Check out the companies making the biggest moves midday.
Dollar General — Shares sank nearly 20% after the company reported an earnings and revenue miss for the first quarter. The company also slashed its full-year outlook, citing a macroeconomic environment that is more challenged than it had expected.
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NetApp — Shares popped 9.5% following the company’s earnings and revenue beat after the close Wednesday. Adjusted earnings per share came in at $1.54 for its fiscal fourth quarter, versus the $1.25 expected from analysts polled by StreetAccount. Revenue was $1.58 billion, versus the $1.54 billion anticipated.
Chewy — The pet retailer’s stock surged about 25% after the company posted earnings per share of 5 cents, topping the 4-cent loss expected from analysts polled by Refinitiv. Chewy also beat on revenue. Its second-quarter revenue guidance also beat expectations, per StreetAccount.
Hormel Foods — The food producer’s stock gained 5.1% after the company reported fiscal second-quarter earnings per share of 40 cents, slightly above the 39 cents expected, per StreetAccount. However, revenue came in lighter than anticipated. Hormel also said it made progress on inventory levels and saw “meaningful improvement in fill rates.”
Pure Storage — The stock soared 21% on better-than-expected quarterly earnings and revenue. Pure Storage’s revenue guidance for the second quarter also topped estimates, per StreetAccount.
PVH — Shares tumbled 10% despite the company’s earnings and revenue beat after Wednesday’s close. Its full-year outlook was in line with consensus, but its second-quarter GAAP earnings-per-share guidance of $1.70 was below the $2.26 expected, per StreetAccount.
Victoria’s Secret — Shares tumbled 8% after the lingerie retailer reported an earnings and revenue miss. The company also reduced its full-year revenue guidance in the low single-digits range from the prior midsingle-digit range estimates.
C3.ai — The artificial intelligence company dove 14% as a weaker-than-expected outlook eclipsed stronger-than-expected earnings for the previous quarter. The stock is still up sharply this year as investors bet on AI.
Salesforce — Salesforce shares lost about 4%. The drop in shares came as cost concerns and dwindling demand for consulting deals overshadowed better-than-expected results and an improved full-year earnings outlook.
Okta — The stock sank more than 18%. While the cloud software company lifted guidance for the 2024 fiscal year, management said “macroeconomic pressures are increasing.” JPMorgan Chase downgraded the stock to neutral from overweight Thursday.
Veeva Systems — The computer application company’s shares surged more than 18% after Veeva posted better-than-expected earnings and revenue for the first quarter late Wednesday. The company also raised its full-year earnings per share guidance.
Lucid Group — The luxury electric vehicle maker saw its shares drop 14% after it said Wednesday it’s raising about $3 billion through a new stock offering, and some $1.8 billion of the raise will come from a private placement with Saudi Arabia’s Public Investment Fund, which owns about 60% of the company.
— CNBC’s Samantha Subin, Yun Li, Alex Harring and Tanaya Macheel contributed reporting.