Wall Street indexes are slipping after some major earnings reports pointed to risks from supply logjams and difficulty finding workers. Here’s what we’re watching in Friday’s trading:
- Amazon and Apple reported quarterly results that showed how supply-chain problems and tight labor markets are tripping up even some of the biggest business winners of the pandemic era.
- Lucid Group is extending gains, after having closed Thursday’s regular session up 31%. The electric-vehicle maker earlier this week said that deliveries of its first “dream edition” Lucid Air electric luxury sedans will begin on Saturday.
- MicroVision shares plunged after the laser beam scanning technology developer reported a quarterly loss after Thursday’s close.
- Chevron beat forecasts for both profit and revenue during the recent quarter.
- Colgate-Palmolive beat estimates for the recent quarter but said a “difficult cost environment” is likely to continue for a while.
- Exxon Mobil said it expects to resume share repurchases next year, after having put the program on hold in 2016 to focus on paring its debt load and paying its dividend.
- AbbVie boosted its dividend and lifted its outlook.
- Starbucks said its U.S. sales were strong during its most recent quarter, though the pandemic’s resurgence in China dragged on its revenue.
- Zendesk is buying the parent company of SurveyMonkey, an online questionnaire platform, in a stock deal valued at $4.13 billion.
- Facebook is getting a makeover—to its name at least. The social-media behemoth changed its name to Meta to reflect its aspirations in online digital realms known as the metaverse. Its ticker will become MVRS.
- U.S.-traded shares of Atlassian jumped after the Australian software maker reported quarterly revenue of $614 million, up from $459.5 million in the year-ago quarter.
Chart of the Day
- Investors are betting the worst is over for Chinese e-commerce giant Alibaba after a punishing selloff halved its market value, but they may have to wait a while for the former market darling to regain its glory.
Write to James Willhite at [email protected]
