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Stocks advanced Friday and bond yields rose after the April U.S. payrolls report showed stronger-than-expected job growth.
A rally in Apple shares helped power the S&P 500 higher, and regional bank sentiment appeared to be improving, for now.
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Marketwatch:
Apple (AAPL): Shares were up 5%
Lyft (LYFT): Stock plunged about 20%
Coinbase (COIN): Shares jumped about 14%
PacWest gained 59%
Carvana (CVNA): soared 33%
American International Group (AIG): Shares jumped 8.7%
DraftKings (DKNG): Shares rose 15% #StocksToBuy pic.twitter.com/L2x03T0SEF— The_Journalbiz (@the_journalbiz) May 5, 2023
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Apple (AAPL): Shares were 4.7% in late morning trading after Apple reported declining revenue but a surge in iPhone sales in emerging markets like India.
Lyft (LYFT): Stock plunged about 20% after the ride-hailing company gave a weak outlook for the current quarter, forecasting lower revenue and earnings than Wall Street predicted amid layoffs and leadership changes.
Coinbase (COIN): Shares of the crypto exchange jumped about 14% after reporting a smaller loss than analysts had expected. This was largely driven by cost cutting, including a 20% workforce reduction earlier in the year.
PacWest (PACW): It and other regional bank stocks recovered after plunging Thursday. PacWest gained 59%. First Horizon (FHN), which was hit in the previous session by the breakdown of its $13.4 billion sale to Canada’s TD Bank, added 5.3%.
Warner Bros. Discovery (WBD): The company’s revenue fell in the first quarter and it posted a steep loss, amid continued softness in the advertising market. Warner Bros shares were around 1% lower.
Carvana (CVNA): The used-car retailer soared 33% after it reported a much smaller loss in the last quarter due to cost cutting.
American International Group (AIG): The insurer reported a strong quarter for its core insurance business, but also a drop in net income. Shares jumped 8.7%.
DraftKings (DKNG): Shares of the sports-betting company rose 15% after beating analysts’ quarterly revenue estimates. Executives raised their full-year targets
