Stocks looked like they were ready to extend their longest winning streak in two years Wednesday, but momentum stalled mid-morning. A lack of key economic reports on today's docket had investors focused on a number of corporate earnings reports – some that were good and some that were not so good.
Starting with the good. Energy stock Occidental Petroleum (OXY) – which is the sixth largest position in Warren Buffett's Berkshire Hathaway equity portfolio – gained 1.6% after earnings. The oil exploration and production company reported higher-than-expected third-quarter earnings and revenue, while operating cash flow came in at $3.1 billion.
Separately, Occidental unveiled a new joint venture with BlackRock (BLK, 1.0%) intended to develop STRATOS, the biggest direct air capture plant in the world. "DAC is a technology that captures and removes large volumes of CO₂ directly from the atmosphere, which can be safely and securely stored deep underground in geologic formations," stated in the press release.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Roblox (RBLX) was another post-earnings winner, with the communication services stock jumping 11.9% after the gaming platform's third-quarter results. RBLX reported higher-than-anticipated bookings for its third quarter, while daily active users jumped 20% year-over-year to 70.2 million.
As for the bad, Robinhood Markets (HOOD) slumped 14.3% after earnings. While the trading platform disclosed a narrower-than-expected third-quarter loss, revenue of $467 million fell short of what analysts were expecting. This was due in part to a 55% drop in crypto trading revenue, while equities trading revenue was down 13% for the three-month period.
Lumen Technologies CEO buys 1 million shares
In non-earnings news, Lumen Technologies (LUMN), the communications company formerly known as CenturyLink, continued to rebound after bottoming out below the $1 per-share mark on November 1. The penny stock was up more than 6% at its intraday high, before settling flat. LUMN is still up more than 33% in the past five trading sessions due in part to news that CEO Kate Johnson last week bought 1 million LUMN shares for $970,000.
"I believe deeply in our strategy, our mission, the team that we've built and our progress so far, and so I went long in the stock," Johnson said, as reported by The Wall Street Journal. "My husband and I decided that this is the right thing to do, and I think it expresses my deep confidence in our business."
As for the major indexes, the Nasdaq Composite ended 0.08% at 13,650, while the S&P 500 edged up 0.1% to 4,382, both extending their longest winning streaks since 2021. The Dow Jones Industrial Average, on the other hand, gave back 0.1% to 34,112.
Related content
- When Is the Next CPI Report?
- Kiplinger's Earnings Calendar for This Week (Nov. 6-10)
- NASA Launches Free Streaming Service
-
One Cure for Legal Headaches: The Advice of Outside CounselSometimes your lawyer is too involved in whatever deal you're trying to swing, but outside counsel has no skin in the game and can tell you like it is.
-
A Guide to Music Streaming ServicesDeals Our guide to music streaming services from Spotify to Amazon Music, Tidal to Apple Music and how to find music streaming deals.
-
Stock Market Today: Markets Reflect Global UncertaintyExuberance fades as investors confront micro challenges and a murkier macro environment.
-
Stock Market Today: Nasdaq Nabs New High After Jobs DataThe S&P 500 also closed at its highest level ever, while the Dow Jones Industrial Average was pressured by another down day for UnitedHealth stock.
-
Rebound in Jobs Growth Keeps Fed on Track: What the Experts Are SayingJobs Report No nasty surprises in the November payrolls data leaves a quarter-point cut in play.
-
Stock Market Today: Stocks Pause Near Highs Ahead of Jobs FridayInvestors await a key data set with sentiment still broadly positive.
-
Stock Market Today: Stocks Rally as Econ News Affirms Rate-Cut BetsSome soft economic data was good news for rate cuts and risk assets.
-
Stock Market Today: Stocks End Mixed Ahead of PowellPolitical upheaval in South Korea kept investors on their toes Tuesday.
-
Stock Market Today: Stocks Are Positively Mixed to Open DecemberTechnology led the way Monday as two of the three main equity indexes closed higher.
-
Stock Market Today: Dow, S&P 500 Hit New Highs on Black FridaySentiment was bullish on the final trading session of November, with chip stocks leading the charge.
