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Today's biggest winners and losers in the stock market.
On this episode of Stock Movers:
- Pfizer (PFR) shares are moving after raised its full-year outlook after it outperformed in the third quarter, as growing demand for its newer medicines helped the drugmaker offset declining sales of its Covid products.
- Apple (AAPL) shares are lower after the iPhone maker’s fourth-quarter results disappointed on key metrics, including China revenue. Analysts note margin pressures and decelerating growth at the services unit.
- Palantir (PLTR) is lower after it issued a quarterly outlook that pointed to a potential slowdown in sales growth, with revenue expected to be roughly $2.65 billion in the three months ended Dec. 31.
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The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg data.
Let's take a look at some stocks on the move today. I'm Nathan Hager, joined by Bloomberg's Dan Curtis on another big earnings morning for Big Pharma. We heard from Pfizer this morning. How'd they do, Dan? Good morning.
Good morning.
Markets are taking a bit of a mixed picture.
Right now, the shares are down about 0.2% in the pre-market under ticker PFE. So Pfizer, the company, raising its full-year outlook. That comes after the top and bottom line 3Q figures. Looking for some of the causes of that weakness. Pardon me, it's early, so I'm going to try and say this properly, but it's pneumococcal vaccine in part of the Prevnar family. That drug line seems to come out below estimates. It's one of its larger revenue drivers. could be accounting for some of the weakness. But in general, most of their product lines did come out and beat estimates.
The company has been looking to grow demand for its newer medicines to help offset declining sales of its COVID products as we get further away from that event. And they also noted, in terms of executive appointments, Cecile Guigan is CFO. She had been filling in on an interim basis. It looks like they made it permanent officially this morning.
Okay.
Along with Pfizer, we also got results from Apollo Global Management. How's that looking?
Markets taking this one in stride as well. The shares are basically where they were at the close of yesterday. The company itself announced assets under management of $ 1. 06 trillion, absolutely massive numbers that we're talking about. That met estimates. Adjusted net income slipped almost 5% to $ 1. 3 billion. The firm's roughly $ 23 billion private equity flagship fund posted a loss of 2.6% in the quarter. This is something that everyone's been closely watching because the company has been lending and involved in so many AI spaces. And part of that did help boost lending. So new lending was a record for the third quarter. They boosted fees and margins amid the growing turbulence in global debt markets. So this
AI theme really playing out in the earnings. But that said, the stock is taking this very much in stride.
Talking of the AI theme, let's get to some of the companies in the tech space that reported results after the close. We heard from Apple. This seems like a not good enough quarter. Is that right, Dan?
Yeah, not good enough. So they predict that they will be selling a good amount. They see 7% to 10% revenue growth during the holiday season. That is above estimates. But the not good enough factor comes in with margins, where the company says that the amount of money that they retain will be thinner as component costs rise. This is something that This company, the market in general, has been talking about higher memory costs, and Apple itself even raised prices to deal with it. So for the fiscal fourth quarter, which was reported, iPhone revenue hit nearly $ 58 billion.
That's the highest ever for that specific period of any years. Also an all-time sales record in India. So there were some green spots, but the margin outlook seems to be weighing on this company.
Even bigger weight on Palantir after their results, Dan.
Yeah, down 8%. And this is a company that has really been around the whole AI-powered data and analytics space. And their guidance is pointing towards 15% growth in the current quarter. That's measured from the last. And that would be a slowdown, one of the slowest growths in a while for the company. Shares taking that on the chin. Also, too, to that slowdown point, the company's remaining performance obligations, essentially contracted revenue that hasn't been delivered, was over a billion dollars below estimates as of the end of that quarter.
And the company added 41 new customers. Consensus was over 60. So company is pointing towards and some of these numbers are pointing towards a slowdown in the outlook.
The Stock Movers Report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street. And for the latest market-moving headlines, listen to Bloomberg Radio live. Catch us on YouTube, Bloomberg.com, and on Apple CarPlay and Android Auto with the Bloomberg Business app.
