Pre-Market : Nvidia gains; WOOF falls: Stocks in news August 24

Pre-Market active stocks

Gainers

• The stock of Nvidia (NASDAQ:NVDA) soared 7.8% after the world’s most valuable chipmaker reported exceptional quarterly earnings, with second-quarter revenues exceeding lofty expectations, bolstered by the fervor surrounding generative artificial intelligence. 
• Splunk (NASDAQ:SPLK) stock climbed 13% after the data analytics software manufacturer forecasted third-quarter revenue that above market forecasts due to increased AI spending. 
• Kenvue (NYSE:KVUE) stock jumped 1.2% after Goldman Sachs increased its rating on the consumer health company to ‘Buy’ from ‘Neutral,’ predicting a 20% gain. 

Losers

• The stock of Petco Health and Wellness Company (NASDAQ:WOOF) plummeted 13% after the pet supply retailer reported a quarterly loss and reduced its yearly projections. 
• Dollar Tree (NASDAQ:DLTR) stock slumped 4.6% after the discount retailer forecasted lower-than-expected yearly profit due to a change in expenditure toward lower-margin consumables. 
• Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) both surged 1.4%, lifted by strong Nvidia profits, as both companies hurry to incorporate generative AI into their web search engines. 
• United States Steel (NYSE:X) stock declined 1.8%, extending losses from the previous session caused by Esmark’s decision to abandon its pursuit of the alloy maker. 
• Boeing (NYSE:BA) declined 1.8% after the planemaker warned of delays in near-term 737 MAX deliveries owing to a new quality issue involving its largest supplier Spirit AeroSystems (NYSE:SPR), which fell 6.4%. 

MARKET MOVERS 

After-Market movers

GAINERS

• Domo, Inc. (NASDAQ:DOMO) fell 22%; Q2 EPS was $0.02, $0.07 higher than average forecast of $0.09. Quarterly revenue was $79.7M, better than the consensus expectation of $78.9M. Domo, Inc. expects Q3 2024 EPS of ($0.10)-($0.14), vs ($0.06) average. Domo, Inc. expects Q3 2024 revenue of $78.5-79.5M, below $82M consensus. Domo, Inc. expects FY2024 EPS of ($0.39)-($0.47), versus ($0.35) consensus. Domo, Inc. expects FY2024 revenue of $316-320M, versus $326M consensus.  
• Affirm Holdings Inc (NASDAQ:AFRM) rose 7%; Q4 EPS was $0.69, $0.18 higher than average estimate of $0.87. Quarterly revenue was $446M, more than the consensus forecast of $406.13M. Affirm Holdings expects Q1 2024 revenue of $430-455M, versus $429.9M estimate.  
•  Workday (NASDAQ:WDAY) rose 3%; Q2 EPS was $1.43, $0.17 higher than average estimate of $1.26. Quarterly revenue was $1.79B, beating the average expectation of $1.77B. 
• Gap Inc (NYSE:GPS) 1% higher; Q2 EPS $0.34, $0.24 greater than consensus expectation $0.10. Quarterly revenue was $3.55B, below the consensus forecast of $3.58B. 

LOSERS

• Nordstrom (NYSE:JWN) fell 4%; Q2 EPS was $0.81, $0.36 higher than analyst estimates of $0.45. Quarterly revenue was $3.62 billion, higher than the consensus expectation of $3.68B. Maintains fiscal 2023 revenue and adjusted earnings forecast. Nordstrom expects FY2024 EPS of $1.80–$2.20, vs $1.99 consensus.   
• Hawaiian Electric Industries (NYSE:HE) 3% LOWER; The Board of Directors will suspend the quarterly cash dividend on the company’s common stock in the third quarter of 2023 to increase cash position.  
• Intuit (NASDAQ:INTU) fell 2% after reporting Q4 EPS of $1.65, $0.22 more than market estimates of $1.43. The consensus expectation was $2.64B, but quarterly revenue was $2.7B. Intuit expects Q1 2024 EPS of $1.94–$2.00, vs $1.99 consensus. Intuit expects FY2024 EPS of $16.17-$16.47, vs $15.95 average. Intuit expects FY2024 revenue of $15.89-16.105B, versus $15.99B consensus.  

MIDDAY MOVERS

GAINERS

• Splunk (NASDAQ:SPLK) stock climbed 13% after the data analytics software manufacturer forecasted third-quarter revenue that above market forecasts due to increased AI spending. 
• The stock of Nvidia (NASDAQ:NVDA) climbed 2.9% after the world’s most valuable chip firm reported exceptional quarterly earnings, with second-quarter revenues exceeding lofty expectations, bolstered by the fervor surrounding generative artificial intelligence. 

