Midday movers: Disney, Arm surge; PayPal slips

(Updated - February 8, 2024 11:13 AM EST)

Investing.com -- Main U.S. indexes were mixed on Thursday as investors parsed earnings reports and evaluated the latest jobs data, with the S&P 500 hovering just shy of 5,000.

Here are some of the biggest U.S. stock movers today:

Walt Disney (NYSE:DIS) shares advanced 11% after the entertainment giant unveiled better-than-expected first-quarter earnings and a $3 billion share buyback.

Shares in Arm (ARM) surged 60% after the chip designer hiked its annual guidance as royalty revenue was bolstered by soaring demand for artificial intelligence.

U.S.-listed shares in Alibaba Group (NYSE:BABA) slumped 2.6% as worsening conditions in China led the e-commerce behemoth to post lower-than-projected fourth-quarter profit, while a $25 billion increase in its share repurchase program did little to inspire confidence.

Under Armour (NYSE:UA) rose 2.8% after the athletic apparel group raised its full-year income guidance, citing receding input and freight costs.

PayPal (NASDAQ:PYPL) shares fell 10.5% after the online payments provider forecast flat 2024 adjusted income, although executives told analysts that they are working to make the company leaner to help support profits.

GoPro (GPRO) shares slipped 13% following weaker-than-projected fourth-quarter revenue from the consumer electronics maker.

Apollo Global Management (NYSE:APO) shares edged higher by 1.3% after the private equity firm reported an almost 31% spike in adjusted net income, topping Wall Street estimates.

Monolithic Power Systems (NASDAQ:MPWR) stock rose 15% after reporting strong results and outlook. Analysts pointed to AI-related tailwinds.

Allstate (NYSE:ALL) stock rose 2.4% after its quarterly report showed that rising premiums and a decline in catastrophe losses boosted earnings.

Hershey (HSY) stock rose 6% after it reported results and issued outlook that wasn’t as bad as some analysts had feared.

McKesson (NYSE:MCK) stock declined 4.9% despite reporting better than expected quarterly results and issuing its full year forecast. Expectations were elevated heading into the print.

S&P Global (SPGI) declined 6.3% after reporting fourth quarter results and issuing guidance. Its overall performance was viewed as slightly weaker than expected.

Zimmer Biomet Holdings (NYSE:ZBH) declined 5% after reporting results that disappointed investors. Expectations were high following strong results from peers.

Kenvue Inc . (NYSE:KVUE) declined 4% after reporting worse than expected results and guidance, with notable weakness in its organic sales outlook.

Additional reporting by Louis Juricic