Stocks making the biggest moves midday: Nordstrom, Dell, SolarEdge Technologies and more
Check out the companies making headlines in midday trading: Nordstrom — The retail stock fell 10% after CEO Erik Nordstrom said the company has seen a slowdown in sales, starting in late October. Nordstrom’s third-quarter revenue of $3.46 billion did come in above the $3.35 billion LSEG consensus. HP — Shares of the PC maker shed 13% and headed for their worst session since 2020 on weaker-than-expected earnings guidance. HP said it expects earnings, excluding items, to range between 70 cents per share and 76 cents per share, versus a FactSet estimate of 85 cents per share. Urban Outfitters — The stock jumped 14% after the retailer reported adjusted earnings of $1.10 per share for the third quarter, topping the 86 cents expected by analysts polled by LSEG. Revenue also beat expectations, coming in at $1.35 billion versus the $1.34 billion consensus estimate. Dell Technologies — The PC maker saw shares plunge 13% after the firm reported a revenue miss and forecast fourth-quarter revenue and earnings below Wall Street expectations. Before Tuesday evening’s earnings report, Dell shares had skyrocketed 86% in 2024 as investors saw the firm 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 midday trading as the cryptocurrency climbed back toward $100,000, following a 10% drop earlier this week. Crypto exchange Coinbase edged higher by more than 1.5%, while bitcoin proxy MicroStrategy advanced 6%. Robinhood gained more than 3%. CrowdStrike — The cybersecurity stock ticked down 5.9% on slightly lighter-than-expected guidance from the company. CrowdStrike forecasts between 84 cents and 86 cents in earnings per share in the fourth quarter, while analysts had expected 86 cents per share, according to LSEG data. CEO George Kurtz said on an analyst call that the company expects net new annual recurring revenue to pick up in the back half of 2025, which may be further away than some investors were expecting. Ambarella — Shares advanced 5.6% after the semiconductor design company gave an upbeat outlook for the fourth quarter. Ambarella is looking for revenue to come in between $76 million and $80 million, while analysts surveyed by LSEG had anticipated $69 million. Ambarella’s third-quarter adjusted earnings and revenue also beat analysts’ expectations. Workday — Shares dropped 7% after the human resources software company issued weaker-than-expected guidance for the fourth quarter . The company expects $2.025 billion in subscription revenue and an adjusted operating margin of 25%. However, analysts polled by StreetAccount expected $2.04 billion in subscription revenue and a margin of 25.5%. Autodesk — The software company pulled back more than 8% after its fourth-quarter guidance missed analysts’ estimates. Autodesk expects earnings per share to be between $2.10 and $2.16, excluding items, and revenue of $1.623 billion to $1.638 billion. Analysts surveyed by LSEG were looking for earnings of $2.12 per share on $1.62 billion in revenue. Autodesk also appointed Janesh Moorjani as its chief financial officer, effective Dec. 16. SolarEdge Technologies — The clean energy stock jumped 15% after the company shuttered its energy storage division. SolarEdge also announced it would cut 500 jobs, or around 12% of its staff. The stock is down around 84% in 2024. Symbotic — The robotics stock tumbled 38.9% after the company reported accounting errors that led to the delay of its 10K filing. Symbotic also lowered its first-quarter guidance on the errors related to cost overruns. — CNBC’s Yun Li, Tanaya Macheel, Michelle Fox, Jesse Pound, Samantha Subin and Sean Conlon contributed reporting.
