Meta's stock falls on forecast of advertising slowdown as Mattel stock drops on warning

By MarketWatch

Here are some of the day's biggest movers:

Stock gainers:

Shares of Endeavor Group Holdings Inc. (EDR) surged more than 24% after private-equity giant Silver Lake said it was considering a plan to take the sports and entertainment company private, right after Endeavor said it was seeking strategic alternatives for itself as investors are not valuing it correctly.

IBM's stock (IBM) rose more than 4% as the technology giant's results came in ahead of forecast.

Shares of ServiceNow Inc. (NOW) jumped more than 3% after a strong subscription sales quarter.

Willis Tower Watson PLC's stock (WTW) is up more than 10% following the company's third-quarter results.

Imax Corp.'s stock IMAX pulled back after initial gains, and is up more than 1% after the high-end movie-theater operator reported third-quarter results that beat analysts' top and bottom line estimates Wednesday.

Stock decliners:

Meta Platforms Inc. (META) shares fell more than 2% after the firm's CFO warned of slower advertising revenues in the fourth quarter, following the publication of analyst beating results in the third quarter that showed rising digital-advertising revenue.

Arista Networks Inc.'s stock (ANET) dropped more than 8%, while Nvidia Corp.'s stock (NVDA) was down more than 3%, after Meta came out with a lower capital-spending outlook than analysts had been modeling for next year.

Mattel Inc.'s stock (MAT) fell more than 7% even as the toy maker beat analysts expectations in the third quarter after warning of slower demand during the holiday season.

Whirlpool Corp. shares (WHR) fell more than 15% after the appliances maker beat Wall Street expectations for its third quarter but lowered its per-share earnings guidance for the year.

Shares of Align Technology Inc. (ALGN) sunk more than 24% after the Invisalign orthodontics maker posted quarterly earnings that trailed expectations.

After making initial gains Thursday, Ford Motor Co.'s stock fell more than 1.5% after the United Auto Workers said it reached a pay deal with the automaker, which also reports results after the closing bell.

-MarketWatch

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10-26-23 1546ET

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