Stocks climbed on Friday after November jobs data exceeded expectations.
The S&P 500 climbed 0.2%, and the Nasdaq Composite advanced 0.7%, both hitting new intraday highs. The Dow Jones Industrial Average lost 0.2%, while The Russell 2000 Index added 0.4%.
The November jobs report showed nonfarm payrolls rose 227,000, beating economists' 214,000 estimate. The unemployment rate ticked up to 4.2%, in line with expectations.
S&P 500 big stock movers today
Five S&P 500 stocks making big midday moves are:
- Lululemon (LULU) +18.1%
- Ulta Beauty (ULTA) +10.2%
- HP Enterprise (HPE) +9.9%
- Super Micro Computer (SMCI) +8.2%
- Palantir (PLTR) +5.9%
The worst-performing five S&P 500 stocks with the largest midday drop are:
- UnitedHealth Group (UNH) -4.6%
- Cooper Cos. (COO) -4.0%
- Diamondback Energy (FANG) -3.9%
- Coterra Energy (CTRA) -3.1%
- Halliburton (HAL) -3.0%
Stocks also worth noting include:
- Nvidia (NVDA) -1.9%
- Tesla (TSLA) +1.9%
- Meta Platforms (META) +2.7%
- Amazon (AMZN) +2%
- DocuSign (DOCU) +27.26%
Lululemon surges on earnings beat
Lululemon jumped 18% after the athleisure retailer beat Wall Street’s expectations for revenue and earnings.
Third-quarter earnings were $2.87 a share, topping analysts' consensus estimate of $2.69. Revenue came in at $2.4 billion, ahead of the $2.36 billion forecast.
Related: Lululemon analyst sounds the alarm on a growing problem
For the holiday quarter, Lululemon remains optimistic but cautious about the season, citing a shorter shopping period and broader economic uncertainty.
International expansion has become a focal point for Lululemon. Revenue grew 33% in international markets during the quarter, while comparable sales in the U.S. dipped 2%. The Americas remain the company’s largest market.
Ulta Beauty pops on earnings and outlook
Ulta Beauty rallied 11% after the company exceeded Wall Street’s expectations for the fiscal third quarter.
The beauty retailer reported earnings per share of $5.14, compared with analysts' $4.54 forecast. Revenue reached $2.53 billion, above the $2.5 billion expected.
Related: Analysts reset Ulta stock price targets after Warren Buffett buy
Ulta raised its full-year sales and earnings outlook. The retailer now expects fiscal 2024 earnings per share to range $23.20 to $23.75. Full-year sales are expected to come in between $11.1 billion and $11.2 billion, with the lower end up from the previous $11 billion.
Comparable sales for the year are expected to range from flat to a 1% decline, with holiday-quarter comparables predicted to drop in the low-single-digits percent.
In August the company had missed earnings expectations for the first time in four years. Ulta’s stock is off 10% year-to-date, while the S&P 500 is up 27%.
Hewlett Packard Enterprise gains on earnings beat
Hewlett Packard Enterprise added 10% after the company reported an upbeat fiscal fourth quarter.
The company reported adjusted earnings of 58 cents a share versus Wall Street’s forecast of 56 cents. Revenue reached $8.46 billion, exceeding Wall Street's $8.25 billion estimate and marking a 15% year-over-year increase.
HP Enterprise’s server revenue jumped 32% to $4.71 billion, surpassing expectations of $4.66 billion, fueled by demand for AI-model training. Its networking segment struggled, with sales dropping 20% year-over-year.
More Tech Stocks:
- Super Micro's stock price surges after key ruling
- Veteran trader takes a fresh look at Sofi Technologies
- Druckenmiller predicted Nvidia's rally, now has new AI target
“Our differentiated portfolio across hybrid cloud, AI, and networking, which will be further enhanced with the pending Juniper Networks acquisition, positions us well to capitalize on the market opportunity,” said Antonio Neri, CEO of HP Enterprise.
HP Enterprise in early 2024 proposed a $14 billion all-cash acquisition of AI-networking-products provider Juniper. The deal is expected to close in late 2024 or early 2025, pending regulatory approvals.
Related: Veteran fund manager delivers alarming S&P 500 forecast
