Netflix, Lululemon, DocuSign and more
Lululemon
Lululemon shares fell 12.85% after the athletic apparel company issued a lower-than-expected fourth-quarter outlook. In the third quarter, the company outperformed Wall Street on both the top and bottom lines.
Beyond Meat
Beyond Meat’s stock dropped 7.93% after being
downgraded
by Argus to sell from hold. The firm’s analyst cited falling demand amid weaker economic conditions
Broadcom
Broadcom gained 2.57% after reporting better-than-expected quarterly results and an upbeat revenue forecast after the bell on Thursday. The chipmaker also increased its dividend by 12.2% and announced that stock buybacks would resume.
Tesla
Tesla’s stock rose 3.23%, reversing some of this week’s losses. According to Reuters, Tesla will halt Model Y production at its Shanghai plant between December 25 and January 1. The plant’s inventory had risen dramatically over the summer.
Carvana
Carvana stock rose 1.81% after lenders told The Wall Street Journal that they do not expect the online car seller to file for bankruptcy anytime soon. The debtholders are banding together following reports earlier this week that the company is looking to restructure its debt, according to the paper. Carvana was successful during the pandemic, but rising interest rates and lower car demand have hampered its performance.
Netflix
Netflix gained 3.14% after Cowen named it a “best idea” for 2023 and Wells Fargo upgraded it to overweight from equal weight. Cowen expects free cash flow to increase next year, while Wells Fargo expects content growth to reduce customer churn.
DocuSign
DocuSign stock increased 12.37% after the electronic signature company reported positive quarterly results. Billings, subscription renewals, and additional sales to existing customers were also higher than expected.