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Check out the companies making headlines in midday trading: Dell Technologies — The software stock plunged 22% after executives cautioned that its gross margins could face more pressure in 2025. Zscaler — Shares added 5.2% after the cloud security company posted a fiscal third-quarter earnings and revenue beat. Gap — The clothing retailer soared 26% after posting fiscal first-quarter earnings per share of 41 cents, higher than the 14 cents analysts surveyed by LSEG had expected. The company beat earnings and revenue expectations for the April quarter, but still saw slower-than-expected consumption growth. SentinelOne expects its revenue to fall between $808 million to $815 million in 2024, which was lower than the $817 million forecast by LSEG.
Persons: Zscaler, LSEG, Nordstrom —, Nordstrom, chipmaker, Marvell, MongoDB, Sun Choe, Choe, Cooper, Paycom, Randy Peck, Christopher Thomas, Maheep, CNBC's Hakyung Kim, Yun Li, Jesse Pound, Pia Singh Organizations: Dell Technologies, Lionsgate, Citi, Starz, Nordstrom, Marvell Technologies, Vans, Cooper Companies, Mizuho Locations: Seattle
Dell Technologies — Stock in the personal computer and technology company slid more than 16% after executives warned about further margin pressure ahead. Nordstrom stuck by its full-year earnings forecast and reported strong growth in its Nordstrom Rack segment, which outperformed the headline brand stores. Gap — Shares climbed more than 25% after the apparel company lifted its full-year operating income forecast on the heels of a first-quarter earnings beat. Ulta on Thursday posted fiscal first-quarter earnings that reflected a 1.6% year-over-year increase in same-store sales, a significant slowdown from the same period a year earlier. MongoDB said it expected to earn 46 cents to 49 cents per share on $460 million to $464 million of revenue.
Persons: Jason Bazinet, Zscaler, Nordstrom, Ambarella, MongoDB, LSEG, Michelle, Sun, Choe, Wall, Lisa Kailai Han, Pia Singh, Jesse Pound Organizations: Dell Technologies, Lionsgate, Citi, Marvell Technologies, LSEG, Vans
The cloud security company posted adjusted quarterly earnings of 88 cents per share on revenue of $553 million. MongoDB — MongoDB tumbled 23% after the developer data platform issued second-quarter and full year guidance that was weaker than expected , even as its first-quarter earnings results exceeded expectations. Dell Technologies — The tech stock plunged more than 14% even after Dell beat expectations in its first-quarter results . Otherwise, fiscal first-quarter revenue of $3.34 billion topped the consensus estimate of $3.20 billion. Marvell Technology — The semiconductor stock slid 3% after Marvell Technology missed first-quarter expectations.
Persons: Zscaler, LSEG, MongoDB, Dell, Nordstrom, NetApp, SentinelOne, Michelle, Sun, Choe, , Christina Cheddar, Berk Organizations: Dell Technologies, Dell, LSEG, Costco, Costco Wholesale, Revenue, Marvell Technology, SentinelOne, Corp, VF Corp, Vans
Foot Locker — Shares tumbled about 9.7% after the sneaker retailer posted a holiday-quarter loss and provided weak guidance for the current year. CrowdStrike's adjusted earnings of 95 cents per share surpassed an LSEG consensus estimate of 82 cents per share. The firm's $845 million in revenue was also higher than the estimated $839 million. That's higher than analysts' calls for $1.65 per share on revenue of $5.81 billion, according to LSEG. Box — The stock added 2.9% after matching fourth-quarter revenue expectations, according to LSEG.
Persons: Foot, CrowdStrike, Palantir, ChargePoint, FactSet, Ross, Bitcoin, Nordstrom, , Jesse Pound, Michelle Fox Theobald Organizations: , U.S . Army, Tactical Intelligence, Ross, OpenAI, Nordstrom
JD.com — The Chinese e-commerce platform surged nearly 19% after posting a quarterly revenue increase. Thor Industries — Shares plunged 11% after the recreational vehicle maker posted quarterly revenue that disappointed expectations. In its second quarter, Thor Industries reported revenue of $2.21 billion, weaker than the FactSet consensus estimate of $2.27 billion. Box posted fourth-quarter earnings of 42 cents per share, topping the forecast 38 cents in earnings per share from analysts polled by LSEG. Wall Street firms HSBC and Deutsche Bank upgraded Target to buy after the earnings results.
