S&P 500 Gains and Losses Today: Waters Stock Surges as Sales Improve

Key Takeaways

• The S&P 500 added 0.4% on Friday, Nov. 1, as strong earnings results from Amazon helped lead a resurgence in communication and technology stocks.
• Waters Corp. shares surged after the analytical instrument supplier posted strong third-quarter results, benefitting from sales growth across all regions and markets.
• Virginia-based utility AES Corp. reported a year-over-year decline in revenue, and its shares tumbled.

Following a pair of negative trading sessions, major U.S. equities indexes closed out the week on a strong note, pushing higher on Friday as investors cheered upbeat earnings results from e-commerce and cloud computing behemoth Amazon (AMZN).

The S&P 500 added 0.4% to wrap up the trading week and kick off November. The Dow and the Nasdaq were up 0.7% and 0.8%, respectively.

Shares of Waters Corp. (WAT), a provider of analytical laboratory instruments and software, surged 19.8% on Friday to a 52-week high, delivering the top daily performance in the S&P 500. The gains for Waters stock came after the life, materials, food, and environmental sciences supplier reported better-than-expected third-quarter revenue and earnings per share (EPS).

Cable TV, mobile, and internet service provider Charter Communications (CHTR) also topped sales and profit estimates with its third-quarter results, and its shares jumped 11.9%. The company posted a solid increase in mobile customers, and although Charter lost subscribers to its internet and video services, declines in those areas were less significant than analysts anticipated. Despite Friday’s rally, Charter shares remain in negative territory for 2024.

Although semiconductor giant Intel (INTC) posted a third-quarter loss, reflecting the impact of impairment and restructuring charges, its sales for the period came in ahead of forecasts, and its shares gained 7.8%. Intel also struck a positive tone regarding the future of its server and PC businesses, issuing better-than-expected sales guidance for the current quarter. The company has benefitted from an uptick in PC demand driven by the launch of on-device AI features.

Super Micro Computer (SMCI) shares dropped 10.5%, the heaviest loss of any S&P 500 constituent. Friday’s plunge extended steep losses posted by the stock earlier this week as accounting firm EY resigned from its role as auditor for the server and data storage company. Questions about Supermicro’s accounting practices came to the forefront over the summer when short-seller Hindenburg Research published a report alleging manipulation by the company.

Power generation company AES Corp. (AES) reported better-than-expected profits for the third quarter, boosted by increased utilities and renewables earnings, but its shares sank 9.9%. Although companies like AES are expected to benefit from increased power demand from AI data centers, the Virginia-based firm posted a year-over-year decline in revenue, dragged down by lower sales from its energy infrastructure unit.

Amcor (AMCR) shares slipped 7.8% after the packaging provider missed quarterly sales estimates. Soft consumer demand weighed on Amcor’s sales of cartons and containers to consumer goods companies. Destocking in health care packaging represents another headwind for the company. Amcor also announced that it would sell its 50% stake in Bericap North America, a joint venture focused on plastic closures for various packaging applications.