U.S. Stocks to Watch: Apple, Amazon, Netflix, Meta, Strategy, Coinbase, Reddit, and More

Dow Jones
Oct 31

These stocks were poised to make moves Friday:

Apple rose 1.8% in premarket trading as revenue jumped 8% from a year earlier to $102.5 billion and topped consensus. Revenue from the tech giant's iPhone business gained 6% but missed analysts' expectations. Apple reported iPhone revenue of $49 billion, below calls for $50.1 billion. Fiscal fourth-quarter earnings of $1.85 a share were higher than Wall Street consensus estimates of $1.78 and up from $1.64 a year earlier. Apple expects fiscal first-quarter total revenue to jump 10% to 12%, according to Chief Financial Officer Kevan Parekh, well ahead of Wall Street forecasts for an increase of 6%.

Amazon.com jumped 12% after posting third-quarter adjusted earnings of $1.95 a share, including investment gains from artificial-intelligence start-up Anthropic, and topping Wall Street expectations of $1.57. Revenue of $180.2 billion beat analysts' expectations of $177.9 billion, and revenue at the company's cloud computing arm, Amazon Web Services, rose 20% to $33 billion. Amazon anticipates fourth-quarter revenue of between $206 billion to $213 billion, up 10% to 13% from a year earlier. "We continue to see strong demand in AI and core infrastructure, and we've been focused on accelerating capacity," said Amazon CEO Andy Jassy.

Meta Platforms rose 1.5% after declining 11% on Thursday as Wall Street questioned the Facebook and Instagram parent company's aggressive spending plans on artificial intelligence. Meta lost $215 billion in market cap on Thursday, the 10th largest one-day market cap loss by a U.S. company on record, according to Dow Jones Market Data. Meta's decline ended a nine-session winning streak for the stock.

Netflix gained 3.2% in the premarket session after Reuters reported the video streamer was exploring a bid for Warner Bros Discovery's studio and streaming business. Netflix also said it would be splitting its stock 10-for-1 to "reset the market price of the company's common stock to a range that will be more accessible to employees who participate" in Netflix's stock option program. Coming into Friday, Netflix has risen 22% this year.

Strategy jumped 7.1% after the largest corporate holder of Bitcoin reported third-quarter profit of $8.42 a share compared with a year-earlier loss of $1.72. The company said its Bitcoin holdings rose to 640,808 in the period.

Coinbase Global posted third-quarter earnings and revenue that beat analysts' expectations on higher transaction revenue. Revenue of $1.9 billion jumped 55% from the year-earlier period. Transaction revenue jumped 37% to $1 billion, and subscription and services revenue of $747 million rose 14%. Shares of the cryptocurrency exchange jumped 5% ahead of the opening bell.

Reddit rose 12% after the social media company topped analysts' expectations for both third-quarter earnings and revenue. Revenue in the period jumped 68% and ad revenue soared 74%. Daily active users rose 19% in the quarter to 116 million.

Cloudflare added 7.6% after the IT security company beat Wall Street's earnings targets, reporting an adjusted profit of 27 cents a share as revenue climbed 31% from a year earlier to $562 million.

Zillow, the real estate listings and technology company, earned 4 cents a share on revenue of $676 million in the third quarter, better than estimates that called for profit of 2 cents a share on revenue of $671 million. Zillow said it anticipates fourth-quarter revenue in a range from $645 million to $655 million, more than expectations of $644 million. The stock gained 1.3%.

Shares of Navan, Inc. , a corporate travel and expense-management company, tumbled 2.4% to $19.52 in premarket trading after debuting Thursday on the Nasdaq Global Market at $22 a share and ending the session at $20, down 20% from the stock's initial public offering price of $25.

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10