Another round of earnings announcements stirred up trading in Friday’s midday action. L3Harris Technologies ( LHX ) rallied on a strong revenue number, while a cautious outlook for the semiconductor market in 2023 fueled selling in KLA ( KLAC ).
In other news, BuzzFeed (NASDAQ: BZFD) again represented one of the biggest winners of the day. Shares extended the rally that allowed the stock to more than double the previous day.
Meanwhile, Goodyear Tire ( GT ) fell on weak guidance and a cost-cutting plan.
BuzzFeed ( BZFD ) was up again in midday trading, building on the huge gains seen the previous day. Shares rose another 80% after more than doubling during the previous session. The stock is now up more than 300% over the past week and nearly 450% over the past month.
On Wednesday, the online media company’s shares jumped nearly 120% after a series of reports indicated the possibility of a wider footprint for its content. One report states that the company has entered into a partnership with Meta Platforms. Another reported that BZFD will expand its use of artificial intelligence to help build some content.
Elsewhere, L3Harris Technologies ( LHX ) also showed strength at midday, rising nearly 9% following the release of its quarterly report. The company’s profit in the fourth quarter did not meet analysts’ projections. However, revenue rose 5% to $4.58 billion, beating the consensus estimate by $220 million.
Looking ahead, the company has forecast revenue of $17.4 billion to $17.8 billion in 2023. Analysts were looking for a figure of $17.65 billion.
KLA Corp. (KLAC) beat expectations with its fourth quarter results. However, shares of the semiconductor equipment maker fell more than 5% intraday as investors expressed concern about the company’s outlook.
Looking ahead, the company acknowledged that “industry capacity adjustments” will impact 2023. The company’s CEO commented on a post-earnings conference call that its semiconductor customers will need to adjust their spending “to respond to reduced demand in some segments.”
Goodyear Tire ( GT ) also lost ground intraday, dragged down by a weak fourth-quarter forecast and the announcement of a cost-cutting plan. The tire manufacturer announced that it will lay off about 5 percent of its workforce, or about 500 jobs.
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