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Meta plunged nearly 15% Thursday after the Facebook-parent forecast higher expenses over its plans to “invest aggressively” in artificial intelligence. The Mark Zuckerberg-led tech giant's stock was down 13.5%, at $427 at 11:30 am ET — threatening to wipe roughly $200 billion in market cap.
Textron's (TXT) first-quarter revenues miss the Zacks Consensus Estimate by 6.1%. The company's 2024 earnings outlook remains the same.
Bristol-Myers Squibb (NYSE: BMY ) layoffs are a hot topic on Thursday after the biopharmaceutical company announced major cuts are coming to its workforce. Bristol-Myers Squibb has revealed that it will reduce its headcount by 6%, or roughly 2,200 employees, with these layoffs.
So far this year, the PHLX Semiconductor Index has increased 8.7% (with dividends reinvested), but it has declined 7.7% in April. Meanwhile, shares of industry star Nvidia Inc. have declined 12% this month.
PG&E's (PCG) first-quarter total revenues of $5.86 billion are down 5.6% from the year-ago period???s level. Operating revenues have also missed the Zacks Consensus Estimate by 11.6%.
Southwest posted results that were a little soft relative to expectations. The airline announced a series of cutbacks in response to issues sourcing new planes from Boeing.
Meta reported revenue and profits that easily surpassed expectations. However, it was the company's spending plans that spooked investors.
Newmont Corporation (NYSE:NEM, TSX:NGT, ASX:NEM, ETR:NMM) shares surged more than 10% after the miner reported better-than-expected profits and gold production for the first quarter. Adjusted profits nearly doubled from $320 million in the same period last year to $630 million.
Arhaus' (ARHS) first-quarter revenues are likely to have declined due to new system implementation and adverse weather, affecting operations and customer orders.
American Electric Power's (AEP) Q1 results are likely to reflect mixed weather pattern impacts, along with increased retail load, amid higher interest expenses.