Stocks rallied Friday_after President Donald
Trump said his call with China's Xi Jinping had concluded, adding that the leaders "made progress" on issues including the war in Ukraine and the pending TikTok deal.
These stocks made moves Friday:
Intel INTC -3.24%Y fell 3.2%. Shares surged 23% to $30.57 on Thursday, marking a 52-week high and the largest same-day percent increase since Oct. 29, 1987, according to Dow Jones Market Data. The sharp gains came after Nvidia purchased $5 billion of the chip maker's stock. In a note Friday, Citi Research analyst Christopher Danely downgraded the shares to Sell from Neutral, citing Intel's lofty valuation and the belief that its foundry business "has minimal chance to succeed."
Nvidia NVDA +0.24%A rose 0.2% after wavering throughout the session. The stock closed up 3.5% at $176.24 on Thursday to snap a three-session losing streak. Shares of the leading maker of artificial-intelligence chips have risen 31% this year, though they have lagged
behind peers like Micron Technology MU -3.65% V, which has gained nearly three times as much.
Micron
MU -3.65% V
, meanwhile, tell 3.7% on
Friday to end a 12-day winning streak, which was its longest on record. Shares of the memory chip maker rose 5.6% on Thursday and set a record high of $ 168.89.
FedEx rose 2.3% after the logistics giant reported fiscal first-quarter adjusted earnings of $3.83 a share, topping analysts' estimates of $3.62, while revenue of $22.2 billion also beat Wall Street forecasts. Domestic package volumes rose 5%, Fed Ex said, while domestic package revenue grew 8% from a year earlier.
The company said it expects fiscal 2026 revenue growth of between 4% and 6% versus analysts' estimates of 1%, and adjusted earnings of between $17.20 and $19 a share, compared with Wall Street projections of $18.36.
Shares of rival United Parcel Service fell 1.2%.
The company terminated a plan to buy_ Estafeta, the Mexican small package provider.
Apple AAPL +3.20%A finished 3.2% higher at $245.50. Analysts at J.P. Morgan hiked their price target on the tech giant to $280 from $255 in a note Friday, the same day the iPhone 17 went on sale at Apple Store locations worldwide.
Home builder Lennar dropped 4.3% after posting fiscal third-quarter earnings that missed analysts' forecasts. Lennar earned $2.29 a share in the period, or $2 excluding mark-to-market gains on technology investments, on revenue of $8.8 billion.
Analysts had expected earnings of $2.10 on revenue of just under $9 billion. Lennar's gross margin, a closely watched metric at a time when home builders are cutting prices and offering buyer incentives to sell homes, was 17.5%, shy of consensus estimates that called for 17.8%.
Electric-vehicle maker Tesla
TSLA +2.21%4 gained 2.2%. The stock ended Thursday's session down 2.1%, putting an end to a winning streak of seven trading days.
Coming into Friday, Tesla shares have gained nearly 25% this month, or 5.3% this week, boosted by a report the company settled a California lawsuit over its driver-assistance technology, CEO Elon Musk buying shares for the first time since 2020, and an interest-rate cut from the Federal Reserve. Tesla also received an upgrade to Outperform from Neutral from analysts at Baird, and GoldmanSachs raised its price target on the stock to $395 from $300.
Jefferies Financial Group declined 1.2%. The Wall Street Journal reported that Sumitomo Mitsui Financial Group's commercial banking subsidiary, SMBC, agreed to increase its equity ownership in Jefferies to up to 20% in the open market, from about 15%.
Newmont NEM +4.34%4 rose 4.3%. The company said it had sold its entire 13% ownership stake in fellow gold miner Orla Mining as part of an ongoing effort to shed equity holdings and focus on stock buybacks.
Orla Mining fell 5.2%.
Netskope, the Al cybersecurity-software company, surged 9.8% to $24.70. The stock opened at $23 a share in its trading debut Thursday and closed at $22.49, up 18% from the initial public offering price of $19.
