Stocks traded mostly higher Thursday and tech shares rallied after chip maker
Nvidia
issued a bullish revenue forecast. The
Dow Jones Industrial Average
declined as negotiations to raise the U.S. debt ceiling continued in Washington.
These stocks were making moves Thursday:
Nvidia
(ticker: NVDA) reported fiscal first-quarter earnings and sales that topped analysts’ expectations. The stock soared 24% after the chip maker said it expects fiscal second quarter revenue of $11 billion at the midpoint of its forecast range, well above consensus of $7.2 billion. Nvidia cited surging demand for its chips that enable artificial intelligence applications.
Nvidia’s report sent shares of fellow chip company
Advanced Micro Devices
(AMD) rising 11%, while
Intel
(INTC) fell 5.5% as investors sold shares amid competitive concerns.
e.l.f. Beauty
(ELF) posted fiscal fourth-quarter adjusted earnings and revenue that beat Wall Street expectations and provided strong guidance, showing no sign of slowing spending among its consumers. The stock jumped 20%.
Cloud specialist
Snowflake
(SNOW) fell 16% after saying it expects fiscal second-quarter product revenue of $620 million to $625 million, below Wall Street estimates of $647 million. For the fiscal year, the company said it expects product revenue of $2.6 billion, an increase of 34%, but below the previous guidance target of $2.7 billion. The company now sees non-GAAP operating margin for the year of 5%, down from a previous forecast of 6%.
Nutanix
(NTNX), the cloud-platform company, said it expects fiscal fourth-quarter revenue of $470 million to $480 million in revenue, higher than analysts’ estimates of $452 million. Shares rose 17%.
American Eagle Outfitters
(AEO) fell 12% after the retailer said it expects fiscal second-quarter revenue “down low-single digits to last year.” In the same quarter a year earlier, American Eagle reported revenue of $1.2 billion.
UiPath
(PATH), the automation-software company, declined 11% after issuing fiscal second-quarter revenue guidance of between $279 million and $284 million vs. analysts expectations of $284 million.
Illumina
(ILMN) fell 9% after activist investor Carl Icahn failed to topple the CEO of gene-sequencing giant in a proxy battle that ended Thursday afternoon.
Icahn
succeeded in getting one of his three nominees onto the company’s board, and knocking out its chairman.
Dollar Tree
(DLTR) declined 12% after the discount retailer missed first-quarter earnings estimates and slashed its fiscal-year profit outlook.
Dish Network
(DISH) gained 7.1% after The Wall Street Journal reported the company was in talks to sell wireless plans for its mobile phone service through
Amazon
(AMZN).
American depositary receipts of Chinese electric vehicle start-up
XPeng
(XPEV) fell 7.5% to $8.01 after receiving a downgrade to Sell from Hold and a price target trim to $6 from $8 by analysts at Barclays.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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