Apple stock drops on poor China sales, while Cardinal Health, Expedia and Block shares surge

By MarketWatch

Here are the day's biggest movers:

Stock gainers:

Shares of Block Inc. (SQ) soared 14% after the Jack Dorsey-backed parent of fintech company Square set its sights on 2024 adjusted EBITDA of $2.4 billion, far outpacing analyst expectations around $1.94 billion.

Shares of Cardinal Health Inc. (CAH) rallied 8.2% into record territory after the drug distributor reported fiscal first-quarter profit that beat expectations and raised its full-year outlook, while revenue came up a bit shy.

DraftKings Inc.'s stock (DKNG) was up 8.7% i after the sports-gambling and fantasy web site posted quarterly results that topped analyst revenue and earnings estimates, and raised its full year guidance range.

Expedia Group Inc. (EXPE) soared by 15.4% at the top gainer in the S&P 500 SPXafter the travel services company's board authorized a $5 billion stock buyback representing about 35% of its recent market capitalization. The company also reported third-quarter adjusted profit of $5.41 a share, ahead of the FactSet consensus estimate of $4.96 a share.

FuboTV Inc. (FUBO) soared by 8.4% after the sports-first TV-streaming company reported third-quarter revenue and record paid subscribers that rose well above expectations.

Gartner Inc.'s stock (IT) soared by 16.5% after its third-quarter adjusted earnings of $2.56 a share easily beat the FactSet consensus estimate of $1.96 a share.

Icahn Enterprises LP's stock (IEP) rose 13.4% after its third-quarter loss narrowed from a year ago while revenue was ahead of expectations.

Paramount Global's stock (PARA) rose 9.6% after the film, entertainment and streaming giant reported third-quarter earnings and revenue that beat expectations and highlighted strong viewership for the NFL on CBS and gains in sales at movie theaters.

Stock decliners:

Apple Inc.'s stock (AAPL) dropped 1% after the tech giant posted a revenue drop for the fourth straight quarter, topping overall sales expectations but coming up short in China.

Bill Holdings Inc. shares (BILL) plunged 29% after the financial software company cut its full-year sales guidance and said inflation and consumer uncertainty pose a bigger threat to its small-business customers.

Shares of Fortinet Inc. (FTNT) dropped 16.6% after investors looked past a third-quarter earnings beat for the cybersecurity company to focus on missed fourth-quarter revenue estimates.

Atlassian Corp.'s stock (TEAM) sunk 4.7% after the software company reported a wider loss.

-MarketWatch

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11-03-23 1141ET

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