Movers: Ally Financial, ASML, Baker Hughes, Fox Corp, Morgan Stanley, Nasdaq, Netflix, Tesla

Scott Peters
19 Apr, 2023
New York City

Ally Financial Inc increased 1.6% to $27.29 after the company reported better-than-expected quarterly results. 

Revenue in the first quarter decreased to $1.61 billion from $1.68 billion and net income plunged to $219 million from $627 million and diluted earnings per share fell to 96 cents from $1.86 a year ago. 

Net interest margin decreased 42 basis points to 3.51% and provision for credit losses increased $279 million to $446 million, reflecting rising interest rates and stretched consumer finances. 

ASML Holding NV decreased 3.2% to $623.12 after the advanced semiconductor equipment maker said revenue in the first quarter increased to €6.7 billion from €6.4 billion a year ago. 

Net income in the first quarter increased to €1.95 billion from €1.81 billion and diluted earnings per share rose €4.96 from €4.60 a year ago. 

Net booking in the quarter declined to €3.8 billion compared to €6.3 billion in the fourth quarter. 

ASML forecasted second quarter 2023 net sales between €6.5 billion and €7.0 billion and a gross margin between 50% and 51%. 

Baker Hughes Co increased 1.7% to $30.01 after the oilfield services provider said new orders and revenue rose in double digits in the first quarter. 

Revenue increased 18% to $5.7 billion and net income soared to $576 million from $72 million and diluted earnings per share increased to 57 cents from 8 cents a year ago. 

New orders increased 12% to $7.6 billion from $6.8 billion a year ago and decreased 5% from $8 billion in the fourth quarter. 

Fox Corp Class A stock declined 0.7% to $33.75 after the company agreed to pay $787.50 million to settle a lawsuit brought by Dominion Voting System and avoided a 6-week trial. 

Dominion had asked for $1.6 billion in damages but settled for a smaller amount after Fox News and its cable affiliates repeatedly aired false claims that the voting machine maker had helped rig the 2020 presidential election in favor of Joe Biden against Donald Trump. 

Morgan Stanley declined 3% to $87.0 after the financial services provider said first quarter revenue and earnings fell. 

Revenue in the first quarter decreased to $14.5 billion from $14.8 billion and net income dropped to $3.0 billion from $3.7 billion and diluted earnings per share eased to $1.70 from $2.02 a year ago. 

Revenue in the institutional securities segment decreased to $6.7 billion from $7.8 billion, wealth management increased to $6.5 billion from $5.9 billion and investment management declined to $1.28 billion from $1.33 billion a year ago. 

Assets under management dropped to $1.34 trillion from $1.44 trillion a year ago. 

Nasdaq, Inc increased 3.2% to $57.43 after the stock exchanges operator reported revenue in the first quarter increased 2% to $914 million and net income rose to $302 million from $284 million and diluted earnings per share advanced to 61 cents from 57 cents a year ago. 

The company repurchased $159 million in shares of its common stock during the first quarter of 2023 and as of the end of the first quarter there was $491 million still available for repurchase. 

The company returned $257 million to shareholders in the first quarter, including $159 million in share repurchases and $98 million in dividends.

Nasdaq increased its quarterly dividend by 10% to 22 cents payable on June 30 to shareholders of record at the close of business on June 16.

Netflix Inc declined 1.8% to $327.59 after the video streaming services provider reported better-than-expected earnings in the first quarter but offered weak second quarter outlook. 

Netflix said revenue in the first quarter increased 3.7% to $8.16 billion and net income fell to $1.3 billion from $1.6 billion and diluted earnings per share decreased to $2.88 from $3.53 a year ago. 

Total global streaming paid members increased 4.9% to 232.50 million and paid members in the U.S. and Canada were stable at 74.4 million with average revenue per membership up 9% to $16.18.   

Revenue in the U.S. and Canada rose 8%, in Europe, Middle East and Africa fell 2%, Latin America increased 7% and Asia Pacific added 2%. 

The company forecasted second quarter revenue to increase 3% to $8.2 billion.  

Tesla Inc decreased 2.2% to $180.25 after the electric vehicle maker lowered prices on some of its models for the sixth time this year. 

Tesla is scheduled to release first quarter earnings after the close today. 

Zions Bancorporation advanced 4.1% to $31.67 ahead of the regional bank's earnings release.