company beat earnings estimates as it rebounded from losses incurred by a legal settlement related to a defamation lawsuit.
Oil and gold futures advanced. The yield on the 10-year Treasury note gained. The U.S. dollar climbed versus the euro, pound, and yen. Prices for most major cryptocurrencies declined.
