Stocks traded mostly higher Tuesday after the
S&P 500
and
Nasdaq Composite
ended four-session losing streaks on Monday following a rally in tech shares.
These stocks were making moves Tuesday:
Dick’s Sporting Goods
(ticker: DKS) tumbled 24% after the retailer cut its earnings outlook for the year and posted second-quarter earnings that missed estimates. The retailer cited “elevated inventory shrink,” or theft, partly for the miss.
Lowe’s
(LOW) reported second-quarter earnings of $4.56 a share, beating Wall Street forecasts of $4.47 a share. Comparable-store sales fell 1.6% in quarter, narrower than the 2.6% drop expected by analysts. The home-improvement retailer stuck to its fiscal-year guidance, citing a strong spring recovery. The stock rose 3.7%.
Fabrinet
(FN), the high-tech manufacturing services company, issued a fiscal first-quarter forecast that was better than expectations. Fourth-quarter adjusted earnings and sales also topped estimates, with
Fabrinet
saying it saw “very strong growth in datacom revenue, driven by new AI products.” The stock jumped 27%.
Macy’s
(M) slid 11% after the retailer reported better-than-expected second-quarter earnings but said it was taking a cautious approach to guidance given the ongoing macroeconomic pressures facing shoppers.
Novavax
(NVAX) jumped 14% after the vaccine maker said in a press release that its updated vaccine “induced neutralizing responses to emerging subvariants” such as the “Eris” strain.
Shares of
Zoom Video Communications
(ZM) fell 3.2% even after the videoconferencing company’s adjusted second-quarter earnings and revenue beat analysts’ expectations. Zoom Video’s forecasts for the third quarter and year also topped estimates. The company touted new artificial-intelligence features. “We continue to innovate and expand our platform to help bring value and enhanced productivity to our customers with new AI features like Zoom IQ Meeting Summary and Team Chat Compose,” CEO Eric Yuan said in a statement.
Medtronic
(MDT) gained 2.6% after the medical device maker lifted its full-year outlook.
Tesla
(TSLA) was rising 1.5% after closing 7.3% higher on Monday and snapping a losing streak of six consecutive days. Lifting the stock was a note from Baird analyst Ben Kallo, who put the electric-vehicle maker on its list of “best ideas” following second-quarter earnings. Kallo sees several catalysts ahead in the coming months for
Tesla.
U.S.-listed shares of
Baidu
(BIDU) were rising 3.1% after the Chinese tech giant reported quarterly earnings that beat analysts’ expectations.
Applovin
(APP) gained 1.5% after shares of the software maker were upgraded to Buy from Hold at Jefferies.
Nvidia
(NVDA) fell 1.7% ahead of its highly anticipated earnings report after the closing bell Wednesday.
Write to Joe Woelfel at [email protected]
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