Persons: CrowdStrike, JD.com, Nordstrom, Morgan Stanley, Locker, HashiCorp, LSEG, Couchbase, Bitcoin, Ether, ChargePoint, Wolfe, Brown, Forman —, Forman, Jack Daniel's, Adam Jonas, Tesla, Fitch, — CNBC's Michelle Fox, Lisa Kailai Han, Hakyung Kim, Pia Singh, Samantha Subin Organizations: Management, Nordstrom, New York Community Bancorp, Reuters, Wall, Bank, — Bank, PNC Financial Services, Northern Trust, T Bank, Thor Industries, FactSet, ChargePoint Holdings, LSEG, OpenAI, , U.S . Army, Tactical Intelligence, Wall Street, HSBC, Deutsche Bank, Target, Argus, Abercrombie, Fitch, Tech Locations: FactSet ., LSEG .
Ross earned $1.82 per share on $6.02 billion of revenue, higher than the $1.65 per share on revenue of $5.81 billion that analysts had expected, according to LSEG. CrowdStrike — The cybersecurity stock soared 19% after fourth-quarter earnings topped estimates. Nordstrom — Despite beating fourth-quarter earnings and revenue expectations, shares slid nearly 10% after the department store chain provided disappointing full-year 2024 guidance. HashiCorp — Shares of the software company added 1% after fourth-quarter earnings and revenue topped estimates. Box — The cloud storage stock jumped 8% after posting fourth-quarter revenue that matched analyst expectations, according to LSEG.
Persons: Ross, CrowdStrike, LSEG, Nordstrom, HashiCorp Organizations: OpenAI
Deere , Caterpillar — Deere shares dropped nearly 4% after the agricultural equipment maker issued disappointing guidance for fiscal 2024. Deere said it expects net income between $7.75 billion and $8.25 billion, short of the $9.31 billion expected from analysts polled by StreetAccount. Autodesk — Autodesk fell more than 5% a day after the software company issued lower-than-expected fiscal fourth-quarter earnings guidance. The company now expects earnings per share of between $1.91 and $1.97, below estimates of $2.01 per share, according to LSEG. Nvidia posted adjusted earnings of $4.02 per share on $18.12 billion in revenue, while analysts polled by LSEG expected earnings of $3.37 per share and $16.18 billion in revenue.
Persons: Deere, StreetAccount, Piper Sandler, LSEG, — CNBC's Michelle Fox, Alex Harring, Jesse Pound, Darla Mercado Organizations: JPMorgan, Capybara, Deere, Caterpillar — Deere, Caterpillar, Nordstrom, LSEG, HP —, HP, Autodesk — Autodesk, Autodesk, Nvidia —, Nvidia, Airlines, West Texas Intermediate, American Airlines and United Airlines, Norwegian Cruise Line Locations: LSEG, China
The company sees fiscal fourth-quarter revenue of $20.00 billion, topping the $17.86 billion consensus estimate. The software company exceeded analysts' third-quarter expectations on the top and bottom lines. HP posted revenue of $13.82 billion, lower than the LSEG consensus estimate of $13.85 billion. The fast food chain reported fourth-quarter operating earnings that missed estimates, and issued a weaker-than-expected full-year operating earnings guidance, according to FactSet consensus estimates. — Shares tumbled 14% after the clothing company reported disappointing third-quarter adjusted earnings and revenue, according to consensus estimates from FactSet.
Persons: Nordstrom, Jack Organizations: Nvidia, LSEG, Autodesk — Autodesk, Revenue, Nordstrom, HP Inc, HP Locations: LSEG, FactSet
Check out the companies making the biggest moves midday:Nordstrom — The department store retailer sank 8.6% even after topping fiscal second-quarter earnings and revenue expectations. Earnings came in 40 cents ahead of the 44 cents expected by analysts polled by Refinitiv. Revenue was $1.79 billion, versus the $1.77 billion expected. Gap's revenue was $3.55 billion, below the $3.57 billion expected. Earnings per share came in at 33 cents for its second quarter, versus the 32 cents expected, according to Refinitiv.
