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New York Community Bancorp — Shares fell more than 20% after the regional bank disclosed on Thursday evening that it had found issues with its "internal controls." The company topped analysts' expectations for earnings per share by 3 cents, according to LSEG. But Hewlett Packard posted $6.76 billion in revenue, under the Wall Street forecast of $7.11 billion. Autodesk — Shares jumped 8% after the software company posted a beat in its latest quarterly results. Analysts polled by LSEG had anticipated per-share earnings of $1.95 on revenue of $1.43 billion.
Persons: NYCB, Hewlett Packard, LSEG, Root, Jeffries, Alex Harring, Samantha Subin, Jesse Pound, Tanaya Macheel, Sarah Min, Michelle Fox Organizations: York Community Bancorp, JPMorgan, Dell –, Hewlett Packard Enterprise, Daimler, Autodesk —, Autodesk
After outperforming by 8.6% on average every year for the previous eight years, tech performance reversed dramatically in 2022. That could mean tech is entering a new period of tepid growth, Toni Sacconaghi, senior research analyst at Bernstein, said in a note Monday. "We worry that relative stock performance for tech over the next several years risks being more muted, akin to the lost decade following the tech bubble bursting," he said. But as in the "lost decade," the market found fresh leaders to drive the next big rally in tech and it may need to do so again in this new period, Sacconaghi said. "And it took time for a new era of tech leaders to emerge."
Abercrombie & Fitch – Shares of the retail stock jumped 19% after the apparel retailer beat Wall Street's revenue forecasts for the third quarter and posted unexpected quarterly profit. Deutsche Bank reiterated the stock as buy and said it doesn't see any meaningful changes coming to its direct-to-consumer strategy. Best Buy – Best Buy's stock surged 11% after the consumer electronics retailer beat Wall Street's estimates and maintained its outlook for the holiday period. Demand remains below its pandemic heights, but Best Buy indicated its faring well even as inflation weighs on consumers' pockets. The stock slipped even after the company beat top and bottom line estimates for its latest quarter and better-than-expected comparable store sales.
Though the videoconferencing company topped expectations for earnings and revenue, it gave a weak outlook for the fourth quarter. Dell – The technology company popped as much as 6% after it beat anticipated revenue and earnings per share in its third quarter. Per-share earnings came to $2.30, after adjustments, about 44% above the $1.60 expected by analysts polled by Refinitiv. Urban Outfitters – The clothing company added 2.6% after reporting better-than-expected revenue growth in its latest quarter, despite earnings per share falling a penny short of estimates. Agilent – Shares of the consumer electronics company gained 4.1% after it beat expectations for per-share earnings and revenue in the fourth quarter.
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