Nvidia, the chipmaker headquartered in Santa Clara, California, saw a 1.8% increase in its stock before the release of its quarterly report. The company has been performing exceptionally well due to the growing demand for AI technology, with its shares rising by a staggering 220% this year.
Meanwhile, Peloton, the fitness company, experienced a significant drop of over 22% in its stock value. This came after the company reported a wider-than-expected loss for its fiscal fourth quarter and a decline in new subscribers following the recall of its bike. Analysts had predicted a loss of 38 cents per share, but Peloton reported a loss of 68 cents per share.
Foot Locker, the athletic retailer, faced a sharp decline of 33% in its stock price. This was a result of the company cutting its outlook for the year and suspending its quarterly dividend. While earnings were on par with expectations, revenue fell short.
Dick’s Sporting Goods, another sports retailer, saw a 2.8% decrease in its stock value after announcing weaker-than-expected earnings and lowering its outlook for the year. The company had previously experienced its worst trading day ever, losing 24% in the previous session.
In contrast, Abercrombie & Fitch, the retailer, experienced a significant rally of 24% and reached a new 52-week high. The company exceeded analyst expectations for the previous quarter and raised its full-year outlook.
Apellis Pharmaceuticals witnessed a 30% surge in its stock price following the release of Syfovre, a drug used to treat degenerative eye disease. The company stated that there is no direct link between a side effect and a specific needle used for the drug, although practitioners may consider using a different needle.
Nike, the popular athletic brand, saw a 3% decline in its stock value, extending its longest losing streak to 10 sessions.
Urban Outfitters, the retailer, had a positive trading day with a 2.4% increase in its stock price after posting better-than-expected quarterly results. Earnings came in at $1.10 per share, surpassing the consensus estimate of 89 cents, while revenue also exceeded expectations at $1.27 billion.
La-Z-Boy, the furniture maker, experienced a 2.3% drop in its stock value as management stated that furniture sales are expected to remain challenging. However, the company surpassed expectations in both earnings and revenue for its first fiscal quarter.
Charles Schwab, the financial company, saw a 2.4% increase in its stock price as it aimed to break an 11-day losing streak. Schwab announced a debt raise of over $2 billion to support its operations.
Netflix, the streaming giant, experienced a 5.4% surge in its stock price after Oppenheimer reaffirmed its outperform rating. Analysts highlighted the potential for double-digit revenue growth in the future.
Brown-Forman, the spirits company, saw a 3.2% increase in its stock price following a double-upgrade from Morgan Stanley. The firm noted improving growth margins as agave prices stabilize.
Meta, the tech firm, witnessed a 3% increase in its stock price after Bank of America reiterated its buy rating. The financial firm anticipates renewed enthusiasm for the stock based on its potential for 2024.
Avery Dennison, the adhesives company, experienced a 2.2% climb in its stock value after receiving an upgrade to buy from neutral by UBS. The firm believes the company is approaching an earnings inflection point.
Louisiana-Pacific, the building materials stock, saw a 3.7% increase in its stock price after an upgrade to buy from neutral by DA Davidson. The firm considers the recent weakness in the stock as an attractive entry point for investors.
Safehold, the real estate investment trust, witnessed a 1.1% rise in its stock price after Goldman Sachs initiated coverage with a buy rating. Goldman projects an increase in restructuring activity in the near-term and expects investment volumes to gradually rise.
Marvell Technology, the semiconductor maker, experienced a 2.5% increase in its stock price after announcing the release of a new digital signal processor called Orion. The product is expected to support transport networks for carrier and cloud assets. Additionally, Susquehanna maintained its positive outlook on the stock ahead of its earnings report.
Advance Auto Parts, the auto retail company, saw a 1% increase in its stock price after surpassing analysts’ revenue expectations for the second quarter. While earnings were lower than expected, the company announced the appointment of Shane O’Kelly as president and CEO, effective September.
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