Persons: Nordstrom, Ulta, Morgan Stanley, Yun Li, Hakyung Kim, Alex Harring, Samantha Subin, Michael Bloom Organizations: Refinitiv, Hawaiian, National Weather Service, NBC, Hasbro, Bank of America, Revenue, Intuit —, Refinitiv . Revenue, Marvell Technology, Marvell, Analysts, AMC Locations: Maui, Refinitiv
Marvell posted earnings of 33 cents per share, excluding items, on $1.34 billion in revenue. For the recent period, Affirm posted a smaller-than-expected loss of 69 cents per share on revenues of $446 million. Intuit posted $2.71 billion in revenue, ahead of the $2.64 billion expected. Analysts polled by Refinitiv had anticipated earnings of $5.85 per share on $2.51 billion in revenue, according to Refinitiv. Adjusted earnings per share came in at 34 cents, ahead of the 9 cents expected by analysts polled by Refinitiv.
Persons: Marvell, Refinitiv, Nordstrom, Ulta, Alan Gould, , Jesse Pound, Sarah Min, Michelle Fox Organizations: Marvell Technology, Hawaiian Electric, Electric, NBC News, Intuit —, Refinitiv, Intuit, AMC Entertainment, Netflix Locations: Maui
Consumers power the U.S. economy, and their capacity to spend has repeatedly defied predictions. In early 2020, after a short but severe recession caused by the pandemic, consumers splurged on big-ticket goods, from patio furniture to flat-screen TVs and home gym equipment. Then came what economists called “revenge spending” with experiences that were off-limits during lockdowns, like traveling and going to concerts, taking precedence. Financial reports from retailers — including Macy’s, Kohl’s, Foot Locker and Nordstrom — that landed this week suggest a shift is underway, from consumers buying with abandon to spending more on their needs. Retail sales in July were stronger than expected, leading some economists to raise their forecasts for economic growth this quarter.
Persons: Locker, Nordstrom, , , Janine Stichter Organizations: Locations: U.S, Kohl’s
Affirm posted a loss of 69 cents per share on revenue of $446 million. Analysts polled by Refinitiv had estimated a loss of 85 cents per share on $406 million in revenue. Nordstrom — Shares fell nearly 4% after the company reported an earnings and revenue beat in the second quarter. Gap posted 34 cents per share, after adjustments, beating Refinitiv estimates of 9 cents per share. Earnings per share came in at 33 cents, excluding items, while analysts polled by Refinitiv had estimated 32 cents per share.
Persons: Refinitiv, Nordstrom —, Marvell, Ulta Organizations: Nordstrom, Management, Marvell Tech, Intuit —
Macy's also slashed its full-year earnings and sales guidance, after "demand trends weakened" for discretionary items in March. Dollar General — Shares tumbled 9% after the company reported an earnings and revenue miss for the first quarter. The lingerie retailer reduced its full-year revenue guidance in the low-single digits range from the prior mid-single digit range estimates. Veeva also raised its full-year earnings per share guidance by 26 cents. The company's full-year revenue guidance also topped analysts' estimates.
Persons: Nordstrom, Nordstrom's, Salesforce, Okta, Okta's, Macy's, CrowdStrike's, Refinitiv, Veeva, Macheel, Samantha Subin, Jesse Pound, Michelle Fox Organizations: BMO Capital, Saudi Arabia's Public Investment Fund, Chewy, , JPMorgan, CSX, UBS, Systems Locations: New York City, Canada
Nordstrom — Shares of the high-end department store jumped 9% in extended trading after its fiscal first-quarter sales beat Wall Street's expectations. CrowdStrike — The cybersecurity firm's stock tumbled nearly 12% in after-hours trading after the company reported slowing revenue growth. CrowdStrike reported quarterly revenue of $692.6 million, marking a 42% year-over-year increase, which is slower than the 61% growth it reported in the year-ago quarter. C3.ai expects to see fiscal first-quarter revenue of between $70 million and $72.5 million, which is less rosy than Wall Street had expected. Analysts called for earnings of 4 cents per share on $559 million in revenue, according to Refinitiv.
