NVIDIA, Kohl’s reports in focus/ Stocks 24

market movers

After market active

Midday movers

Premarket active stocks

Insider trades

After market active stocks

Gainers

• NVIDIA (NASDAQ:NVDA) 22% HIGHER; NVIDIA (NASDAQ:NVDA) reported Q1 earnings per share of $1.09, $0.17 more than the average expectation of $0.92, a 22% increase. Contrary to the average expectation of $6.52 billion, the quarter’s revenue came in at $7.19 billion. Compared to the average estimate of $7.15 billion for Q2 2024 sales, NVIDIA anticipates $11 billion.
• Nutanix (NASDAQ:NTNX) 15% HIGHER; EPS for the third quarter of Nutanix (NASDAQ:NTNX) came in at $0.04, $0.01 more than the $0.03 average forecast. Contrary to the average expectation of $433.12M, the actual revenue for the quarter was $448.58M. Contrary to the average estimate of $452.24M, Nutanix expects Q4 2023 sales of $470–480M. Contrary to the average estimate of $1.8B, Nutanix anticipates FY2023 sales of $1.84-1.85B.
• Splunk (NASDAQ:SPLK) 9% HIGHER; Splunk (NASDAQ:SPLK) posted Q1 EPS of $0.18, $0.32 more than the average forecast of ($0.14), bringing the stock price up 9%. Contrary to the average expectation of $722.99M, the actual revenue for the quarter was $752M. Splunk forecasts Q2 2024 sales of $880-895M, higher than the $868M forecast by the consensus.
• e.l.f. Beauty, Inc. (NYSE:ELF) 10% HIGHER;; e.l.f. Beauty, Inc. (NYSE:ELF) posted Q4 EPS of $0.42, $0.22 higher than the average expectation of $0.20. This is a 10% increase. Contrary to the average expectation of $156.14M, the actual revenue for the quarter was $187.4M. Instead of the average estimate of $1.64, e.l.f. Beauty, Inc. forecasts FY2024 EPS of $1.73–$1.76. In contrast to the average estimate of $637.7M, e.l.f. Beauty, Inc. anticipates FY2024 revenue of $705-720M.
• C3 AI (NYSE:AI) is up 9% as a result of NVIDIA’s optimistic outlook.
• Advance Micro Devices Inc. (NASDAQ:AMD) is up 7% as a result of NVIDIA’s optimistic outlook.
• Evgo Inc (NASDAQ:EVGO) is up 3% after Director David Nanus purchased $25 million worth of shares.

Losers

• American Eagle Outfitters (NYSE:AEO) 16% LOWER; American Eagle Outfitters (NYSE:AEO) posted Q1 EPS of $0.17, in line with the $0.17 consensus forecast, a 16% lower figure than expected. Contrary to the average forecast of $1.07B, the quarter’s revenue came in at $1.1B. According to management’s forecast, sales will have decreased by the low single digits from the same period last year, with operating income expected to be between $25 and $35 million. As the business cycles are under pressure from end-of-season sell-offs and higher freight costs, this is predicated on gross margin recovery year over year. The estimated growth in SG&A will be in the low-to-mid single digits. Depreciation should mirror the first quarter’s levels.The management anticipates operating income of $250 to $270 million and revenue that is flat to down low single digits from previous year.
• Snowflake Inc (NYSE:SNOW) 11% LOWER; Snowflake Inc. (NYSE:SNOW) posted Q1 EPS of $0.15, $0.09 more than the average expectation of $0.06, and is presently trading 11% lower. Compared to the consensus estimate of $611.13M, actual revenue for the quarter was $623.6M.

Midday Movers

Gainers

• Abercrombie & Fitch Company (NYSE:ANF) shares jumped 27% ; Shares of Abercrombie & Fitch Company (NYSE:ANF) increased 27% as the specialty retailer revealed a first-quarter profit that was unexpected as well as an increase in net sales driven by its eponymous brand in the midst of a reinvention. Department store operator
•  Kohl’s Corp. (NYSE:KSS) shares also increased 7.7% on a surprise result.
• Palo Alto Networks Inc (NASDAQ:PANW) shares rose 7.4%; Shares of Palo Alto Networks Inc (NASDAQ:PANW) increased 7.4% after the cybersecurity company increased its fiscal year 2019 earnings, revenue, and billings expectations. It exceeded forecasts for adjusted earnings in the third quarter.

Losers

• Petco Health and Wellness Company Inc (NASDAQ:WOOF) shares fell 15%; Following disappointing revenue expectations for the current quarter from pet supplies store Petco Health and Wellness Company Inc (NASDAQ:WOOF), the stock of that company dropped 15%. Expectations for the first quarter were surpassed.
• Sarepta Therapeutics Inc (NASDAQ:SRPT) shares slid 11%; Shares of Sarepta Therapeutics Inc (NASDAQ:SRPT) fell 11% after the biotech company said that the Food and Drug Administration has postponed making a judgment on its gene treatment for muscular dystrophy by nearly a month.
• Intuit Inc (NASDAQ:INTU) shares fell 6.9%Shares; of Intuit Inc (NASDAQ:INTU), a provider of accounting software such as TurboTax, dropped 6.9% after it revealed third-quarter revenue that was below expectations. Although it increased its forecast for the entire fiscal year, the fourth-quarter profit estimate it provided was below expectations.

