Market Movements: Apple and Amgen Surge, While Expedia and Fortinet Stumble

May 3, 2024 — In the trading session on Friday, certain stocks have shown remarkable activity either by trading heavily or by registering significant changes in their stock prices. Leading the upward trend, technology giant Apple Inc. and biotech firm Amgen Inc. have both experienced notable gains. Meanwhile, Expedia Group Inc. and Fortinet Inc. have seen their shares decline.

Apple's Strategic Financial Maneuvers

Apple Inc. (AAPL) enjoyed an increase of $11.70, climbing to a share price of $184.73. The company has announced an enhancement to its dividend payout to shareholders along with a substantial escalation of its stock repurchase program, injecting an additional $110 billion.

Amgen's Promising Drug Update

Amgen Inc. (AMGN) saw a rise of $36.62 in its stock, reaching $315.01 per share. The company released positive news about its experimental obesity treatment, stirring optimism among investors.

Expedia's Forecast Dims

Expedia Group Inc. (EXPE), however, faced a downturn as its shares diminished by $18.43, descending to $117.66. The travel services company's downward adjustment of its financial outlook for the year contributed to investor concerns.

Fortinet Faces a Setback

Shares of network security company Fortinet Inc. (FTNT) fell $5.42 to end at $59.78. The company's reported billings in the first quarter fell below the expectations set by industry analysts, leading to a less favorable performance.

Other companies exhibited movements too. Booking Holdings Inc. (BKNG) surged following earnings that surpassed expectations, while Block Inc. (SQ) also showed gains on strong quarterly results. Live Nation Entertainment Inc. (LYV) celebrated a victory with revenues exceeding forecasts, and Motorola Solutions Inc. (MSI) saw its shares jump after lifting its profit guidance for the year.

Apple, Amgen, Expedia, Fortinet