Stocks making the biggest moves midday: GPS, MDB, DELL
Check out the companies making headlines in midday trading: Dell Technologies — The software stock plunged 18% after executives cautioned that its gross margins could face more pressure in 2025. Lionsgate Studios — Shares rose 3% after Citi initiated coverage of the film studio at a buy rating. The bank cited Lionsgate’s decision to spin off its Starz business as a potential catalyst for further margin expansion. Zscaler — Shares added 9% after the cloud security company posted a fiscal third-quarter earnings and revenue beat. Zscaler reported adjusted earnings of 88 cents per share on revenue of $553 million, while analysts polled by LSEG had expected earnings of 66 cents on $535 million in revenue. Nordstrom — The Seattle-based department store operator saw shares jump 5% after the company posted solid quarterly sales growth and stuck by its full-year forecast . Its off-price chain, Nordstrom Rack, outperformed Nordstrom’s flagship brand with comparable sales rising 7.9% year over year. Nordstrom fell short of Wall Street’s quarterly earnings expectations, however. Gap — The clothing retailer soared 29% after posting fiscal first-quarter earnings per share of 41 cents, higher than the 14 cents analysts surveyed by LSEG had expected. Gap’s revenue of $3.39 billion also beat the $3.29 billion forecast. Ambarella — Shares soared 21% after the chipmaker announced that it expected revenues to continue growing in fiscal 2025, citing robust artificial intelligence demand as a catalyst. Ambarella reported a first-quarter earnings loss that beat analysts’ expectations and revenue that came in line with consensus. Marvell Technologies — The stock plunged 10% after the chipmaker missed first-quarter earnings expectations. Marvell reported earnings per share of 24 cents on $1.16 billion in revenue, missing the 25 cents in earnings per share on revenue of $1.17 billion analysts had expected, according to LSEG. MongoDB — Shares plummeted 24% after the technology company trimmed its second-quarter guidance as well as its forecast for the full fiscal year. MongoDB said it expected to earn 46 cents to 49 cents per share on $460 million to $464 million of revenue, while analysts polled by LSEG had called for $470 million of revenue and earnings of 58 cents per share. The company beat earnings and revenue expectations for the April quarter, but still saw slower-than-expected consumption growth. SentinelOne — The cybersecurity company dipped 13% after issuing a revenue outlook that was weaker than analysts had forecast. SentinelOne expects its revenue to fall between $808 million to $815 million in 2024, which was lower than the $817 million forecast by LSEG. VF Corporation — The apparel and footwear company surged 8% after announcing Sun Choe will assume the global brand president role of Vans beginning in late July. Choe was previously chief product officer at Lululemon. Cooper Companies — The medical device firm added 5% after posting a fiscal second-quarter adjusted earnings beat, although its revenue fell below analysts’ expectations. Cooper also increased its guidance for both its full-year earnings and revenue outlooks. Paycom Software — The stock fell 9% after the payroll company announced an executive shake-up. Paycom promoted strategic advisor Randy Peck to chief operating officer and disclosed the resignation of co-CEO Christopher Thomas. First Solar — Shares slipped 2% after Mizuho downgraded the solar technology firm to neutral from buy. Analyst Maheep Mandloi highlighted that strong pricing power already seems to be reflected in the stock’s price at the moment. — CNBC’s Hakyung Kim, Yun Li, Jesse Pound and Pia Singh contributed reporting.
