Stocks started the day strong on Thursday as Federal Reserve Chairman Jerome Powell hinted at a potential interest rate cut later in the year, although not immediately. Meanwhile, investors were eagerly awaiting U.S. jobs data. Levi Strauss reported first-quarter adjusted earnings that surpassed analyst expectations, leading to a 17% surge in the company’s stock. The brand also raised its fiscal-year outlook, projecting growth between 1% and 3% year over year with adjusted earnings expected to range from $1.17 to $1.27 per share.
On the flip side, Lamb Weston saw a significant drop in its stock price by 18% after missing revenue estimates for the fiscal third quarter. The potato grower cited soft restaurant traffic trends and a transition to a new enterprise resource planning system as reasons for the reduced fiscal-year guidance. In the automotive sector, Ford rose 1.3% as it announced a shift in focus from all-electric vehicles to hybrids. The company is delaying the launch of upcoming electric models in order to expand hybrid powertrains across its Ford Blue lineup in North America by the end of the decade.
BlackBerry surprised the market with a fiscal fourth-quarter adjusted profit of 3 cents per share, turning around from an expected loss of 4 cents. The cybersecurity company also reported a 15% increase in revenue, driving its stock up by 10%. Conversely, Paramount Global faced an 8.6% decline after jumping 15% the previous day due to exclusive merger discussions with Skydance Media. Nonetheless, Hertz Global saw a 3.9% decline after being downgraded to Sell by Goldman Sachs. Overall, the market was buzzing with a mix of positive and negative movements across various sectors.
