U.S. Movers: Caesars Ent, Diamondback Energy, Palo Alto Networks, SolarEdge, Teladoc, Walgreens

Scott Peters
21 Feb, 2024
New York City

HSBC declined 7.4% to $37.79 after the global bank said fourth-quarter earnings fell sharply and the bank announced a stock buyback program and an increase in its cash dividend. 

Palo Alto Networks dropped 23.8% to $279.01 after the cyber security company reported better-than-estimated fiscal second quarter revenue and earnings. 

Total revenue increased to $1.97 billion from $1.65 billion, pre-tax income rose to $135.5 million from $84.4 million, and diluted earnings per share rose to $4.89 from 25 cents a year ago. 

Net income rose to $1.74 billion from $84.4 million, including tax-benefit of $1.61 billion. 

However, the company lowered its revenue outlook in the fiscal third quarter to an increase between 13% and 15% and total billing growth between 2% and 4%. 

The company also lowered its full-year 2024 revenue outlook to between 15% and 16%, down from the previous estimate of between 18% and 19%. 

Diamondback Energy increased 0.8% to $179.50 after the energy company reported better-than-expected revenue and earnings in the fourth quarter. 

Caesars Entertainment decreased 0.1% to $41.60 after the hotel and resort operator reported weaker-than-expected revenue of $2.83 billion in the previous quarter. 

SolarEdge plunged 20% to $67.37 after the solar inverter maker reported weaker-than-expected revenue, but losses narrowed in the fourth quarter. 

Revenue in the fourth quarter declined to $316 million from $890.7 million, net income swung to a loss of $162.4 million from $20.8 million, and diluted earnings per share were ($2.85) compared to a profit of 36 cents a year ago. 

Revenue in 2023 increased to $2.97 billion from $1.96 billion, net income decreased to $34.3 million from $169.2 million, and diluted earnings per share declined to 60 cents from $3.06 a year ago. 

Walgreens Boots Alliance declined 2.9% after the company was replaced by Amazon in the Dow Jones Industrial Average effective Monday, February 26, according to index manager S&P Dow Jones Indices. 

Teladoc Health dropped 22% to $15.98 after the online health service provider reported weaker-than-expected quarterly revenue. 

Revenue in the fourth quarter increased 4% to $660.5 million from $637.7 million, net loss shrank to $28.9 million from $3.8 billion, and diluted loss per share fell to 17 cents from $23.49 a year ago. 

Results for the fourth quarter of 2022 primarily included non-cash goodwill impairment charges of  $3.77 billion, or $23.26 per share, stock-based compensation expense of $50.8 million, or $0.31 per share,  and amortization of acquired intangibles of $50.2 million, or $0.31 per share. 

Net loss for the fourth quarter of  2022 also included $3.7 million, or $0.02 per share, of restructuring costs primarily related to the  abandonment of certain excess leased office space.