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PVH — Shares of the Calvin Klein and Tommy Hilfiger parent tanked more than 21% on weak revenue guidance for the first quarter and full year. Humana , UnitedHealth — Health insurance managed care stocks declined after the Center for Medicare and Medicaid Services announced rates for the 2025 calendar year will increase 3.7%, as previously proposed. Humana shed 9.6%, while CVS Health tanked 5.3%. GE Aerospace — General Electric shares ticked higher by 0.6% after the company completed spinning off its energy business from its aerospace business. GE Vernova will begin trading on the New York Stock Exchange at market open under the ticker GEV, while General Electric — which becomes GE Aerospace — will keep the GE ticker symbol.
Persons: Calvin Klein, Tommy Hilfiger, Estee Lauder —, Estee Lauder, Blackstone — Blackstone, , Sarah Min, Hakyung Kim, Jesse Pound Organizations: Center, Medicare, Services, CVS, UnitedHealth, Citi, Blackstone, UBS, Trump Media, Technology, Truth, Bank of America, GE Aerospace — General Electric, GE Vernova, New York Stock Exchange, General, GE Aerospace, GE, SLB Locations: Europe
Tesla — Tesla shares sank more than 6% after the electric vehicle maker reported an 8.5% year-over-year decline in deliveries in the first quarter. GE Vernova — Shares jumped more than 3% after GE Vernova started trading on the New York Stock Exchange on Tuesday under the ticker "GEV," following its spinoff from General Electric. Shares of GE Aerospace , which was formerly General Electric and is keeping the "GE" ticker symbol, gained roughly 1%. Figs — Shares of the health-care apparel maker slipped 6.2% following a Bank of America downgrade to underperform from neutral. Horton — The homebuilder's shares slipped 3.7%.
Persons: PVH, Calvin Klein, Tommy Hilfiger, Blackstone, Nextracker, Horton —, Wedbush, Horton, Brent Bowman, Tim Cabral, , Sarah Min, Alex Harring, Samantha Subin Organizations: GE, , GE Vernova, New York Stock Exchange, General Electric, GE Aerospace, SLB, CVS, Health, Medicare, Medicaid Services, CVS Health, UnitedHealth, Endeavor, Silver, Blackstone —, UBS, Barclays, Bank of America, Veeva Locations: Europe, D.R
Salesforce — The software giant added 7% after releasing third-quarter adjusted earnings of $2.11 per share, higher than the $2.06 per share analysts polled by LSEG were expecting. The firm's third-quarter revenue of $8.72 billion fell in line with expectations. Snowflake — The stock rallied more than 7% after its third-quarter earnings beat analysts' expectations. Pure Storage — The data storage company lost 12%. Pure Storage anticipates fourth-quarter revenue will come in at $728 million, below the $918.7 million analysts had expected, according to FactSet.
Persons: LSEG, Nutanix, PVH Organizations: Arrowhead Pharmaceuticals
HPE posted adjusted earnings of 49 cents per share for its fiscal third quarter, 2 cents higher than a Refinitiv estimate. Insulet — Insulet jumped 4.4% after CEO James Hollingshead disclosed Tuesday buying 5,550 shares of the medical device maker. Box — The stock plunged 10.2% premarket after the California-based cloud storage company posted a mixed second-quarter report postmarket Tuesday. Box issued weak top- and bottom line financial guidance for the current quarter, and for full-year revenue, according to FactSet. HP posted $13.2 billion in revenue, below analysts' $13.37 billion, according to Refinitiv, while earnings per share matched expectations at 86 cents, excluding items.
Persons: HPE, Insulet — Insulet, James Hollingshead, Bernstein, PVH —, Calvin Klein, PVH, Refinitiv, , Samantha Subin, Yun Li, Sarah Min Organizations: HSBC, Hewlett Packard Enterprise, FactSet . Texas, HP —, HP Locations: Germany, U.S, California, FactSet
HP — HP dropped 6.6% in midday trading after reporting a fiscal third-quarter revenue miss. Late Tuesday, the PC maker reported quarterly revenue of $13.20 billion, lower than the $13.37 billion estimated by analysts polled by Refinitiv. Otherwise, its third-quarter adjusted earnings of 86 cents per share came in line with estimates. Box anticipates third-quarter earnings of 37 cents to 38 cents per share, while analysts polled by FactSet called for 39 cents per share. Brown-Forman posted 48 cents in earnings per share on $1.04 billion in revenue.
