Alphabet, Microsoft, Boeing, SunPower, PayPal, Texas Instruments, WM, and More Movers

Microsoft
‘s (MSFT) fiscal first-quarter revenue jumped 13% to $56.5 billion and beat Wall Street’s expectations. Revenue in the company’s Azure cloud business rose 29%, ahead of the pace set in the previous quarter. Microsoft reported profit of $2.99 a share, well ahead of expectations of $2.65. The stock rose 2.2%.

Boeing
(BA) reported a wider-than-expected loss in the third quarter. The aerospace company reaffirmed guidance for free cash flow of between $3 billion and $5 billion in 2023. The stock was up 0.8%.

T-Mobile US
(TMUS) reported third-quarter earnings of $1.82 a share, beating estimates of $1.70. Revenue of $19.25 billion missed estimates. The stock was rising 0.1%.

SunPower
(SPWR) dropped 18% after the solar panel maker said it would be restating financial statements for 2022 and for the first two quarters of 2023. SunPower said it determined “the value of consignment inventory of microinverter components at certain third-party locations had been overstated in the affected periods in the range of approximately $16 million to $20 million.”

PayPal Holdings
(PYPL) declined 4.9% and
Block
(SQ) declined 6.7% after a warning from a major European payments company sent jitters through the industry. 

Visa
(V) narrowly topped earnings and revenue estimates in its fiscal fourth quarter, driven by a continued post-pandemic rebound in international travel. The payments company said it expects “high single-digit to low double-digit” revenue growth next fiscal year and “low-teens” growth in adjusted earnings per share. Shares rose 1.3%.

Chip maker
Texas Instruments
(TXN) reported third-quarter revenue below analysts’ expectations and issued a forecast for its fiscal fourth quarter that also missed. Texas Instruments said it expects revenue in the fourth quarter of between $3.93 billion and $4.27 billion and earnings between $1.35 and $1.57 a share. Analysts were calling for revenue of $4.5 billion and adjusted earnings of $1.79 a share. The stock fell 3.5%.

General Dynamics
(GD) was up 4.1% after third-quarter earnings and revenue at the defense company beat analysts’ forecasts.

WM, previously known as
Waste Management,
was the
S&P 500
‘s top performer Wednesday, rising 6.7%, after beating third-quarter earnings estimates and raising guidance on free cash flow.

Shares of
Snap
(SNAP) were down 1.2% after the parent of Snapchat reported a third-quarter loss that was narrower than expected and revenue of $1.19 billion that beat analysts’ expectations. Daily active users were 406 million versus the 405.8 million estimate.

Shares of
Teladoc
(TDOC) were down 3.4% after the virtual care company reported a narrower-than-expected third-quarter loss but revenue of $660 million that missed estimates.

Stride
(LRN) reported a fiscal first-quarter profit of 11 cents a share, while analysts were forecasting a loss of 37 cents. Revenue in the period rose nearly 13% to $480.2 million. The stock jumped 19%.

Gap
(GPS) rose 6.8% after shares of the retailer were upgraded to Overweight from Equal Weight at Wells Fargo, which cited “improved cost controls” and new management.

Thermo Fisher Scientific
(TMO) slumped 6.6% after the leading maker of laboratory equipment and analytical instruments reported third-quarter sales short of Wall Street’s expectations and again slashed its full-year guidance.

Vicor
(VICR) fell 27% after the maker of modular power components said bookings remained weak.

Earnings reports are expected after the closing bell Wednesday from
Meta Platforms
(META),
International Business Machines
(IBM), and
ServiceNow
(NOW), and
Boeing
(BA).

Write to Joe Woelfel at [email protected]