Stocks in New York, New York surged on Thursday following remarks from Federal Reserve Chairman Jerome Powell regarding potential interest rate cuts later in the year. Investors also turned their focus to upcoming U.S. jobs data amidst the market activity.
Levi Strauss, a renowned clothing company, released its fiscal first-quarter earnings report, exceeding analysts’ expectations and resulting in a 17% increase in its stock value. The company reported an adjusted profit of 26 cents per share, surpassing the forecasted 21 cents per share. Levi Strauss also adjusted its earnings outlook for the fiscal year, projecting earnings between $1.17 and $1.27 per share, up from its previous guidance of $1.15 to $1.25 per share.
However, shares of Lamb Weston, a potato grower, experienced an 18% decline after falling short of revenue estimates in the fiscal third quarter. The company revised its fiscal-year guidance downwards due to weak near-term restaurant traffic trends and a transition to a new enterprise resource planning system.
On a positive note, Ford saw a 1.3% increase in its stock value after announcing a delay in spending on all-electric vehicles to focus more on hybrid options. The company aims to offer hybrid powertrains across the entire Ford Blue lineup in North America by the end of the decade.
BlackBerry reported a significant improvement in its fiscal fourth-quarter adjusted profit and revenue, leading to a 10% rise in its stock price. Paramount Global, on the other hand, experienced an 8.6% decline after entering exclusive merger discussions with Skydance Media, limiting its options for 30 days.
HubSpot surged by 8.2% following reports of potential acquisition interest from Alphabet. Conagra Brands reported better-than-expected third-quarter profits and sales, resulting in a 5.2% increase in its stock value.
Block faced a 2.5% decline after being downgraded by analysts at Morgan Stanley, while Wayfair received an upgrade to Outperform from In-Line, leading to a 3% increase in its stock value. Hertz Global, however, experienced a 3.9% decline after being downgraded to Sell by Goldman Sachs.
Overall, the market showcased a mix of positive and negative movements as investors kept a close eye on various developments and earnings reports across different sectors. This dynamic environment highlights the volatility and ever-changing nature of the stock market.