PG&E Forecast Lift Drives Utility Sector Gains
Utility stocks trended higher as PG&E narrowed its annual earnings guidance upward, citing a significant spike in power demand from data centers.
Market Quotes
Ultragenyx to Cut 10% of Workforce in Push for 2027 Profitability
Ultragenyx Pharmaceutical is reducing its headcount by 10% as part of a strategic restructuring designed to steer the rare-disease specialist toward profitability by 2027. The move, which affects roughly 130 employees, follows a fourth-quarter earnings report where the company beat revenue estimates but missed bottom-line expectations.
Olin Faces $260 Million Hit After Losing Shintech Pricing Lawsuit
Chemical manufacturer Olin expects to incur $260 million in total costs following a jury verdict in favor of Shintech Incorporated over a long-term contract dispute. The financial impact includes significant cash outlays in early 2024 and a one-time charge against its fourth-quarter earnings.
Arista Networks Surges as AI Demand Outpaces Supply Chain Costs
Arista Networks shares jumped 17% in postmarket trading Thursday after the company delivered fourth-quarter results that beat Wall Street estimates and issued a bullish growth forecast. Driven by the global race for artificial intelligence infrastructure, the networking giant reported revenue of $2.49 billion, signaling its emergence as a critical player in the AI and cloud networking sectors.
Roku Returns to Profitability as Advertising and Streaming Surge
Roku Inc. swung to a profit in the fourth quarter, bolstered by a 16% jump in revenue as its video advertising and streaming distribution arms outpaced analyst expectations. The San Jose-based company reported net income of $80.5 million, marking a significant turnaround from the prior year’s losses and signaling a robust recovery in the digital ad market.
Toast Profits Triple as Restaurant Tech Demand Drives Q4 Growth
Toast reported a significant jump in fourth-quarter profit on Thursday, bolstered by a surge in payment volumes and an expanding footprint across the restaurant industry. The payment systems developer surpassed analyst expectations for both revenue and gross payment volume, signaling robust demand for its integrated fintech solutions.
Mohawk Industries Beats Q4 Estimates Despite Profit Slide
Mohawk Industries reported a sharp decline in fourth-quarter net income as rising operational costs and a sluggish North American market offset modest revenue growth. Despite the profit dip to $42 million, the Calhoun, Georgia-based flooring giant managed to beat Wall Street’s expectations for both adjusted earnings and top-line sales.
Nike’s Converse Unit Trims Workforce to Address 30% Revenue Slump
Converse, the Nike-owned sneaker icon, has initiated a round of layoffs as part of a broader restructuring effort aimed at reversing a sharp decline in sales. The move follows a fiscal quarter where the brand saw its revenue plummet by nearly a third, highlighting the company’s struggle to diversify its product lineup beyond its flagship Chuck Taylor silhouette.
FDA Approves Narcan Multipacks for Bulk Community Distribution
The U.S. Food and Drug Administration has authorized Emergent BioSolutions to sell its Narcan nasal spray in expanded multipack configurations, a move designed to facilitate high-volume distribution as the opioid crisis persists. The approval, announced Friday, allows for over-the-counter sales of the overdose-reversal drug in packs of 6 and 24 to better serve community programs and emergency responders.
PTC Therapeutics Scraps FDA Bid for Muscular Dystrophy Drug
PTC Therapeutics has withdrawn its U.S. regulatory application for Translarna after the Food and Drug Administration signaled the treatment likely lacks the clinical evidence required for approval. The move abruptly halts the company’s efforts to bring the therapy to patients with nonsense mutation Duchenne muscular dystrophy in the American market.
Tennant Co. Partners With Vision One, Signals Governance Overhaul
Tennant Co. has finalized a cooperation agreement with Miami-based investment firm Vision One Management Partners, resulting in immediate board appointments and a commitment to major structural governance reforms.
AI Demand Drives Tech Gains as Pinterest and DraftKings Stumble
Shares of Applied Materials and Arista Networks rallied in late trading Thursday as surging artificial intelligence demand buoyed the semiconductor and networking sectors, contrasting sharply with double-digit losses for DraftKings and Pinterest.
Takasago Thermal Profits Nearly Double on Strong Nine-Month Revenue
Takasago Thermal Engineering Co. Ltd. reported a sharp rise in profitability for the nine months ending December 31, with net income nearly doubling to ¥31.26 billion. The Japanese engineering specialist saw revenue climb to ¥306.03 billion, up from ¥265.19 billion in the prior-year period, driven by robust industrial demand.
Cineverse to Acquire Ad-Tech Firm IndiCue in $22 Million Deal
Los Angeles-based entertainment company Cineverse announced Thursday it will acquire IndiCue, a connected television (CTV) monetization platform, for $22 million. The transaction, structured as a mix of cash and stock, is scheduled to close this Friday.
Public Storage Names H. Thomas Boyle CEO as Revenue Beats Estimates
Public Storage reported fourth-quarter revenue of $1.22 billion, surpassing analyst expectations as the self-storage industry shows signs of stabilization. Alongside the financial results, the real estate investment trust announced that H. Thomas Boyle will take over as chief executive following the retirement of Joseph Russell in March.
