Stocks making the biggest moves midday: Deere, Nvidia, Autodesk, Nordstrom and more
Check out the companies making headlines in midday trading. Clorox — The consumer product company advanced less than 1% on the heels of an upgrade to neutral from underweight by JPMorgan. The firm said there is upside potential to consensus expectations with the worst likely behind the company. Safety Shot — Shares plummeted more than 35% following a report from Capybara Research that questioned the efficacy and legitimacy of the company’s alcohol detox drink. Deere , Caterpillar — Deere shares dropped 3% after the agricultural equipment maker issued disappointing guidance for fiscal 2024. Deere said it expects net income between $7.75 billion and $8.25 billion, short of the $9.31 billion expected from analysts polled by StreetAccount. Peer company Caterpillar ticked down 1.3%. Nordstrom — Shares of the retailer fell 4.6% after Nordstrom’s third-quarter sales came in short of expectations. Late Tuesday, the company reported $3.32 billion of revenue, below the $3.40 billion expected by analysts surveyed by LSEG, formerly known as Refinitiv. Net sales were down more than 6% year over year. HP — Stock in the personal computer behemoth added 2.8% after HP reported in-line earnings and lower-than-expected revenue in the fiscal fourth quarter. Late Tuesday, HP reported adjusted earnings of 90 cents per share on $13.82 billion in revenue, while analysts polled by LSEG forecast 90 cents per share on $13.85 billion in revenue. Autodesk — Autodesk fell roughly 7% a day after the software company issued lower-than-expected fiscal fourth-quarter earnings guidance. The company now expects earnings per share of between $1.91 and $1.97, below estimates of $2.01 per share, according to LSEG. Elsewhere, Piper Sandler downgraded Autodesk to neutral on Wednesday, noting that “it may take time to build investor confidence” in the company’s growth outlook. Nvidia — Stock in the chipmaker slipped more than 2% after the company said export restrictions to countries including China could hamper sales in the fiscal fourth quarter. Late Tuesday, Nvidia posted better-than-expected fiscal third-quarter earnings . Nvidia posted adjusted earnings of $4.02 per share on $18.12 billion in revenue, while analysts polled by LSEG expected earnings of $3.37 per share and $16.18 billion in revenue. Carniva l, American Airlines — A slate of travel stocks rose Wednesday as oil prices slid. The West Texas Intermediate contract for January dropped below $75 a barrel. Shares of Carnival added 2%, while American Airlines and United Airlines jumped 1.4% and 1%. Norwegian Cruise Line shares added 0.3%. — CNBC’s Michelle Fox, Alex Harring, Jesse Pound and Darla Mercado contributed reporting. This post has been syndicated from a third-party source. View the original article here.
