Movers: Amazon, Bed Bath & Beyond, JB Hunt, Microsoft, Moderna, PNC Financial, Prologis

Scott Peters
18 Jan, 2023
New York City

Amazon.com, Inc decreased 0.6% to $95.46 and the company said in an internal memo that the retailer has started its largest lay off plan in the company's history.  

The retail and logistics company had earlier said it plans to eliminate 18,000 jobs and trim its workforce amid economic uncertainties. 

ASM International NV soared 4.6% to $339.15 after the maker of advanced semiconductor equipment reported better-than-expected fourth quarter revenue. 

The Holland-based company said sales in the fourth quarter increased to €720 million mainly due to better-than-expected supply chain conditions and higher conversion of the backlog, exceeding the previous guidance of €630million to €660 million released on November 28, 2022.

Higher-than-expected new orders of  €820 million also lifted the book-to-bill ratio above 1. 

"The upside was predominantly driven by the power/analog/wafer segment, including an exceptionally high order intake in our silicon carbide epitaxy business," said the company in its investor update. 

Bed Bath & Beyond Inc declined 4.8% to $3.94 after the struggling retailer said it is looking for a buyer ahead of filing for a corporate bankruptcy.  

Burberry Group Plc ADR rose 4% to $28.49 after the luxury fashion products maker reiterated its medium-term business outlook. 

Comparable sales in the fiscal third quarter ending in December increased 1% and excluding mainland China rose 11%. 

Revenue in the quarter ending in December increased 5% to £756 million and sales were flat when measured in constant currencies. 

Comparable sales rose 19% in the EMEIA region, declined in the Americas  by 1%, fell 7% in the APAC region including a 23% plunge in mainland China. 

Burberry said it has completed the repurchase of £363 million of its stocks of the authorized £400 million buyback plan. 

The company reiterated its near and medium term outlook of high-single digit revenue growth. 

J B hunt Transport Services Inc increased 4.5% to $185.02 after the company released quarterly results and positive comments on freight rate outlook. 

The transportation services provider said fourth quarter revenue increased 4% to $3.65 billion from $3.5 billion a year ago. 

Net income in the quarter decreased to $201.3 million from $242.2 million or diluted earnings per share fell to $1.92 from $2.28. 

Microsoft Corp declined 1.7% to $236.32 after the software developer said it plans to cut 10,000 jobs or about 5% of staff by the end of March as a part of its plan to cut expenses. 

Microsoft said it will take a one-time charge of $1.2 billion related to severance costs, consolidate lease obligations and manage a change in hardware portfolio. 

The one-time charge will negatively impact diluted earnings per share by 12 cents in the fiscal third quarter 2023. 

Moderna Inc increased 3.3% to $196.99 after the pharmaceutical company said its vaccine is effective against respiratory syncytial virus in older adults. 

Based on the results of the study, the company plans to submit the vaccine for a regulatory approval in the first-half of 2023. 

The PNC Financial Services Group, Inc declined 6% to $152.07 after the regional bank reported weaker-than-expected quarterly revenue and earnings.  

Revenue in the fourth quarter increased 4% to $5.8 billion from $5.5 billion a year ago, primarily on higher net interest income. 

Net income in the quarter decreased 6% to $1.55 billion from $1.6 billion or diluted earnings per share eased to $3.47 from $3.87 a year ago.  

Net interest margin of 2.92% increased 10 basis points due to higher interest-earning asset yields, partially offset by higher funding costs.

Prologis Inc increased 1.0% to $122.65 after the logistics and warehouse management company posted quarter results. 

Revenue in the fourth quarter increased to $1.75 billion from $1.27 billion a year ago. 

Net earnings attributable to shareholders declined to $585.7 million from $1.3 billion and diluted earnings per share fell to 63 cents from $1.57 a year ago. 

The company said full-year 2022 earnings rose to $3.3 billion from $2.93 billion and diluted earnings per share rose to $4.25 from $3.94 a year ago. 

The company guided full-year 2023 earnings per share to range between $3.0 and $3.15.