Persons: Refinitiv, FactSet, Ambarella, Calvin Klein, Brown, Forman —, Jack, Forman, James Hollingshead, Wells, Apple, it's, Wells Fargo, Sunrun, , Samantha Subin, Hakyung Kim, Sarah Min, Yun Li, Michelle Fox, Jesse Pound Organizations: HP, Revenue, Fluence Energy, Barclays, Spotify, Big Tech, Citi, Rockwell Automation, Netflix, Technology, HSBC Locations: Germany, U.S, Wells Fargo
However, the company posted adjusted earnings of 36 cents per share, beating analysts' estimates by 1 cent. Box also posted weak guidance on both lines for the current quarter and for full-year revenue, according to FactSet. HP posted $13.2 billion in revenue, missing the estimate from analysts polled by Refinitiv of $13.37 billion. PVH reported $1.98 in earnings per share, excluding items, on $2.21 billion in revenue, while analysts surveyed by Refinitiv forecast $1.76 per share and revenue at $2.19 billion. The company also reaffirmed its full-year revenue guidance and raised its outlook for earnings per share for the year.
Persons: Ambarella, Refinitiv, , Calvin Klein, PVH Organizations: Hewlett, Packard, HP, Refinitiv, Hewlett Packard Enterprise Locations: New York
Dollar General — Shares sank nearly 20% after the company reported an earnings and revenue miss for the first quarter. Its second-quarter revenue guidance also beat expectations, per StreetAccount. The company also reduced its full-year revenue guidance in the low single-digits range from the prior midsingle-digit range estimates. The drop in shares came as cost concerns and dwindling demand for consulting deals overshadowed better-than-expected results and an improved full-year earnings outlook. The company also raised its full-year earnings per share guidance.
Persons: Chewy, Hormel, Wednesday's, CrowdStrike, Salesforce, Okta, JPMorgan Chase, Veeva, Samantha Subin, Yun Li, Alex Harring, Tanaya Macheel Organizations: StreetAccount, Revenue, Refinitiv, JPMorgan, Veeva Systems, Saudi Arabia's Public Investment Fund, Barclays Locations: Vallejo , California
Chinese technology stocks such as Alibaba and Tencent have been hammered in 2022 as regulatory pressure and a slowing Chinese economy weighed on growth. Alibaba — Shares jumped 9.8% after the e-commerce giant said it would split its company into six separate business groups. Meanwhile, the company reported revenue at $34.86 billion, beating the $33.53 billion expected by Wall Street. PagSeguro — Shares gained 5% after Citi upgraded the Brazilian payment stock to buy on the back of fourth-quarter earnings. Array Technologies — The renewable energy stock added 3.6% following an upgrade to buy from hold by Truist.
Check out the companies making headlines in midday trading Tuesday. Micron Technology — The semiconductor stock was down 2.8% ahead of its scheduled second-quarter earnings report after the bell on Tuesday. Paramount — Shares of the media giant gained 3.6% during midday trading on a rating upgrade from Bank of America from neutral to buy. McCormick & Company — The spice maker's stock price jumped about 10% during midday trading after reporting better-than-expected earnings for the first quarter. Walgreens posted revenue of $34.86 billion for the most recent quarter, compared to analysts' estimates of $33.53 billion, according to Refinitiv.
Traders work on the trading floor at the New York Stock Exchange (NYSE) below GameStop signage in New York, August 8, 2022. Check out the companies making headlines in midday trading Thursday. GameStop — Shares of the video game retailer and meme stock jumped more than 8% even after the company reported a wider-than-expected loss for the third quarter. The enterprise artificial intelligence software company reported a loss of 11 cents per share on revenue of $62.4 million. Analysts polled by Refinitiv were forecasting a loss of 16 cents per share on revenue of $60.9 million.
Salesforce did report earnings and revenue that beat analyst expectations for the most recent quarter, however. Costco – Shares of retailer Costco shed nearly 6% after the company reported softer-than-expected sales figures for November that could signal a weak consumer heading into the holiday shopping season. The cloud data platform provider reported earnings that beat expectations but provided light revenue guidance, which sent the stock lower after-hours Wednesday. The company reported 29 cents of earnings per share on $645 million of revenue. The lingerie company reported earnings of 29 cents per share on revenue of $1.32 billion.
Snowflake — The cloud stock tumbled 6% after hours on light product revenue guidance despite a top and bottom line beat. Snowflake said it expects revenue to come in between $535 million and $540 million in the fourth quarter, below estimates of roughly $553 million, according to StreetAccount. Victoria's Secret — The women's apparel maker's stock dove as much as 5% after hours on a disappointing fiscal fourth-quarter earnings forecast. PVH topped Wall Street's earnings and revenue expectations, saying it expects full-year revenues to hit the higher end of its expected range. Revenue guidance, however, came in lighter than expected.
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