Markets overcame the surprisingly strong jobs report in Friday’s early morning trade. Crude oil snapped back the most, rising 2.74% to $71.24. The major energy stocks like Exxon (XOM) and Chevron (CVX) are up 1.0% and 1.22%, respectively.
Broadcom (AVGO) traded flat after it posted revenue expectations of $50 billion in fiscal year 2024. Its VMware buyout is adding to the adjusted EBITDA of 60% of projected revenue. In its fourth quarter, Broadcom posted an adjusted EPS of $11.06 on $9.3 billion in revenue.
Post-pandemic play DocuSign (DOCU) added 2.33% after initially opening lower. The digital documents signing firm reported revenue of $700.42 million, up 8.5% Y/Y. Billings grew by 5% Y/Y. In Q4, it expects revenue of $696 million to $700 million. For FY24, total revenue is in the range of $2.746 billion to $2.75 billion.
First Solar (FSLR) rose by 4.23% to trade at ~$150. Morgan Stanley upgraded the stock to Overweight. It set a price target implying a 64% upside return. Before that, FSLR stock traded in a downtrend after SolarEdge (SEDG) issued a warning in early November.
On this quiet Friday trading session, Nikola (NKLA), which will issue shares, is one of the most active stocks. Artificial Intelligence play AMD at $130 nears its 52-week high. AI investors continue to narrow the discount in AMD stock relative to that of Nvidia (NVDA).
