Another round of earnings announcements stirred trading in Friday’s midday action. L3Harris Technologies (LHX) rallied on a strong revenue figure, while a cautious view of the 2023 semiconductor market prompted selling in KLA (KLAC).
In other news, BuzzFeed (NASDAQ:BZFD) once again represented one of the day’s standout gainers. Shares extended a rally that allowed the stock to more than double the previous day.
Meanwhile, Goodyear Tire (GT) pushed lower on weak guidance and a cost-cutting plan.
BuzzFeed (BZFD) surged again in midday trading, building on a massive advance seen the previous day. Shares climbed another 80% after more than doubling during the previous session. The stock is now up more than 300% over the past week and up almost 450% over the past month.
On Wednesday, shares of the online media firm jumped almost 120% following a series of reports pointing to the possibility of a broader footprint for its content. One report indicated that the company had entered into a partnership with Meta Platforms. Another reported that the BZFD would expand its use of AI to help build some content.
Elsewhere, L3Harris Technologies (LHX) showed midday strength as well, rising almost 9% following the release of its quarterly report. The firm’s Q4 earnings figure failed to meet analysts’ projections. However, revenue climbed 5% to $4.58B, exceeding the consensus estimate by $220M.
Looking ahead, the company predicted 2023 revenue of $17.4B-$17.8B. Analysts were looking for a figure of $17.65B.
KLA Corp. (KLAC) topped expectations with its Q4 results. However, shares of the semiconductor equipment maker dropped more than 5% in intraday action, as investors expressed concern about the firm’s forecast.
Looking ahead, the company acknowledged that “industry capacity adjustments” would impact 2023. The firm’s CEO commented on a post-earnings conference call that its customers in the semiconductor sector will need to adjust their spending “to address decreased demand in some segments.”
Goodyear Tire (GT) lost ground in intraday action as well, dragged down by a weak Q4 forecast and the announcement of a cost-reduction plan. The tire maker announced that it would cut about 5% of its workforce, or around 500 positions.
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