Midday Stock Market Movers: HPQ, BOX, BF.B, PODD

Check out the companies making headlines in midday trading.

HP — HP’s stock dropped 6.6% during midday trading due to a fiscal third-quarter revenue miss. The PC manufacturer reported quarterly revenue of $13.20 billion, which was lower than the estimated $13.37 billion by analysts polled by Refinitiv. However, its third-quarter adjusted earnings of 86 cents per share were in line with estimates.

Box — The stock of the cloud storage company tumbled 12.3%. Box provided weak guidance for the current quarter with anticipated earnings of 37 cents to 38 cents per share, while analysts polled by FactSet expected 39 cents per share. The full-year revenue guidance was also lower than expected.

Ambarella — The semiconductor company’s stock sank 20.4% due to weak third-quarter guidance. Ambarella expects revenue of $50 million in the current quarter, falling short of the Refinitiv estimate of $67.6 million. However, Ambarella exceeded second-quarter expectations with better-than-expected results on both the top and bottom lines, posting a smaller loss per share than anticipated. 

PVH — Shares of the Calvin Klein parent company increased by 1.9% after reporting better-than-expected earnings for the second quarter. PVH’s adjusted earnings per share were $1.98, surpassing the consensus estimate of $1.76. Additionally, the company’s revenue of $2.21 billion exceeded the expected $2.19 billion. PVH also raised its earnings outlook for the year and reaffirmed its full-year revenue guidance.

Brown-Forman — The parent company of Jack Daniel’s saw its stock slide 4% after failing to meet Wall Street expectations for its first fiscal quarter of 2024. Brown-Forman reported earnings per share of 48 cents on $1.04 billion in revenue, missing analysts’ estimates of 53 cents in earnings per share and $1.05 billion in revenue.

Insulet — The insulin pump maker’s stock climbed 6.4% after CEO James Hollingshead purchased 5,550 shares on Tuesday. The company also announced the launch of an insulin delivery service called Omnipod 5 in Germany, following successful rollouts in the U.S. and U.K.

Fluence Energy — Shares of the energy storage company advanced 1.1% after Barclays initiated coverage with an overweight rating. Barclays predicts a potential 40% revenue growth for the company.

Spotify — The music streaming platform

Reference

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