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Dominion Energy Powered by Wind Project Partnership

by SuperiorInvest

Key takeaways

  • The S&P 500 rose less than 0.1% on Friday, February 23, 2024, as the previous day's technology-led rally lost some of its momentum.
  • Shares of Dominion Energy rose following reports that the electric company would sell a non-controlling stake in an offshore wind project near Virginia Beach.
  • Booking Holdings shares fell after the travel platform warned that conflict in the Middle East and currency fluctuations could affect its business.

Major US stock indices were mixed on the final trading day of the week. The market rally lost some of its momentum on Friday after strong results from Nvidia (NVDA) and renewed enthusiasm for artificial intelligence (AI) helped stocks rise on Thursday.

The S&P 500 rose less than 0.1% on Friday, while the Dow added 0.2%. The minor rallies were enough to push both indices to new all-time closing highs. The Nasdaq fell 0.3%, failing to build on Thursday's solid gains.

Shares of cybersecurity company Palo Alto Networks (PANW) advanced 5.3%, making it the S&P 500's top gainer of the day. Friday's earnings recovered some of the steep losses reported on Wednesday after Palo Alto cut its revenue and billing forecasts, citing lower IT spending by its customers. The company aims to drive long-term growth by integrating customers into its unified security platform, but admits the strategy could limit short-term performance.

Shares of Dominion Energy (D) rose 5.0% following reports that the power company plans to sell a 50% non-controlling stake in an offshore wind project near Virginia Beach to investment firm Stonepeak. The partnership with Stonepeak comes at a time when high interest rates and supply chain concerns have slowed investments in wind energy. Once completed, the project is expected to be the largest offshore wind farm in the US.

Etsy (ETSY) stock rose 4.8% on Friday, reversing course after suffering sharp declines on Thursday. Although Etsy predicted lower gross merchandise sales for the current quarter, the company is working to reduce expenses and highlight the artisanal offerings that set it apart from other e-commerce platforms.

Although Booking Holdings (BKNG) reported better-than-expected gross travel bookings, revenue and earnings for the fourth quarter, its shares fell 10.2%, marking Friday's weakest performance among S&P 500 stocks. online travel platform noted that the ongoing conflict in the Middle East and currency fluctuations could affect its business.

Shares of Warner Bros. Discovery (WBD) fell 9.9% after the entertainment giant missed revenue and bottom line estimates with its fourth-quarter results. A decline in advertising revenue contributed to weakness during the quarter as the company faces challenges related to disruptions in the pay TV market.

Despite beating analyst expectations with its fourth-quarter revenue and earnings per share (EPS), Insulet (PODD) provided disappointing guidance for the first quarter and full year of 2024. Shares of the delivery device maker insulin fell 6.6%.

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