Stocks traded mostly lower Tuesday after Neel Kashkari, the president of the Federal Reserve Bank of Minneapolis, told The Wall Street Journal that the central bank still has work to do to bring inflation down to its target of 2%, denting rising hopes the Fed was done hiking interest rates.
Wall Street entered Tuesday with the
S&P 500
closing higher for a sixth-straight session and the
Nasdaq Composite
posting its seventh-straight day of gains, the longest streak since January.
These stocks were poised to make moves Tuesday:
Datadog
(DDOG) jumped 26% after the security software provider topped third-quarter profit expectations and issued a solid outlook driven by more customers transitioning to the cloud.
Uber Technologies
(UBER) reported its second-ever operating profit in the third quarter, but revenue of $9.3 billion missed analysts’ estimates of $9.5 billion. The company also reported third-quarter gross bookings of $35.3 billion, above Wall Street estimates of $34.6 billion and an increase of 21% from $29.1 billion a year earlier. The stock was down 0.4%.
D.R. Horton
(DHI), the largest publicly traded home builder in the U.S., reported fiscal fourth-quarter earnings of $4.45 a share on revenue of $10.5 billion. Analysts had expected the company to report earnings of $3.94 a share on revenue of $10 billion.
D.R. Horton
also raised its quarterly dividend to 30 cents a share from 25 cents. The stock was up 2.8%.
International Flavors & Fragrances (IFF) announced an agreement to continue a previous cooperation agreement with Icahn Capital LP and its affiliates. The company, which makes flavors and fragrances used in food, beverage, personal care and household products, also swung to a profit in the third quarter from a year-earlier loss. Shares rose 2.8%.
Sanmina
(SANM) was down 13% after the electronics manufacturing company said it expects fiscal first-quarter adjusted profit of $1.20 to $1.30 a share, below analysts’ estimates of $1.52, and revenue of $1.85 billion to $1.95 billion, below estimates of $2.19 billion.
Alteryx
(AYX) was rising 17% after the software company reported a narrower-than-expected third-quarter loss and sales of $232 million that beat analysts’ estimates.
Tripadvisor
(TRIP) rose 4.5% after the online travel platform reported adjusted earnings and sales in the third quarter that beat Wall Street expectations. Sales of $533 million rose 16% from a year earlier.
Vertex Pharmaceuticals
(VRTX) reported third-quarter adjusted earnings of $4.08 a share, topping Wall Street expectations of $3.92. Revenue rose 6% to $2.48 billion but just missed forecasts. Vertex said the revenue gains primarily were driven by the “continued performance” of its cystic fibrosis drug Trikafta in the U.S. Vertex raised its full-year guidance for cystic-fibrosis product revenue to $9.85 billion, versus prior guidance of $9.7 billion to $9.8 billion. The stock declined 2.3%.
Third-quarter earnings and revenue at
Planet Fitness
(PLNT) beat analysts’ expectations while same-store sales in the period matched expectations. The stock rose 16%.
GlobalFoundries
(GFS) was up 6.1% after the the contract chip manufacturer’s third-quarter earnings topped analysts’ expectations.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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