A sign in front of the Dollar General store in Vallejo, California, March 17, 2022.
Justin Sullivan | Getty Images
Check out the companies making the biggest moves at noon.
Dollar General — Shares fell nearly 20% after the company reported first-quarter earnings and earnings shortfalls. The company also lowered its full-year outlook, citing a more challenging macroeconomic environment than expected.
NetApp — Shares soared 9.5% after the company’s earnings and sales outperformed after Wednesday’s close. Adjusted earnings per share for the fourth quarter of the fiscal year were $1.54, compared with analyst estimates compiled by Street Account of $1.25. Sales came in at $1.58 billion, compared to the expected $1.54 billion.
Chewie — The pet retailer’s shares surged about 25% after the company posted a 5-cent earnings per share, beating analyst estimates of a 4-cent loss surveyed by Refinitiv. Chewie also outperformed in earnings. According to StreetAccount, its earnings outlook for the second quarter also exceeded expectations.
Hormel Foods — Shares of the food maker rose 5.1% after the company reported second-quarter earnings per share of 40 cents, just above expectations of 39 cents, according to Street Account. However, earnings fell short of expectations. Hormel also said it had improved inventory levels and had seen a “significant improvement in fill rates”.
Pure Storage — Shares surge 21% as quarterly earnings and earnings beat expectations. Pure Storage’s earnings outlook for the second quarter also beat expectations, according to StreetAccount.
PVH — Shares tumbled 10% despite the company’s earnings and sales surpassing after Wednesday’s close. Full-year guidance was in line with consensus, but second-quarter GAAP earnings-per-share guidance of $1.70 was below expectations of $2.26 per street account.
CrowdStrike — Cybersecurity shares fell 2% after the company posted quarterly results showing slowing revenue growth.
Victoria’s Secret — Shares fell 8% after the lingerie retailer reported earnings and revenue oversights. The company also lowered its full-year sales guidance to low-single digits from its previous mid-single-digit guidance.
C3.ai — The artificial intelligence company surged 14% as weaker-than-expected prospects masked higher-than-expected earnings last quarter. Stocks have surged again this year as investors bet on AI.
Salesforce — Salesforce stock fell about 4%. The share price fell as cost concerns and weaker demand for consulting contracts overshadowed better-than-expected results and an improved full-year earnings outlook.
Octa — Shares fell more than 18%. The cloud software company raised its outlook for fiscal 2024, but management said “macroeconomic pressures are increasing.” JPMorgan Chase cut the stock from overweight to neutral on Thursday.
Veeva Systems — Shares of the computer applications company soared more than 18% late Wednesday after Veeva beat expectations for first-quarter earnings and sales. The company also raised its earnings per share outlook for the full year.
Lucid Group — Shares of the luxury electric car maker fell 14% on Wednesday after it announced it would raise about $3 billion through an initial public offering. About $1.8 billion of the funding will be funded through a private placement from the Saudi Arabian Public Investment Fund. It owns about 60% of the company.
Bluebird Bio — Biotech stocks rose 4.9% after Barclays upgraded from equal weight to overweight. The company said it has several prospective clinical trials planned.
— CNBC’s Samantha Soobin, Yun Lee, Alex Haring, and Tanaya Machel contributed to the report.
