Check out the companies making headlines in midday trading: Nordstrom — The retail stock fell 8.1% after CEO Eric Nordstrom said the company’s sales have been slowing since late October. Nordstrom’s third-quarter sales of $3.46 billion certainly beat the LSEG consensus of $3.35 billion. HP — The PC maker’s stock fell more than 11%, heading for its worst session since 2020 following a weaker-than-expected earnings outlook. HP said it expects earnings, excluding items, to be in the range of 70 cents to 76 cents per share, compared with FactSet’s forecast of 85 cents per share. Urban Outfitters — Shares rose 18.3% after the company reported third-quarter adjusted earnings of $1.10 per share, beating the 86 cents expected by analysts surveyed by LSEG. Revenue also exceeded expectations, coming in at $1.35 billion versus the consensus estimate of $1.34 billion. Dell Technologies — Shares of the PC maker fell 12.3% after the company reported a revenue shortfall and expected fourth-quarter sales and profits to fall below Wall Street expectations. Dell’s stock had soared 86% in 2024 before Tuesday night’s earnings report, as investors view the company as one of the most important companies selling tools and systems for artificial intelligence developers. Crypto stocks — Stocks tied to the price of Bitcoin rose in intraday trading as the cryptocurrency climbed towards $100,000 after falling 10% earlier this week. Cryptocurrency exchange Coinbase rose 6%, while Bitcoin agency MicroStrategy rose 9.9%. Robinhood rose more than 3%. CrowdStrike — The cybersecurity stock fell 4.6% after the company’s guidance was slightly lighter than expected. CrowdStrike expects fourth-quarter earnings of 84 cents to 86 cents per share, compared with analysts’ expectations of 86 cents per share, according to LSEG data. CEO George Kurtz said on a conference call with analysts that he expects new annual recurring revenue to increase in the second half of 2025, which is further out than some investors had expected. He said it might be possible. Ambarella — Shares rose 5.9% as the semiconductor design company reported an upbeat outlook for the fourth quarter. Ambarella expects sales of $76 million to $80 million, while analysts surveyed by LSEG expected $69 million. Ambarella’s third-quarter adjusted profit and sales also exceeded analyst expectations. Workday — Shares fell 6.2% after the human resources software company issued a weaker-than-expected outlook for the fourth quarter. The company expects subscription revenue to be $2.025 billion and adjusted operating margin to be 25%. However, analysts surveyed by StreetAccount expected subscription revenue of $2.04 billion and a profit margin of 25.5%. Autodesk — The software company pulled back more than 8% after its fourth-quarter outlook fell short of analysts’ expectations. Autodesk expects earnings per share, excluding items, of $2.10 to $2.16 and revenue of $1.623 billion to $1.638 billion. Analysts surveyed by LSEG had expected earnings of $2.12 per share on revenue of $1.62 billion. Autodesk also appointed Janesh Moorjani as chief financial officer, effective December 16. SolarEdge Technologies — The clean energy stock rose 8.5% after the company shut down its energy storage unit. SolarEdge also announced it would cut 500 jobs, or about 12% of its workforce. Stock prices will fall by about 84% in 2024. SYMBOLIC — Robot stock fell 35.9% after the company reported an accounting error that led to 10,000 late filings. Symbotic also lowered its first-quarter outlook for errors related to cost overruns. —CNBC’s Yun Lee, Tanaya Machel, Michelle Fox, Jesse Pound, Samantha Subin and Sean Conlon contributed reporting.
JWN, DELL, SEDG, etc.
