By Liz Moyer
Investing.com -- Stocks were surging Friday after a better than expected report on inflation stoked hopes the Federal Reserve would soon ease off its aggressive rate hikes. Here are the midday movers for Oct. 28:
Amazon.com Inc (NASDAQ:AMZN) shares fell 9.8% after the e-commerce giant warned of weaker than expected revenue in the holiday quarter, as a strong dollar will dent results.
Apple Inc (NASDAQ:AAPL) shares rose 8% after it beat expectations on revenue and profit, posting a record bottom line for the quarter, though iPhone sales were slightly weaker than expected.
Intel Corporation (NASDAQ:INTC) shares rose 10% after the chip maker beat estimates and announced a big cost-cutting effort designed to carve out $10 billion of expenses through 2025. It also cut its full-year revenue forecast.
T-Mobile US Inc (NASDAQ:TMUS) stock rose 6.9% after it reported higher than expected subscription adds during the quarter. It beat expectations for profit and revenue and raised its guidance.
- Exxon Mobil Corp (NYSE:XOM) shares rose 2.4% after the oil major reported record quarterly profit near $20 billion, beating forecasts, as record refining volumes helped offset lower oil prices.