Check out the companies making headlines in the midday trading: NVIDIA – The manufacturer of the graphics processing unit slipped over 1% after data center revenue fell below quarter estimates. However, Nvidia recorded its second quarter revenue and revenue beats. HORMEL – Food company stocks have fallen more than 13% to a 52-week low after warning that current quarterly profits will be lower than expected as they are working to increase product costs. In the fourth quarter, Hormel expects to make between 38 cents and 40 cents per share. This is significantly below the analysts surveyed by LSEG expectations at 49 cents per share. Best Buy – E-retailer stocks fell nearly 6% after sticking to annual sales and profit forecasts, despite the latest quarterly results outperforming estimates. Best Buy cited uncertainty regarding the impact of tariffs later in the year for conservative guidance. Retailers also fire workers to adapt to new consumer patterns. Pure Storage – Stocks rose over 30%, following beats at the data management company’s top line and bottom line. Pure Storage adjusted revenue for the second quarter was 43 cents per share, exceeding the 39 cents expected by analysts voted by LSEG. The revenue was $861 million, a consensus estimate of $847 million. Urban Outfitters – The stock fell 10% despite apparel retailers posting second-quarter revenues at $1.58 per share, while analysts voted by FactSet were expecting $1.48. Urban Outfitter’s $1.5 billion revenue was higher than Factset’s $1.48 billion consensus. 5 or less – Discount retailers jumped nearly 5% after posting second quarter revenue and revenue beats. The following five also forecast third quarter revenue and revenue that exceed analyst expectations. Additionally, the company raised both revenue and revenue guidance for the third quarter and fiscal year. Snowflake – Snowflake shares rose 18% after data cloud and artificial intelligence companies posted second-quarter adjusted revenues at $1.14 billion against revenues of 35 cents per share. Analysts voted by LSEG were expecting earnings of 27 cents per share and revenues of $1.09 billion. The company also raised product revenue guidance for the fiscal year. Stocks of rival Datadog also rallied on the news, rising 6% at noon. NetApp – Shares rose almost 3% after Intelligent Data Infrastructure Company’s first quarter revenue of $1.55 per share, just one cent above what LSEG voted for analysts did with pencils. NetApp’s $15.6 billion revenues barely beat the expected $15.5 billion. NetApp’s forward outlook was in line with forecasts. Cloud Strike – Cybersecurity providers rose 3% after quarter results surpassed Wall Street estimates. CrowdStrike also forecasts third quarter revenues to be between $12.1 billion and $1.22 billion, with the LSEG consensus estimate of $1.23 billion. Nutanix – Cloud computing inventory fell 7% despite earning fourth quarter revenue and revenue beats. Nutanix expects its current four-quarter revenue to be between $670 million and $680 million, but LSEG estimates require $679 million. Cooper Company – Stock in Global Medical Device Company fell 12% after Cooper Company issued disappointing fourth quarter revenue guidance. According to Factset, Cooper companies expect revenue in the fourth quarter in the range of $1.049 billion to $1.069 billion. Dick’s Sporting Goods – Stocks fell 5%. However, retailers beat expectations for both lines in the second quarter and hiked the full year outlook. Bath & Body Works – After adjusting its second-quarter adjusted revenue at 37 cents per share, fragrance and candle retailers fell 8%, missing out on analyst estimates at 38 cents. Bath & Body Work’s $1.55 billion revenue was in line with expectations. – Reported by CNBC’s Lisa Kailay Han, Michelle Fox, Alex Hurling and Sarah Min.
Noon stock making the biggest move: NVDA, PSTG, Snow, HRL
