Apple, Amazon, Icahn Enterprises, Fortinet, Block, and More Stock Market Movers

Apple
(ticker: AAPL) reported fiscal third-quarter earnings that topped analysts’ expectations while revenue of $81.8 billion matched consensus but fell from nearly $83 billion a year earlier. Apple’s iPhone business recorded revenue of $39.7 billion, down from $40.7 billion a year earlier and below analysts’ forecasts. Chief Financial Officer Luca Maestri said he expects revenue in the current fiscal fourth quarter ending in September to be similar to the 1% decline in the three months ended in June, which would be slightly worse than Wall Street expectations. Rosenblatt Securities on Frdiay downgraded Apple shares to Neutral from Buy. The stock fell 4.8%.

Second-quarter earnings and sales from
Amazon.com
(AMZN) were better than expected and guidance for the third quarter topped Wall Street estimates. In the second quarter, Amazon posted revenue of $134.4 billion, up from $121.2 billion in the year-earlier quarter. Earnings were 65 cents a share, a rebound from a year-earlier loss of 20 cents. The company’s Amazon Web Services business had better-than-expected growth in the second quarter. AWS sales were $22.1 billion, up 12% from a year earlier, and above Wall Street estimates. The stock jumped 8.3% and was the leading gainer in the
S&P 500.

Icahn Enterprises
(IEP) dropped 23% after the company announced a steep cut to its quarterly distribution and reported a wider second-quarter loss.

DigitalOcean Holdings
(DOCN) fell 25% after the cloud company reduced its full-year guidance, while also announcing a restatement of certain previously reported results to correct some accounting errors.

Fortinet
(FTNT) reported adjusted earnings that topped forecasts but the stock slumped 25% after billings of $1.54 billion missed expectations and the cybersecurity company said it saw an “unusually large volume of deals” pushed out beyond the second quarter.
Fortinet
was the leading decliner in the S&P 500. Fellow cybersecurity company
Palo Alto Networks
(PANW) tumbled 8.1%.

Opendoor Technologies
(OPEN) declined 26% and
Redfin
(RDFN) was down 22% after the real estate companies issued revenue guidance well below Wall Street expectations.

Atlassian
(TEAM) soared 17% after the provider of software development and project management tools issued a forecast for fiscal first-quarter sales that was above analysts’ expectations.
Atlassian
anticipates first-quarter sales of $950 million to $970 million, higher than forecasts of $954 million. 

Block
(SQ) was falling 14%. The payments company raised its guidance for the year but the stock declined after indicating that gross profit growth slowed to 21% in July.

AMC Networks
(AMCX) gained 13% after the global entertainment company posted better-than-expected adjusted earnings for its second quarter.

Cloudflare
(NET) gained 6.9% to $69.51 after the internet infrastructure company posted better-than-expected second-quarter adjusted earnings and guidance that was slightly above forecasts. Analysts at TD Cowen and Mizuho raised their price targets on the stock.

Nikola
(NKLA) fell 26% after the electric heavy-duty truck maker reported better-than-expected second-quarter results and named a new CEO.

Booking Holdings
(BKNG) was up 7.9% after the travel company beat quarterly earnings estimates said it expected a record summer travel season.

Write to Joe Woelfel at [email protected]