Movers: Apple, Berkshire Hathaway, Carvana, Meta, Palantir

Scott Peters
07 Nov, 2022
New York City

Apple Inc declined 0.4% to $138.87 after the company said in a regulatory filing that the assembly of its iPhone 14 Pro and iPhone 14 Pro Max have been temporarily impacted by Covid-19 restrictions in Zhengzhou, China.

"  We continue to see strong demand for iPhone 14 Pro and iPhone 14 Pro Max models. However, we now expect lower iPhone 14 Pro and  iPhone 14 Pro Max shipments than we previously anticipated and customers will experience longer wait times to receive their new  products," Apple added in a regulatory filing with the SEC.

Berkshire Hathaway jumped 1% to $290.24 after the conglomerate controlled by Warren Buffett said operating earnings rose 20% in its latest quarter. 

In the quarter, the company repurchased $1.05 billion of its stock and the value of the portfolio holdings plunged $10.1 billion, reflecting the current market weakness.    

Carvana Company accelerated its decline after the release of weak earnings last week and dropped 13.6% to $7.59. 

Carvana has now dropped more than 96,8% in the year so far. 

Meta Platforms Inc rose 5.8% to $96.12 after a report from the Wall  Street Journal suggested that the company may start mass layoffs as early as this week. 

The parent of Facebook said it employed about 87,314 employees worldwide at the end of September, an increase of 28% from a year ago. 

Palantir Technologies Inc dropped 10.8% to $7.08 after the company reported in its latest quarter revenue ahead of expectations but missed earnings expectations. 

Total revenue in the quarter rose 22% to $498 million and the U.S. revenue grew 31% to $297 million from a year ago. 

Net loss increased to $123.8 million from $102.1 million and diluted loss per share jumped to 6 cents from 5 cents a year ago. 

The company reiterated its full-year revenue in the range between $1.9 billion and $1.902 billion and lifted its adjusted income from operations between $384 million and #86 million. 

Energy companies active in the natural gas market advanced after natural prices soared as much as 10%. 

EQT gained 8.4% to $4.52, Baker Hughes Company increased 4.8% to $30.51 and Occidental Petroleum advanced 3.5% to $75.82.