stocks rose midday Friday, with major benchmark indices hitting all-time highs.
The S&P 500 rose 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%.
The biggest stocks in the S&P 500 today
Five S&P 500 stocks making big midday moves are:
- Axon Company (AAXN) +28.2%
- Isolate (PODCAST) +11%
- tesla (TSLA) +9.3%
- Fortinet (FTNT) +9.2%
- just isaac (ICO) +7.7%
The five worst-performing S&P 500 stocks with the biggest midday declines are:
- akamai (MY BROTHER) -13.5%
- Airbnb (ABNB) -7.9%
- Arista Networks (Aneta) -7.1%
- Modern (mRNA) -6.9%
- Mettler-Toledo (BAT) -6.5%
Actions also worth highlighting include:
- NVIDIA (NVDA) -1%
- Apple (AAPL) +0.1%
- sweet green (S.G.) -8.7%
- Rivian Automotive (RIVN) +2.8%
- Pinterest (PAWS) -15.7%
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Sweetgreen falls on weak earnings
Sweetgreen fell 8% after its third-quarter results missed Wall Street estimates.
The salad chain's adjusted loss per share was 18 cents, missing analyst expectations for a loss of 13 cents. Sweetgreen posted a loss of 22 cents per share during the same period a year earlier.
Revenue rose to $173.4 million from $153.4 million, but missed analyst expectations of $175.5 million.
Sweetgreen raised the low end of its 2024 sales outlook, now projecting revenue between $675 million and $680 million, up from a previous low of $670 million.
Even accounting for Friday's drop, Sweetgreen stock has more than tripled this year.
Airbnb falls due to mixed financial results
Airbnb shares lost 8% after its third-quarter earnings fell short of analyst estimates, while its revenue beat.
The homestay services provider earned $2.13 per share in the third quarter, a penny less than 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 analyst expectations of $2.42 billion.
Airbnb said it was focusing on expanding into underpenetrated markets around the world, where booking growth in the third quarter was twice that of core markets.
“We will remain focused on accelerating growth as we prepare for Airbnb's next chapter, which will take us beyond accommodations,” Airbnb said. “You'll see more of this next year.”
Arista Networks Falls Despite Beating Earnings
Arista Networks shares fell 7% after the company reported a shrinking margin, even though earnings beat Wall Street expectations.
The cloud networking company reported third-quarter earnings per share of $2.40, beating analysts' forecast of $2.08. Its revenue was $1.81 billion, up 7% year-over-year and exceeding the $1.75 billion expected by analysts.
However, Arista's gross margin fell to 64.2% in the third quarter, down from 64.9% in the previous quarter.
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For the fourth quarter, Arista expects gross margins to decline to between 63% and 64%, while projected revenue exceeds analyst expectations. It estimates fourth-quarter revenue between $1.85 billion and $1.9 billion.
Arista declared a 4-for-1 stock split effective December 3rd. Division-adjusted operations begin December 4.
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