LOSERS 

• The stock of Petco Health and Wellness Company (NASDAQ:WOOF) plummeted 20% after the pet supply retailer reported a quarterly loss and reduced its yearly projections. 
• Dollar Tree (NASDAQ:DLTR) stock slumped 11.7% after the discount retailer forecasted lower-than-expected yearly profit due to a change in expenditure toward lower-margin consumables.  
• Boeing (NYSE:BA) stock sank 3.8% as the planemaker warned of delays in near-term 737 MAX jet deliveries owing to a new quality issue involving its largest supplier Spirit AeroSystems (NYSE:SPR), which plunged 12%. 
• United States Steel (NYSE:X) stock declined 2.9%, extending losses from the previous session caused by Esmark’s decision to abandon its pursuit of the alloy maker. 
•  After the excellent Nvidia earnings, Microsoft (NASDAQ:MSFT) stock plummeted 1.5% and Alphabet (NASDAQ:GOOGL) stock fell 1.3%, since both companies have been scrambling to include generative AI into their online search engines.  
• Kenvue (NYSE:KVUE) stock fell 0.8% after Goldman Sachs increased its rating on the consumer health firm to ‘Buy’ from ‘Neutral,’ predicting a 20% gain. 

UPGRADES BY EXPERTS 

Nvidia receives a trio of upgrades as its stock soars following a blowout Q2 Stifel report, upgrading the business to Buy from Hold with a much higher price target of $600 (up from $440 before). 

Exane BNP Paribas raised its price goal to $745 from Neutral, and WestPark added its own Buy stamp with a $690 price target. 

In other news, Goldman Sachs maintained its Buy rating and increased its price objective for shares to $605 from $495 previously.  

UBS upgrades Avery Dennison, and the stock rises.  

UBS boosted its price objective on Avery Dennison (NYSE:AVY) to $222.00 from $184.00 and upgraded it to Buy from Neutral.  

Fulcrum Therapeutics (NASDAQ:FULC) received two upgrades after the FDA released the clinical hold on FTX-6058’s Investigational New Drug (IND) application for the possible treatment of sickle cell disease (SCD).  

H.C. Wainwright raised the stock to Buy from Neutral, with a $14.00 price target.  

Stifel upgraded the stock to Buy from Hold and increased its price target to $11.00 from $4.00.  

Louisiana-Pacific (NYSE:LPX) shares rose more than 3% yesterday after DA Davidson upgraded the business to Buy from Neutral with a $76.00 price objective. 

DOWNGRADES BY EXPERTS

• Piper Sandler has downgraded Premier following the fourth quarter. 
• Following the release of Q4 earnings, Piper Sandler lowered Premier (NASDAQ:PINC) to Neutral from Overweight and reduced its price objective to $25.00 from $44.00, resulting in a more than 3% drop in share price yesterday.  
• Workday (NASDAQ: WDAY) has been downgraded to Mixed from Positive ahead of its Q2 results report tomorrow after the market close. The consensus expectation for EPS is $1.26 and revenue is $1.77 billion.  
• JPMorgan reduced Genpact (NYSE:G) from Neutral to Underweight, with a $40.00 price target.  
• Dawson James reduced Genprex (NASDAQ:GNPX) from Buy to Neutral. 

Earnings Calendar

Wednesday, August 23 

• Nvidia (NVDA),  Analog Devices Inc. (ADI),  Snowflake Inc. (SNOW),  Autodesk Inc. (ADSK),  NetApp Inc. (NTAP),  Bath & Body Works (BBWI), Williams-Sonoma (WSM),  Advance Auto Parts (AAP),  Kohl’s Corp. (KSS),  Peloton Interactive (PTON),  Foot Locker Inc. (FL),  Abercrombie & Fitch (ANF) 

Thursday August 24 

• Intuit Inc. (INTU),  Royal Bank of Canada (RY), Toronto Dominion Bank (TD),  Vmware Inc. (VMW),  NetEase Inc. (NTES),  Workday Inc. (WDAY),  Marvell Technology (MRVL),  Dollar Tree (DLTR),  Ulta Beauty (ULTA),  Burlington Stores (BURL),  The Gap (GPS), Nordstrom (JWN) 

For details

Market Pre-Market Pre-Market Pre-Market Pre-Market Pre-Market Pre-Market Pre-Market Pre-Market Pre-Market

Pre-Market Pre-Market Pre-Market Pre-Market Pre-Market Pre-Market Pre-Market