Mackenzie Tatananni

Stocks were mostly trading flat on Wednesday as Wall Street awaited the release of minutes from the Federal Reserve's most recent policy meeting.

These stocks were moving:

Etsy slid 8.8% after the online marketplace reported fourth-quarter revenue that missed analysts' expectations. Revenue of $852.2 million for the quarter came in below Wall Street's call for $861.8 million, according to FactSet. Management acknowledged declining gross merchandise sales, chalking them up to headwinds that included pressure on discretionary spending and stiff competition in the retail environment.

Bumble plunged 26% to $5.99 after the online dating service issued weak guidance for the first quarter of 2025, forecasting revenue in the range of $242 million to $248 million for the current quarter and missing the $257 million forecast analysts anticipated.

Toll Brothers was down 7.5% after the home construction company reported lower-than-expected earnings and sales in its fiscal first quarter. Toll Brothers posted net income of $177.7 million on revenue of $1.86 billion, down from net income of $239.6 million on revenue of $1.95 billion a year earlier.

Howard Hughes Holdings fell 7.6% after investor Bill Ackman's Pershing Square Holdco announced that it had submitted a proposal to the Howard Hughes board to pay $90 per share to acquire 10 million common shares of the company. The stock jumped 6.8% Tuesday after Ackman teased the "potential transaction" to create a diversified holding company, likening it to Berkshire Hathaway. The announcement then came after the market close.

Intel stock was in focus again, pointing 5.9% lower after surging 16% on Tuesday following reports that Broadcom and Taiwan Semiconductor Manufacturing were weighing deals to acquire different parts of the chip maker's business.

Apple stock rose 0.1% after the tech firm unveiled the iPhone 16e, a lower-cost model starting at $599. The iPhone 16e will be available for preorder on Friday, Apple said. While the phone is more affordable than others in the iPhone 16 lineup, some on Wall Street had a lower price point in mind; a Sunday report from UBS analysts suggested $500.

Nvidia rose 0.8% to $140.56, indicating that Wall Street had largely shrugged off President Donald Trump's latest tariff threat. Trump said he was considering imposing import taxes "in the neighborhood of 25%" on semiconductors, cars, and pharmaceuticals. Nvidia shares were trading at just under $143 before Chinese start-up DeepSeek sparked concerns about competition in the artificial-intelligence market, triggering a broad selloff.

Robinhood Markets was down 1.1% on Wednesday. The trading platform reported total net revenue of $1.01 billion in the fourth quarter, marking a 115% increase from a year ago. Robinhood said it now has 25.2 million clients, up 8% from 2o23, while expenses increased just 3%.

Meta Platforms shares fell 1.9%, continuing their decline after snapping a 20-day winning streak on Tuesday. The stock handily topped its previous record rally of 11 days, which it achieved in September 2015. The stock trades at 27.35 times forward earnings versus the broader S&P 500 index, which trades at 22.37 times.

Arista Networks slipped 7.6% on the heels of the cloud networking company's fourth-quarter earnings report. While annual revenue jumped 20% to $7 billion in 2024, Meta's contribution to sales decreased year-over-year to 15% from 21%. By comparison, sales to Microsoft rose to 20% from 18%.

Shares of Palantir Technologies were down 0.8% to $123.64. The data-analytics company revealed in a Tuesday regulatory filing that CEO Alex Karp had adopted a new trading plan on Dec. 11 to sell up to 9,975,000 shares through Sept. 12, 2025. Karp had canceled an existing trading plan adopted on Dec. 12, 2023 that provided for the sale of up to 48.9 million shares.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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February 19, 2025 14:26 ET (19:26 GMT)

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