Major Wall Street indices closed in the red on Thursday as concerns over the Federal Reserve's future policy moves took precedence. Tech stocks wobbled with $Alphabet-A (GOOGL.US)$ closing over 4% lower, dragged by concerns regarding competition in the artificial intelligence space, while $Meta Platforms (META.US)$ lost over 3%. The Nasdaq Composite closed 1.02% lower, while the S&P 500 ended Thursday's session 0.88% down. The Dow Jones closed 0.73% lower. Meanwhile, here are the five stocks that are drawing investors' attention:
1. $Tesla (TSLA.US)$: Shares of the EV-maker closed over 3% higher on Thursday. The stock has also gained a whopping 91.79% since the beginning of 2023 following its price cuts in early January. Wedbush tech analyst Dan Ives told Yahoo Finance that the demand outlook for 2023 has surpassed even the bull case scenario and caused a short covering for the ages.
2. $PayPal (PYPL.US)$: Shares of PayPal closed 1.63% lower on Thursday. The company's fourth-quarter revenue increased 7% year-over-year to $7.38 billion, which missed average analyst estimates of $7.39 billion. It reported quarterly earnings of $1.24 per share, which beat consensus estimates of $1.20 per share.
3. $Lyft Inc (LYFT.US)$: Shares of Lyft closed 3.16% lower and lost another 30.21% in extended trading after it provided weak guidance in its earnings report. The company said for the first quarter of 2023, it expects revenue of approximately $975 million, lower than the $1.09 billion estimate by analysts, according to Benzinga Pro. The company's net loss widened to $588.1 million during the fourth quarter from $283.2 million a year earlier.
4. $Cloudflare (NET.US)$: Shares of the tech firm gained over 10% in extended trading on Thursday. The company's fourth-quarter revenue increased 42% year-over-year to $274.7 million, beating the consensus estimate of $274.02 million. It reported quarterly earnings of 6 cents per share, which beat estimates of 4 cents per share.
5. $Expedia (EXPE.US)$: Shares of Expedia closed 1.21% lower and lost another 2.09% in extended trading. The company reported fourth-quarter revenue of $2.618 billion, up 15% year-over-year. It reported quarterly earnings of $1.26 per share, which missed average analyst estimates of $1.65 per share.