Persons: Nordstrom, Salesforce, CrowdStrike, Okta, Chewy, , Darla Mercado Organizations: StreetAccount, Revenue, Wall Locations: Refinitiv
Here are the stocks making notable moves in premarket trading on Wednesday, March 8. CrowdStrike — Shares of the cybersecurity firm climbed more than 6% in premarket trading after a stronger-than-expected report for the fourth quarter. Occidental Petroleum — The energy stock climbed nearly 3% in premarket trading after a new regulatory filing showed Warren Buffett's Berkshire Hathaway added to its already large stake in the company over the past trading sessions. Tesla — Shares of the automaker fell less than 1% in premarket trading after Tesla was downgraded to hold from buy at Berenberg. Maxeon Solar Technologies — Shares of the Singapore-based solar panel company jumped nearly 15% in premarket trading after the company's fourth-quarter report.
Check out the companies making headlines before the bell:C3.ai — Shares surged 17% after C3.ai reported third-quarter results that topped expectations. It also reported revenue of $66.7 million, surpassing expectations of $64.2 million. The company reported adjusted earnings of 63 cents per share on revenue of $7.81 billion. Zscaler — Shares of the cybersecurity company slid 11% in premarket trading despite Zscaler beating estimates on the top and bottom lines for the fourth quarter. The wholesale retailer reported revenue of $55.27 billion, less than the consensus estimate of $55.54 billion, according to Refinitiv.
Alphabet — The tech giant saw its shares drop 1% following the aftermath of its disappointing earnings report. Alphabet's posted earnings per share of $1.05 missed Refinitiv analyst consensus estimates of $1.18 per share. The company posted its largest quarterly revenue decline since 2016 as it fended off a strong dollar, China production issues and a difficult macro picture. Ford – Ford Motor shared shed 6% after fourth-quarter earnings fell short of both Wall Street and its own guidance. The Wall Street firm said the rally is driven by a short squeeze.
Alphabet earned $1.05 per share, lower than the expected earnings of $1.18 per share, according to consensus estimates from Refinitiv. Ford – Shares of Ford slipped 6.5% after the company reported earnings that badly missed Wall Street's earnings expectations. Starbucks reported earnings per share of 75 cents compared to Refinitiv analysts' projections of 77 cents. Revenue also fell short of the $8.78 billion Refinitiv estimates, coming in at only $8.71 billion. Qualcomm's revenue fell 12% year over year during the quarter.
Separately, Barclays upgraded shares of PVH , which owns Tommy Hilfiger and Calvin Klein brands, to overweight. Regeneron Pharmaceuticals — The pharmaceutical giant gained 1% in the premarket after being upgraded to overweight from neutral by JPMorgan. Nordstrom — Shares of the retailer fell 7% in premarket trading after Nordstrom announced that its holiday sales fell 3.5% year over year. Macy's — Retail stocks such as Macy's declined following disappointing holiday sales from Nordstrom. Correction: Nordstrom reported disappointing holiday sales numbers, not its latest quarterly figures.
Nordstrom — Shares fell more than 4% after the department store cut its forecast. Nordstrom's latest results beat profit and sales expectations, according to consensus expectations on Refinitiv. Autodesk — The stock dropped more than 7.8% after the software company issued fourth-quarter revenue guidance that missed expectations, even as Autodesk reported quarterly results that came in line with forecasts. VMware — Shares fell nearly 2% after the cloud computing company missed profit and sales expectations in its most recent quarter. According to Refinitiv, the company was expected to earn $1.58 per share on revenue of $3.35 billion.
Hasbro — Shares of the toy company dipped 2.3% after the company reported third-quarter earnings that missed expectations. Salesforce — Salesforce shares gained 5.2% after Starboard Value revealed to CNBC that it has taken a "significant" stake in the software giant. Carnival Corporation — Shares of the cruise company jumped more than 12% after one of Carnival's subsidiaries began an offering of $1.25 billion of senior priority notes due 2028. Goldman Sachs — Goldman Sachs rallied 3% after beating third-quarter analyst expectations for profit and revenue on better-than-expected trading results. Lockheed Martin — Shares of the aerospace company jumped 8.5% after Lockheed reported third-quarter earnings of $6.87 per share excluding items, which was higher than a Refinitiv estimate of $6.66 per share.
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