By Joe Woelfel

Stocks traded mostly higher after President Donald Trump, while being interviewed at the World Economic Forum in Davos, said he would "demand that interest rates drop immediately." Trump didn't mention the Federal Reserve in his comments but it was clear he was aiming them at the U.S. central bank.

These stocks were making moves Thursday:

Electronic Arts was tumbling 18% after the maker of video games slashed its fiscal-year bookings guidance because of underperformance in its soccer titles. The company estimated net bookings of between $7 billion and $7.15 billion in fiscal 2025, down from previous guidance of between $7.5 billion and $7.8 billion. Electronic Arts said the soccer franchise "experienced a slowdown as early momentum in the fiscal third quarter did not sustain through to the end." Fellow games maker Take-Two Interactive was down 3.2%.

Arm Holdings was falling 6.9% after Elon Musk cast doubt on the Stargate initiative. U.S.-listed shares of the U.K. chip designer closed Wednesday with a gain of 16%, the stock's best daily percentage increase since Feb. 12, 2024, following the rollout of Stargate, a $500 billion artificial-intelligence infrastructure partnership. Arm was named as an initial technology partner for the Stargate project.

Nvidia on Wednesday also received a boost from the AI initiative, closing 4.4% higher, after it too was a named a Stargate technology partner. The gains Wednesday cemented Nvidia's place as the most valuable U.S. company by market capitalization. However, shares of Nvidia, the leading maker of AI chips, also were being pressured Thursday, falling 1%.

A warning from South Korean memory-chip maker SK Hynix, a supplier to Nvidia, of sluggish demand for smartphones and a potential slowdown in AI spending also was hitting shares of chip makers. Micron Technology was down 3.8%, Broadcom declined 1.4%, and Advanced Micro Devices fell 0.5%.

GE Aerospace reported better-than-expected fourth-quarter earnings, said it plans to repurchase $7 billion worth of stock in 2025, and would boost its dividend by 30%, sending shares of the maker of jet engines up 7.1%.

American Airlines declined 8.4% after the carrier posted fourth-quarter earnings that topped analysts' estimates but issued a forecast for the first quarter that was below expectations. Alaska Air, meanwhile, was rising 4.6% after reporting a better-than-expected quarter and after saying it expects a narrower first-quarter loss that Wall Street anticipates.

Union Pacific was up 4.9% after the railroad company's fourth-quarter earnings beat estimates but revenue came in below forecasts. Revenue of $6.12 billion was below estimates of $6.15 billion and down 1% from a year earlier, with the company citing "lower fuel surcharge revenue, unfavorable business mix, and lower other revenue, partially offset by increased volume and core pricing gains."

Shares of Freeport McMoRan were down 4.9% following fourth-quarter earnings from the mining company that fell from a year earlier on weaker copper and gold production.

AST SpaceMobile was down 15% after the space-based cellular broadband network company announced a convertible note offering of $400 million.

Alcoa fell 4.6%. The aluminum producer reported better-than-expected fourth-quarter earnings while revenue rose 34% from a year earlier to $3.49 billion and topped analysts' forecasts of $3.37 billion. CEO William Oplinger warned that a 25% tariff on Canadian imports threatened by President Trump would hit the competitiveness of the industry in America.

Knight-Swift Transportation rose 4.2% after the trucking company swung to a profit in the fourth quarter, posting earnings of 43 cents a share, compared with a year-earlier loss of 7 cents.

Write to Joe Woelfel at joseph.woelfel@barrons.com

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January 23, 2025 12:16 ET (17:16 GMT)

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