Stocks making the biggest moves midday: NVDA, PSTG, SNOW, HRL
Check out the companies making headlines in midday trading: Nvidia — The graphics processing unit manufacturer slipped more than 1% after its data center revenue came in below estimates for the second straight quarter. However, Nvidia posted a second-quarter earnings and revenue beat. Hormel — The food company’s stock fell more than 13% to a 52-week low after it warned profits would be lower than expected in the current quarter as it grapples with higher commodity costs. For the fourth quarter, Hormel expects to earn between 38 cents and 40 cents a share, which is significantly below the 49 cents per share analysts surveyed by LSEG expect. Best Buy — Shares of the electronics retailer fell nearly 6% after the company stuck with its annual sales and profit forecast even though its latest quarterly results topped estimates. Best Buy cited uncertainty around the impact of tariffs in the second half of the year for the conservative guidance. The retailer also will be laying off workers as it adapts to new consumer patterns. Pure Storage — Shares jumped more than 30% following the data management company’s beat on the top and bottom lines. Pure Storage’s adjusted earnings for the second quarter were 43 cents per share, above the 39 cents expected from analysts polled by LSEG. Revenue was $861 million, versus the $847 million consensus estimate. Urban Outfitters — Shares fell 10% despite the apparel retailer posting second-quarter earnings of $1.58 per share, while analysts polled by FactSet had expected $1.48. Urban Outfitter’s $1.50 billion revenue was also higher than FactSet’s $1.48 billion consensus. Five Below — The discount retailer jumped nearly 5% after posting a second-quarter earnings and revenue beat. Five Below also forecast third-quarter earnings and revenue above analysts’ expectations. Additionally, the company raised both its third-quarter and fiscal year earnings and revenue guidance. Snowflake — Snowflake stock rallied 18% after the data cloud and artificial intelligence company posted second-quarter adjusted earnings of 35 cents per share on revenue of $1.14 billion. Analysts polled by LSEG expected a profit of 27 cents per share and revenue of $1.09 billion. The company also raised its fiscal year product revenue guidance. Shares of rival Datadog also rallied on the news and were up 6% at midday. NetApp — Shares rose almost 3% after the intelligent data infrastructure company posted fiscal first-quarter earnings of $1.55 per share came in just 1 cent above what analysts polled by LSEG had penciled in. NetApp’s $1.56 billion revenue just barely beat the expected $1.55 billion. NetApp’s forward outlook came in line with forecasts. CrowdStrike — The cybersecurity provider rose 3% after its second-quarter results topped Wall Street’s estimates. CrowdStrike also forecast that its third-quarter revenue would come in between $1.21 billion to $1.22 billion, while the LSEG consensus estimate called for $1.23 billion. Nutanix — The cloud computing stock declined 7% despite posting a fiscal fourth-quarter earnings and revenue beat. Nutanix expects current-quarter revenue to come in between $670 million to $680 million, while an LSEG estimate called for $679 million. Cooper Companies — Shares of the global medical device company tumbled 12% after the Cooper Companies issued disappointing fourth quarter revenue guidance, though it did meet expectations in its most recent quarter. Cooper Companies expects revenue in a range between $1.049 billion to $1.069 billion in the fourth quarter, far below the $1.09 billion expected by analysts, according to FactSet. Dick’s Sporting Goods — Shares fell 5%. However, the retailer beat expectations for both lines in the second quarter and hiked its full-year outlook. Bath & Body Works — The fragrance and candle retailer shed 8% after posting second quarter adjusted earnings of 37 cents per share, missing the 38-cent analyst estimate. Bath & Body Work’s $1.55 billion revenue was in line with expectations. — CNBC’s Lisa Kailai Han, Michelle Fox, Alex Harring and Sarah Min contributed reporting.
