Apple (NASDAQ:AAPL) led the list of stocks making notable moves in Friday’s midday trading. The iPhone maker received an updraft from an optimistic analyst comment.
Elsewhere, earnings news bolstered Broadcom (AVGO), while Eagle Bulk Shipping (EGLE) retreated following its quarterly update. In other news, Bumble (BMBL) fell on a secondary stock offering.
Apple (AAPL) pushed higher in midday trading, boosted by positive comments from Morgan Stanley. Shares climbed more than 2%.
Analyst Erik Woodring outlined five “underappreciated” catalysts that could drive the stock over the next 12 months. These include iPhone growth, new product launches and subscription revenue.
Earnings news sparked a midday rally in Broadcom (AVGO). Shares of the semiconductor company surged almost 5% after the company surpassed expectations for both earnings and revenue.
The company reported a Q1 profit of $10.33 per share, topping the $10.17 per share that analysts were predicting. Revenue climbed 16% to $8.92B. Looking ahead, AVGO predicted Q2 revenue of about $8.7B.
Eagle Bulk Shipping (EGLE) slumped in the wake of its quarterly report, dropping 15%. The company missed expectations with its Q4 profit and cut its dividend.
The shipper reported net income that fell nearly 70% from last year. The firm’s non-GAAP EPS figure of $2.28 came in $0.76 below expectations. EGLE also slashed its quarterly dividend to $0.60 per share from $1.80 per share.
News of a secondary stock offering spurred selling in Bumble (BMBL). Shares of the dating app dropped 9% after the company priced a secondary offering by certain stockholders affiliated with Blackstone and its founder, Whitney Wolfe Herd.
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