Stock market today: Live updates

Trade Desk shares tumbled 18% on Friday. The digital marketing company on Thursday issued disappointing fourth-quarter revenue guidance even as it topped third-quarter earnings and revenue expectations.

The company forecasted revenue of $580 million in the fourth quarter, far lower than the $610 million anticipated by analysts polled by LSEG, formerly known as Refinitiv.

Trade Desk CEO Jeff Green cited “cautiousness around certain advertisers,” specifically in industries hit by strikes such as the auto industry.

— Sarah Min, Jonathan Vanian

Check out the companies making headlines before the bell.

• Wynn Resorts — The casino juggernaut slipped more than 5% after reporting a beat on the top and bottom line in the third-quarter. Wynn notched an adjusted 99 cents per share on $1.67 billion in revenue, while analysts polled by LSEG forecast 75 cents and $1.59 billion. Some analysts were less encouraged by EBITDAR results from the company’s Wynn Macau segment, however.
• Diageo — The UK-based drink manufacturer dropped 14.5% in Friday early morning trading after the company said it expects growth to slow in the first half of its fiscal year, due to weakness in Latin America and the Caribbean, cutting guidance for the short and medium term. 
• Illumina — Shares of the biotechnology company plunged 12.5% after it slashed its adjusted earnings guidance for the full year to a range of 60 cents to 70 cents per share, while analysts’ estimated 80 cents per share, according to LSEG. Illumina’s revenue was lower than analysts’ estimates, although the company had beat on adjusted earnings per share in the third quarter.

For the full list, read here.

— Pia Singh

Oil prices rose slightly Friday but are down for the week after a sell-off in response to signs that demand is wavering and as fears of a broader Middle East War ease.

Brent crude contracts for January rose Friday by 87 cents, or 1.09%, to $80.88 per barrel, while West Texas Intermediate contracts for December were up 75 cents, or .99%, at $76.50.

Oil futures are down 5% on the week after China reported falling exports and as U.S. crude consumption is expected to decline for the year. Israel has agreed to daily humanitarian pauses in Gaza, according to the White House.

Citibank wrote that prices should stabilize after this week’s selloff, though upside risks do remain .

“From current levels we now expect prices to consolidate, and we maintain our near-term price forecasts,” analyst Maximillian Layton wrote in a note Thursday.

“Indeed, upside risks abound from current levels, with the potential for OPEC+ to look to act to defend prices (the next meeting is in just over 2 weeks), while supply risks in the Middle East remain elevated,” Layton wrote.

— Spencer Kimball

Nicholas Colas of DataTrek Research noted that, while there’s growing chatter of a possible recession next year, those concerns aren’t reflected in analyst forecasts.

“There is no recession baked into either Wall Street analysts’ S&P 500 2024 earnings estimates or current stock prices,” he said in a note. “The Street is looking for 11 percent earnings growth (from $221/share this year to $246/share), not a 30 percent contraction.”

“The S&P trades for 18x analysts’ 2024 estimates, but 28x a 30 percent decline from this year’s earnings. The latter number seems unrealistically high if the US really is heading into a recession next year,” Colas said.

— Fred Imbert

China’s largest chipmaker SMIC on Thursday posted a 80% drop in third-quarter profit as global demand weakness hit foundries hard.

Hong Kong-listed shares of SMIC slid 5.98% by midday trading.

Net income for the quarter plunged 80% compared to a year ago — larger than the 64% drop posted in second quarter 2019, according to company figures.

SMIC or Semiconductor Manufacturing International Co., posted revenue of $1.62 billion in the third quarter of the year, down 15% year-on-year. Net income for that period was $93.98 million, far below analysts’ expectations of $165.1 million.

Read the full story here.

— Sheila Chiang, Shreyashi Sanyal

Hong Kong-listed shares of casino operator Wynn Macau slid 9.33% to their lowest in nearly a year.

The company posted a smaller quarterly net loss of $6.2 million versus the previous year’s quarterly loss of $242.0 million.

