Dollar General’s shares tumbled almost 30% after the company reduced its sales and profit guidance for the full year. CEO Todd Vasos attributed the softer sales trends to financially constrained core customers. The retailer also reported disappointing results for the fiscal second quarter. This news impacted competitor Dollar Tree as well, with their shares falling more than 9% in sympathy.
Shares of Affirm surged 34% after the buy now, pay later company’s revenue outlook for the fiscal first quarter exceeded expectations. Affirm expects revenue to be between $640 million and $670 million, surpassing the $625 million predicted by analysts.
Best Buy’s shares jumped 15% as the company raised its earnings outlook for the fiscal year. The adjusted earnings range is now expected to be between $6.10 and $6.35 per share, compared to the prior range of $5.75 to $6.20 per share. Results for the fiscal second quarter also outperformed expectations.
Nutanix’s stock surged 20% following the cloud infrastructure company’s earnings and revenue beat for the fiscal fourth quarter. Earnings per share were 27 cents on $548 million in revenue, surpassing analyst estimates.
Shares of Okta’s secure identity cloud platform dropped approximately 16% after the company’s billings fell short of analysts’ expectations. Bank of America double downgraded the stock to underperform from buy based on Okta’s financial results.
The sandal company’s shares fell 16% after reaffirming its full-year revenue guidance, with expectations of about 19% growth. However, fiscal third-quarter adjusted earnings were below street expectations.
Pure Storage’s shares plunged 13% as the company issued third-quarter operating income guidance that was lower than analysts’ estimates. The expected operating income of $140 million fell short of the estimated $148.1 million.
Despite beating expectations for the fiscal second quarter, Nvidia’s shares slid more than 3%. The chip giant reported adjusted earnings of 68 cents per share on $30.04 billion in revenue. However, the revenue forecast for the third quarter did not meet investors’ expectations.
Veeva Systems’ shares rose nearly 9% after the cloud computing company’s fiscal second-quarter earnings and revenue exceeded expectations. Adjusted earnings were $1.62 per share on $676.2 million in revenue, surpassing analyst estimates.
Shares of Crowdstrike increased by 5% as the cybersecurity company posted stronger-than-expected earnings and revenue for the recent quarter. Despite this positive news, Crowdstrike lowered its full-year outlook following a global outage.
HP’s shares advanced more than 4% after reporting better-than-expected revenue for the fiscal third quarter at $13.52 billion. However, adjusted earnings of 83 cents per share missed analyst estimates of 86 cents per share.
Shares of Victoria’s Secret slipped over 1% even though the company raised its full-year outlook. The lingerie company still anticipates a 1% year-over-year decline in net sales, lower than the earlier forecast of a “low single-digit” decrease. Analysts had estimated a 2.8% pullback in sales.
The midday trading session showcased both winners and losers in the stock market. While some companies exceeded expectations and saw significant increases in share prices, others faltered due to missed earnings, lower-than-expected revenue, or revised guidance. It is essential for investors to stay informed about the latest developments and financial results of companies to make educated decisions about their investment portfolios.