By Joe Woelfel

Stocks rallied Friday and bond yields retreated, a day after the S&P 500's three-session winning streak was snapped. The broad market S&P 500, however, was on pace for its best week since early November.

These stocks were making moves Friday:

Apple was up 0.8%. Shares of the iPhone maker dropped 4% on Thursday to $228.26, the stock's lowest close since Nov. 18, and its largest daily percentage decrease since Aug. 5. The company fell to third place in terms of market share in China, according to data from research firm Canalys, as domestic manufacturers took advantage of Apple's lack of artificial-intelligence features available on phones purchased in the country.

Qorvo jumped 8.5% after activist investor Starboard Value amassed a 7.7% position in the company, which makes radio-frequency chips for connectivity in Apple iPhones, iPads, Apple Watches, and other wireless devices. Starboard is seeking changes to boost the company's lagging share price, The Wall Street Journal reported, citing people familiar with the matter.

U.S.-listed shares of Novo Nordisk fell 3.8% after the U.S. government named 15 drugs that will be subject to the second round of price negotiations by Medicare, including the Danish pharmaceutical company's Ozempic and Wegovy drugs.

Fastenal was down 1% after the industrial supply company reported fourth-quarter earnings of 46 cents a share, below analysts' estimates of 48 cents. Revenue of $1.82 billion also missed forecasts.

SLB rose 5.3%. The oil services company formerly known as Schlumberger reported adjusted fourth-quarter earnings of 92 cents a share, beating analysts' estimates by 2 cents. Revenue of $9.28 billion also came in higher than Wall Street forecasts.

J.B. Hunt Transport Services declined 6.4% after fourth-quarter revenue fell 5% to $3.15 billion, just topping analysts' estimates of $3.13 billion, on lower revenue per load, excluding fuel surcharge revenue, across the company's intermodal and truckload segments. Shares of competitor Old Dominion Freight Line were down 2%.

Rivian Automotive rose 5.5% after the electric-vehicle maker said it closed a loan agreement with the U.S. Department of Energy for up to $6.6 billion to support construction of a new manufacturing facility in Georgia. Rivian said the loan would help create 7,500 new manufacturing jobs and accelerate production of the company's new R2 SUV and R3 crossover.

Shares of Salesforce were up 1.5% to $324.65. Analysts at TD Cowen upgraded shares of the maker of customer relationship management software to Buy from Hold and raised their price target to $400 from $380. The analysts said a recent pullback in the shares was "creating a compelling entry point."

Cloudflare rose 3.8% to $119.23 after Citi analysts upgraded shares of the cloud computing company to Buy from Neutral and raised their price target on the stock to $145 from $95.

MoonLake Immunotherapeutics was rising 4.4% to $43.28 after Goldman Sachs upgraded the stock to Buy from Neutral with a price target of $82.

Write to Joe Woelfel at joseph.woelfel@barrons.com

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January 17, 2025 09:49 ET (14:49 GMT)

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