Public Storage Names Thomas Boyle CEO in Major Leadership Reshuffle
Public Storage has appointed H. Thomas Boyle as its next chief executive officer, succeeding Joseph Russell Jr. as part of a comprehensive executive reorganization at the self-storage giant. Boyle, currently the company’s chief financial and investment officer, will assume the top role and a seat on the board following Russell’s retirement at the end of January.
Vertex Revenue Beats Estimates on Strong Cystic Fibrosis Demand
Vertex Pharmaceuticals reported a 10% rise in fourth-quarter revenue to $3.19 billion, narrowly exceeding Wall Street expectations as its dominant cystic fibrosis franchise continues to scale. While the biotech leader missed adjusted earnings targets, a robust U.S. market and expansion into gene therapy provided a clear path for its multi-billion dollar 2026 outlook.
Norwegian Cruise Line Appoints Former Subway CEO John Chidsey
Norwegian Cruise Line Holdings has named veteran restaurant executive John Chidsey as its next chief executive officer, effective Thursday. Chidsey succeeds Harry Sommer, who is stepping down from his roles as president, CEO, and board member as part of a strategic leadership transition.
Constellation Brands Taps Nicholas Fink to Lead Amid Beer Market Slump
Constellation Brands announced Thursday that Nicholas Fink, currently the CEO of Fortune Brands Innovations, will succeed Bill Newlands as chief executive on April 13. The leadership transition comes as the producer of Modelo and Corona grapples with shifting consumer demand and broader volatility across the global alcohol industry.
Cochlear Profit Slumps 21% as Pricing Disputes Stall Product Rollout
Cochlear Ltd. reported a 21% drop in first-half profit to A$161.5 million after protracted price negotiations delayed the launch of its newest hearing system, forcing the medical device giant to lower its full-year earnings expectations.
Ingersoll Rand Beats Estimates as Industrial Demand Drives 4Q Growth
Ingersoll Rand surpassed Wall Street expectations for the fourth quarter, reporting a significant rise in both profit and revenue fueled by strong performance across its industrial and life sciences divisions. The company posted adjusted earnings of 96 cents per share, outperforming the 90-cent consensus forecast provided by analysts.
Utz Brands Shares Plunge on Disappointing 2026 Profit Forecast
Utz Brands shares cratered to a 52-week low on Thursday after the snack maker reported a fourth-quarter loss and issued a 2026 earnings outlook that fell far short of Wall Street estimates.
Geo Group Shares Plunge on Weak Outlook and CEO Departure
Shares of Geo Group plummeted on Thursday after the private prison operator issued a weak financial outlook for 2024 and announced the retirement of Chief Executive J. David Donahue. Despite beating fourth-quarter estimates, the company's conservative guidance and leadership transition sent the stock tumbling to a 52-week low.
Merz Policy Shift Jolts European Cement Stocks and Carbon Markets
Shares in European cement giants plummeted on Thursday after German Chancellor Friedrich Merz signaled a potential retreat from the European Union’s plan to phase out free carbon permits. The prospect of extended subsidies sparked fears of prolonged industrial oversupply, sending Heidelberg Materials and Holcim to their lowest levels since November.
L'Oreal Forecasts Growth as Luxury Acquisitions Bolster Global Lead
L'Oreal CEO Nicolas Hieronimus signaled a period of accelerated growth for the French beauty titan on Thursday, reporting annual sales of 44.05 billion euros ($52.29 billion) while vowing to outpace a recovering global market. Despite headwinds from currency fluctuations and trade tariffs, the company reported an expanded operating margin of 20.2%, underpinned by an aggressive M&A strategy that includes the multi-billion-euro acquisition of Kering’s beauty portfolio.
Moderna Braces for Q4 Revenue Slide Amid Regulatory Headwinds
Moderna is set to report a significant year-over-year revenue decline this Friday as the pharmaceutical giant navigates a shrinking Covid-19 market and a shifting regulatory landscape in Washington. Analysts polled by FactSet anticipate a quarterly loss of $1.02 billion, reflecting the company's ongoing struggle to pivot from pandemic-era highs toward a sustainable long-term pipeline.
Redwood Trust Shares Surge as Q4 Earnings Beat Estimates
Redwood Trust shares jumped 21% on Tuesday after the real estate investment trust reported a swing to profitability in the fourth quarter, significantly outpacing analyst expectations behind a surge in mortgage banking production.
Bombardier CEO Signals End to Trump’s Aircraft Trade Threat
Bombardier CEO Eric Martel expects a swift resolution to President Trump’s threat to ground Canadian aircraft in the U.S., a move triggered by Canada’s delay in certifying Gulfstream business jets. Speaking during a fourth-quarter earnings call, Martel indicated that the escalating trade friction between Ottawa and Washington is nearing a conclusion, potentially averting a 50% tariff on Canadian aerospace imports.
Belden Shares Surge as Automation Demand Drives Earnings Beat
Belden Inc. shares climbed 8% following a fourth-quarter performance that outpaced Wall Street expectations on both the top and bottom lines. The networking and connectivity specialist reported revenue of $720.1 million, driven largely by robust growth within its industrial automation division.
Vontier Shares Surge as Full-Year Forecast Outpaces Estimates
Vontier shares climbed to a 52-week high on Thursday after the industrial technology firm reported fourth-quarter revenue that significantly exceeded Wall Street expectations. Despite a cautious near-term outlook for the first quarter, the company’s optimistic full-year guidance signaled robust growth ahead, driving a double-digit rally in its stock price.