Solar stocks plunge after SolarEdge warning, as Urgent.ly and Knight-Swift stocks soar and more companies on the move

By MarketWatch

Here are some of the most notable stock movers ahead of Friday's market open:

Stock gainers:

Knight-Swift Transportation Holdings Inc.'s (KNX) stock was up 11.9% after its third-quarter earnings of 41 cents a share beat the FactSet consensus estimate of 36 cents a share. The company's revenue of $2.02 billion beat the analyst estimate of $1.89 billion.

Shares in roadside-services company Urgent.ly Inc. (ULY) surged 12.5% following news it had completed its acquisition of mobility data firm Ontomo Technologies.

Jazz Pharmaceuticals Plc's (JAZZ) stock was up 2% after Bloomberg reported the drug maker is exploring a potential sale. The report, which cited people familiar with the situation, said Jazz Pharma is in talks with M&A advisers about strategic options, which could include selling all or part of the company.

Stock decliners:

Regions Financial Corp.'s (RF) stock dropped 13.3% as one of the worst performers in the S&P 500 SPX after the bank's third-quarter profit and revenue missed expectations, as total loans increased but deposits fell and as the regional banking industry faced "economic and regulatory uncertainty."

Shares of Hewlett Packard Enterprise Co. (HPE) fell 3.7% after the firm's fiscal forecast fell short of analysts' expectations.

Intuitive Surgical Inc.'s (ISRG) stock dropped 4.6% after the surgical-robotics company's revenue fell short of Wall Street expectations.

SolarEdge Technologies Inc.'s stock (SEDG) dropped 29% as the worst performer in the S&P 500 SPX after the maker of inverters and other equipment for solar-power systems cut its quarterly outlook on lower demand in Europe.

Forecasts of a slump in European demand for electricity dragged down rival solar company stocks, with Enphase Energy Inc. (ENPH) shares down 11.8%, while shares of SunRun Inc. (RUN) dropped by 3.9% and SunPower Corp. (SPWR) moved lower by 10%.

Oil services giant SLB Ltd. (SLB), formerly known as Schlumberger Ltd., dropped 3.9% after its third-quarter revenue came up shy, although its profit topped expectations.

-MarketWatch

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

10-20-23 1004ET

Copyright (c) 2023 Dow Jones & Company, Inc.