Microsoft, Nasdaq, Fisker, Sunrun, Boeing, and More Market Movers

Text size Microsoft issued disappointing fiscal third-quarter guidance. Drew Angerer/Getty Images Stocks fell Wednesday, led lower by tech stocks after Microsoft warned of slower demand for its cloud services. These stocks were making moves Wednesday: Shares of Microsoft (ticker: MSFT) were down 4.4% after the PC maker and software company reported better-than-expected fiscal second-quarter earnings but issued disappointing guidance for the March quarter. Nasdaq (NDAQ) fell 8.3% after adjusted fourth-quarter earnings came up shy of analysts’ estimates. Fisker (FSR) slid 7.3% after the electric-vehicle company was downgraded by Morgan Stanley analyst Adam Jonas, who anticipates challenges for the sector. Jonas also cut his price target on Fisker to $4 from $8. Block (SQ) declined 7.1% after shares of the payments company were downgraded to Perform from Outperform from analysts at Oppenheimer. “We don’t believe we have seen the bottom in stocks and thus we could see the recent SQ rally evaporate,” wrote Dominick Gabriele in a note. SunPower (SPWR) fell 5.9% after shares of the solar company were downgraded to Underweight from Equal Weight at Barclays. Sunrun (RUN) was down 10.5% after it was downgraded by Barclays to Equal Weight from Overweight. AT&T (T) reported fourth-quarter earnings that beat Wall Street estimates, and reported $14.1 billion in cash flow for 2022, a bit higher than management’s prior guidance and analysts’ estimates of $13.8 billion. AT&T also reported 1,104 million subscribers in total postpaid net adds in the fourth quarter, higher than estimates of 906 million. The stock rose 5.1%. Boeing (BA) shares fell 1.2% after the company posted a fourth-quarter surprise loss of $1.75 a share on sales of $20 billion. Wall Street was looking for earnings of 17 cents from the aerospace giant. Intuitive Surgical (ISRG) dropped 6.6% after the maker of surgical systems reported fourth-quarter adjusted earnings that missed Wall Street estimates and said it placed fewer of its flagship Da Vinci Surgical Systems during the period. Tesla (TSLA) fell 3.4%. The electric-vehicle maker is scheduled to post quarterly earnings after the stock market closes. Texas Instruments (TXN) declined 2.3% after the semiconductor maker provided a revenue forecast for the March quarter that was below expectations, citing softening demand for its chips and higher order cancellations. Kimberly-Clark (KMB) shares fell 1.9% after the consumer-products giant posted weaker guidance than analysts had anticipated. Write to Joe Woelfel at joseph.woelfel@barrons.com and Emily Dattilo at emily.dattilo@dowjones.com

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