The results come as Wynn Macau’s controlling shareholder, Wynn Resorts faces a strike in Las Vegas if it does not reach a deal with workers before the union’s 5 a.m. PT Friday deadline. The Associated Press reported the casino operator could see 5,000 workers walk out if it misses the deadline.

Hospitality workers have already struck agreements with rival casino giants Caesars and MGM Resorts.

Wynn Resorts also reported third-quarter earnings overnight. During the earnings call, Chief Financial Officer Julie Cameron-Doe referenced $10 million in one-time charges that included “accrual to the anticipated increases associated with a new union contract.”

Shares of other casinos that operate in both Macao and Las Vegas were also lower in Hong Kong trading. MGM China fell 1.73% and Sands China shed 3.29%, while the broader Hang Seng index fell 1.62%.

— Shreyashi Sanyal

Shares of Japan’s SoftBank Group plunged 7.39% in early trading, hitting their lowest level since early June.

SoftBank booked another loss during the second quarter of 931.1 billion yen ($6.2 billion) versus LSEG estimates of a loss of 114.1 billion yen.

Quarterly net sales were 1.67 trillion Japanese yen versus expectations of 1.6 trillion yen.

SoftBank’s losses were driven by the investment and financial support it provided to co-working space firm WeWork, which filed for Chapter 11 bankruptcy protection in the U.S. this week. 

The company said that its Vision Fund booked an investment gain of 21.3 billion yen, its second straight quarter of gains. It was driven by a gain arising from the sale of shares in chipmaker Arm to a subsidiary of SoftBank.

Japan’s blue-chip Nikkei 225 fell 1.09% in the first hour of trading.

Rising rates and the possibility of a recession on the horizon have created a “mixed picture” for equity markets, according to one strategist — but several companies can look forward to markedly stronger earnings growth in the next year.

“When you look at what companies are saying about next year, they’re not really being overly cautious or overly bullish … So, you get a sense that into next year, earnings will be robust in terms of steady year-on-year [growth],” Rahul Ghosh, portfolio specialist, equity division at T. Rowe Price, told “Street Signs Asia” on Thursday.

“But, if you’re looking for significant earnings expansion, I suspect, at a market level, that’s probably less likely. You really have to dig into individual companies and sectors.”

Ghosh is looking favorably at three sectors — and named some of his favorite stocks.

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— Amala Balakrishner

Apple has agreed to pay $25 million in back pay and civil penalties to settle charges from the Department of Justice accusing it of discrimination in its hiring practices under the Immigration and Nationality Act.

The Department of Justice said Apple was not advertising positions that it wanted to fill through a federal program called Permanent Labor Certification Program or PERM, which allows U.S. companies to recruit workers who can become permanent U.S. residents after completing a number of requirements.

Per the settlement agreement, Apple contests the agreement and said it believed it was following Department of Labor regulations.

Shares of Apple were flat during after hours trading Thursday.

— Hakyung Kim, Kif Leswing

Check out the companies making headlines in extended trading.

Wynn Resorts — Shares fell 5.1% following the casino operator’s third-quarter earnings. Wynn managed to post a beat on both top and bottom lines, but reported a decline in revenue from the prior year for its Encore Boston Harbor. 

Illumina — The stock dropped more than 8%. The biotechnology company cut its adjusted earnings guidance for the full year to a range of 60 cents to 70 cents per share, compared to analysts’ estimates of 80 cents per share, according to LSEG. Despite beating on adjusted earnings per share in the third quarter, revenues were lower than analysts’ estimates

Synaptics — Shares of the computer hardware company rallied nearly 10% after fiscal first-quarter earnings and revenue both came above Wall Street’s expectations. Synaptics posted per-share adjusted earnings of 52 cents on revenue of $238 million. Analysts had estimated earnings of 40 cents per share on $233 million in revenue, according to LSEG. 

The full list can be found here.

— Hakyung Kim

U.S. stock futures opened little changed Thursday night.

Dow Jones Industrial Average futures inched up 20 points, or 0.06%.

Futures tied to the S&P 500 were unchanged. Meanwhile, Nasdaq 100 futures fell 0.09%.

— Hakyung Kim