Markets finished Wednesday in the red as investors digested hawkish commentary from Federal Reserve Chairman Jerome Powell before the House Financial Services Committee.
Patterson
(PDCO) reported earnings and revenue that beat Wall Street estimates. Shares of the supplier of veterinary and dental supplies jumped 15%.
Dollar Tree
(DLTR) rose 4.6% and was the leading gainer in the
S&P 500.
The company said it expects to achieve earnings of $10 a share in fiscal 2026. That is above analysts’ estimates of $8.51 a share, according to FactSet.
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Exact Sciences
(EXAS) was down 4.8% after the company said at its investor day it expects 2023 revenue of $2.4 billion, below Wall Street estimates of $2.42 billion. The stock rose earlier in the session after the cancer screening and diagnosis company released positive results from a study of its at-home screening test, Cologuard.
Tesla
(TSLA) declined 5.5% to $259.46 after analysts at Barclays downgraded the electric-vehicle maker to Equal Weight from Overweight but raised their price target to $260 from $220.
Separately, CEO Elon Musk met with India’s prime minister, Narenda Modi, on Tuesday and said he was confident the electric-vehicle maker “will be in India and will do so as soon as humanly possible.” Musk said Modi was pushing
Tesla
to make “significant investments in India,” and that is “something we intend to do.”
Intel
(INTC) declined 6% during the semiconductor company’s Foundry Event. The company said it would be focusing on making its foundry business more competitive. Fellow chip maker
Advanced Micro Devices
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(AMD) declined 5.7%.
Winnebago Industries (WGO), the recreational-vehicle maker, fell 1.3% after reporting a decline of 38% in fiscal third-quarter sales.
La-Z-Boy
(LZB), the furniture maker, said it expects fiscal first-quarter sales of $470 million to $490 million, down from $604.1 million a year earlier and below analysts’ expectations of about $522 million. Shares fell 0.9%.
FedEx
(FDX) fell 2.5% after the shipping giant reported fiscal fourth-quarter earnings that beat analysts’ estimates but issued guidance that disappointed. The company said it expects earnings for the current fiscal year of between $16.50 and $18.50 a share, up from nearly $15 a share in fiscal 2023. Wall Street had been expecting about $18.30 a share. FedEx also said it sees sales growing “flat to low-single-digit-percent” in fiscal 2024.
Shares of competitor
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United Parcel Service
(UPS) were down 2%.
Amazon.com
(AMZN) was down 0.8% to $124.83. The Federal Trade Commission is suing Amazon for allegedly attempting to enroll consumers in Amazon Prime without their consent, and making it too hard to cancel subscriptions.
Ahead of the FTC suit, analysts at Jefferies raised their price target on Amazon to $150 from $135, saying they see the company as a “core beneficiary” from the rise of artificial intelligence as “AWS benefits from increased usage to train and run AI models.”
Write to Joe Woelfel at joseph.woelfel@barrons.com and Angela Palumbo at angela.palumbo@dowjones.com