Hot Stocks: MDLZ, NYCB rise on earnings; AYX, FSLR, NET drop on disappointing results
cemagraphics
Major market averages rose during Friday's intraday session as the latest round of inflation data remained steady.
Mondelez International (NASDAQ:MDLZ) and New York Community Bancorp (NYSE:NYCB) both increased after reporting upbeat first quarter earnings.
In the meanwhile, Alteryx (NYSE:AYX), First Solar (NASDAQ:FSLR), and Cloudflare (NYSE:NET) all fell following earnings reports.
Gainers
Mondelez International (MDLZ) shares climbed more than 4% after the company beat Q1 estimates and raised full-year guidance. The company now targets 10+ percent Organic net revenue growth in 2023, up from 5 to 7 percent before, reflecting the strength of its year-to-date performance. Adjusted EPS growth on a constant currency basis is now greater than 10%, compared to a prior forecast of high single digits.
New York Community Bancorp (NYCB) shares gained nearly 12% on Q1 earnings beat, led by 360% Q/Q and 667% Y/Y rise in revenue. According to CEO Thomas R. Cangemi, the Signature transaction "builds on the momentum created by the Flagstar merger and accelerates our evolution to a diversified, high-performing commercial bank, while jump-starting our commercial middle market lending business and our relationship banking strategy."
Decliners
Alteryx (AYX) shares fell more than 17% after the company reported mixed first-quarter earnings and announced to layoff 11% of its workforce as part of a cost-cutting strategy to deal with economic uncertainties.
First Solar (FSLR) shares fell more than 13% following an earnings miss. Revenues plummeted 45% Q/Q, while bookings growth fell by a third Q/Q in Q1 to 9.9 GW from 14.5 GW.
Cloudflare (NET) stock dropped around 25% on mixed Q1 earnings data and a weak outlook. Revenue for the second quarter is expected to be in the $305 million to $306 million range, vs. consensus of $320 million. The company has reduced its sales forecast to $1.28 billion and $1.284 billion from $1.33 billion to $1.34 billion previously.