Akamai Technologies Tumbles on Weak Guidance

Major U.S. equities indexes were mixed on Friday after the latest data from the University of Michigan’s Consumer Sentiment Index showed sentiment declined sharply in May, falling to its lowest level in six months. Inflation remained at the forefront of consumers’ concerns.

The S&P 500 was little changed, adding 0.2% on the day. The Dow edged 0.3% higher, extending its streak of positive trading days to eight. The Nasdaq finished flat.

Shares of Mettler Toledo (MTD) led gains among S&P 500 stocks Friday, soaring 17% following a strong quarterly earnings report. The manufacturer of scales and other precision instruments topped sales and profit estimates, boosted by an improvement in its laboratory segment as well as momentum in Europe and the Americas.

Gen Digital (GEN) shares jumped 15.3% after the cybersecurity software firm reported better-than-expected revenue and earnings per share (EPS) for its fiscal fourth quarter. Profit drivers included spending discipline and synergies from the 2022 merger between NortonLifeLock and Avast that formed the basis for Gen Digital.

Shares of Arista Networks (ANET) advanced 6.1%, extending gains earlier this week after the cloud networking company topped quarterly estimates, issued an upbeat outlook, and announced a $1.2 billion share repurchase plan. As the use of artificial intelligence (AI) expands, Arista suggested it’s seeing strong demand for networking solutions that connect cloud and data center infrastructure.

Akamai Technologies (AKAM) shares posted the weakest daily performance in the S&P 500 Friday, tumbling 11% after the software infrastructure firm issued weaker-than-expected sales and profit guidance for the current quarter and the full year. The provider of content delivery services noted that dollar strength, cost rationalization by a large social media customer, and slowing traffic growth in the industry could weigh on its results.

Shares of Insulet (PODD), which manufactures insulin management systems for patients with diabetes, lost 6.6% in the wake of the company’s first-quarter earnings report. Although revenue for the period exceeded expectations, EPS fell short of forecasts. Unfavorable impacts from foreign currency exchange and wholesalers reducing inventory ahead of new product launches could weigh on Insulet’s performance in the current quarter, the company indicated.

Moderna (MRNA) said the Food and Drug Administration (FDA) pushed back its approval decision for the biotech firm’s respiratory syncytial virus (RSV) vaccine. The company now expects a decision from the regulator by the end of May. Moderna shares slipped 4.4% following the news.