Pre-market active stocks

Gainers

• Abercrombie & Fitch (NYSE:ANF) stock rose 15.8%The share price of clothing retailer Abercrombie & Fitch (NYSE:ANF) increased 15.8% after it increased its annual sales projection, betting on consistent demand for its apparel and accessories even as inflation erodes consumer spending power.
• Urban Outfitters (NASDAQ:URBN) stock soared 13.3%The shares of clothing retailer Urban Outfitters (NASDAQ:URBN) increased 13.3% after it released quarterly earnings that beat Wall Street expectations thanks to markups.
• Kohl’s (NYSE:KSS) stock soared 11.6%  While missing first-quarter sales projections, Kohl’s (NYSE:KSS) announced a surprise profit that sent its shares soaring 11.6%. The retailer also maintained its full-year profit and operating margin goals.
• PacWest Bancorp (NASDAQ:PACW) stock rose 4.9%,After the lender decided to sell its property lending division as part of its second asset sale this week in order to strengthen its balance sheet, PacWest Bancorp’s (NASDAQ:PACW) shares increased 4.9%, extending its upward trend.
• Palo Alto Networks (NASDAQ:PANW) stock rose 4.7%The stock of cybersecurity business Palo Alto Networks (NASDAQ:PANW) increased 4.7% after it reported stronger-than-expected third-quarter earnings and its CEO predicted AI will revolutionize the software sector.

Losers

• Agilent’s (NYSE:A) shares dropped 9.4% after the lab equipment manufacturer provided disappointing full-year outlook following 2Q results, leading KeyBanc to change its rating for the business from “overweight” to “sector weight.”
• XPeng (NYSE:XPEV) stock fell 5.6% The shares of Chinese EV manufacturer XPeng (NYSE:XPEV) dropped 5.6% after it revealed a larger-than-anticipated quarterly loss and roughly 50% fewer deliveries.
• Intuit (NASDAQ:INTU) stock fell 5.2% the  share price of business software company Intuit (NASDAQ:INTU) dropped 5.2% after it announced dismal third-quarter sales and provided a weaker-than-expected outlook for the final quarter of its fiscal year.
• Integra LifeSciences (NASDAQ:IART) stock fell 2.6% The price of Integra LifeSciences’ (NASDAQ:IART) shares dropped 2.6% after JPMorgan downgraded it from ‘neutral’ to ‘underweight’ following the company’s announcement of a voluntary worldwide recall of all products made in its Boston plant.

Insider trades

CEO of LifeMD, Inc. (LFMD), Justin Schreiber, purchased 50,000 common shares on May 22 and May 23, at values ranging from $2.06 to $2.152.The purchases cost $104,625.06 in total.

Executive Chairman of Energy Transfer (ET), Kelcy Warren, purchased 400,000 common shares on May 23, 23, for $12.78. The acquisition was for $5.1 million.

David Nanus, a director of EVgo (EVGO), purchased 5,882,352 shares on May 22/23 for $4.25.The acquisition cost roughly $25 million.

Nicolas Sokolow, Director of Clarus (CLAR), purchased 23,000 shares between May 22 and May 23, at prices ranging from $8.80 to $8.8257. The acquisition cost around $200,000.

Downgrade by Experts

Agilent Technologies (NYSE:A), a manufacturer of lab equipment, was downgraded by KeyBanc from Overweight to Sector Weight. The necessity for a margin recovery and the absence of revenue catalysts in the second half of the year are the causes of the rating reduction.

Integra LifeSciences (NASDAQ:IART) was downgraded by JPMorgan from Neutral to Underweight, and its price target was decreased from $56.00 to $43.00.

Shopify (NYSE:SHOP) was downgraded by Exane BNP Paribas from Neutral to Underperform.

After Barclays reduced Siteone Landscape Supply (NYSE:SITE) to Underweight from Equalweight and lowered its price objective to $144.00 from $146.00, the stock’s pre-market price declined by about 2%.

Textron (NYSE:TXT) was downgraded by Vertical Research Partners from Buy to Hold.

Upgrades by Experts

Sherwin-Williams (NYSE:SHW) was upgraded by Jefferies from Hold to Buy, and the firm increased its price objective from $240.00 to $275.00.

Evercore ISI upgraded CCC Intelligent Solutions (NASDAQ:CCCS) to Outperform from In Line and increased its price objective to $13.00 from $11.00.

Barclays increased its price target for Owens Corning (NYSE:OC) to $135.00 from $113.00 and upgraded the stock to Overweight from Equalweight. Today’s pre-market share price is up 1%.

With a $27.00 price target, Goldman Sachs raised Quanterix (NASDAQ:QTRX) from Neutral to Buy. The price of shares is up about 2% pre-market today after they increased by more than 9% yesterday.

Earnings Calendar

Thursday, May 25, 2023

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