Check out the companies making headlines in midday trading. CrowdStrike — The cybersecurity company surged more than 15% after topping Wall Street’s quarterly estimates and issuing strong guidance. CrowdStrike reported adjusted earnings of 95 cents per share on $845 million in revenue. Management also reiterated its plan to reach $10 billion in annual recurring revenue by 2030. JD.com — The Chinese e-commerce platform surged nearly 19% after posting a quarterly revenue increase. The company also launched a $3 billion share purchase program, scheduled to begin this month, which will last until March 2027. Nordstrom — Shares plummeted 14% after the department store chain issued a muted outlook for 2024. Nordstrom expects full-year revenue to range between a 2% decline and a 1% gain in comparison to last year. Thor Industries — Shares plunged 11% after the recreational vehicle maker posted quarterly revenue that disappointed expectations. In its second quarter, Thor Industries reported revenue of $2.21 billion, weaker than the FactSet consensus estimate of $2.27 billion. Foot Locker — Shares tumbled 27.6% after the sneaker retailer reported a loss for the fourth quarter and issued weak guidance for the current year. Foot Locker expects full-year adjusted earnings per share to come in between $1.50 and $1.70, versus estimates of between $1.40 and $2.30, per LSEG, formerly known as Refinitiv. The company also said the profitability goal it laid out in March 2023 will be delayed two years. HashiCorp — Shares jumped 10.8% after HashiCorp posted a beat in its latest quarterly results. The software company reported fourth-quarter adjusted earnings of 5 cents per share on revenue of $156 million. Analysts surveyed by LSEG had expected earnings per share of 1 cent on revenue of $149 million. Bank stocks — Bank stocks fell as a group following a Reuters report , citing industry sources, saying U.S. regulators are anticipated to “significantly reduce” the capital banks must have on hand to handle potential losses. Shares of PNC Financial Services Group dropped 3%, while Northern Trust slid 5.4%. Morgan Stanley dropped 3%, while M & T Bank fell 1.3%. Couchbase — Shares gained 3.4% after the cloud database service company posted quarterly results that topped estimates. Couchbase reported fourth-quarter non-GAAP per-share loss of 6 cents, narrower than the loss of 14 cents per share anticipated by analysts polled by FactSet. Revenue of $50.1 million also topped the $46.6 million consensus estimate. Coinbase Global — Shares added more than 6% as crypto prices rose . Bitcoin was higher by 6% on Wednesday after reaching a new intraday record Tuesday. Ether jumped to its highest level since January 2022. ChargePoint Holdings — Shares plunged more than 9% after the electric vehicle charging station company issued disappointing guidance. ChargePoint anticipates first-quarter revenue in the range between $100 million and $110 million, below the $126.6 million expected by analysts polled by FactSet. ChargePoint, which is down 22% already this year, was last trading below $2 a share. Box — Shares jumped more than 6% after the cloud content management company beat quarterly earnings expectations. Box posted fourth-quarter earnings of 42 cents per share, topping the forecast 38 cents in earnings per share from analysts polled by LSEG. Revenue of $263 million came in line with expectations. Separately, Box said it’s integrating a new large language model with Microsoft’s Azure OpenAI Service. GitLab — Shares jumped 6.8% after Wolfe upgraded GitLab to outperform from peer perform , saying it sees “significant upside” for the software company. GitLab is down 0.1% this year, underperforming the broader market. Brown-Forman — Shares dropped 9.7% after Brown-Forman, the spirits and wine company behind Jack Daniel’s, lowered its annual organic net sales forecast. Guidance for the full year ending April 2024 was revised down to flat from prior guidance of 3% to 5% growth, signaling pressure from higher commodities prices. Palantir Technologies — Shares rallied 8.9% after the software platform builder received a $178.4 million contract from the U.S. Army to develop 10 artificial intelligence-powered ground stations as part of a project called TITAN, or Tactical Intelligence Targeting Access Node. Target — Shares rose 3.8% on Wednesday, adding to gains from Tuesday’s session when the big-box retailer closed 12% higher following strong quarterly results. Wall Street firms HSBC and Deutsche Bank upgraded Target to buy after the earnings results. Super Micro Computer — Shares jumped 4.2% after Argus initiated coverage of the data center company with a buy rating, saying Super Micro Computer is “primed for multiple years of strong top-line growth, margin expansion, and EPS acceleration.” Tesla — Shares declined 2.7% after Morgan Stanley analyst Adam Jonas, a noted Tesla bull, cut his price target for the EV maker. He said Tesla could lose money in the coming quarters, citing competition from hybrid cars. Abercrombie & Fitch — Shares slid 1.3% even after the apparel retailer beat expectations on the top and bottom lines in its latest quarterly results. Abercrombie & Fitch posted fourth-quarter earnings of $2.97 per share on revenue of $1.45 billion. Analysts polled by LSEG were expecting earnings per share of $2.83 on revenue of $1.43 billion. Oddity Tech — Shares fell more than 7% even after the consumer tech company beat expectations on the top and bottom lines in its most recent results, and issued stronger-than-expected first-quarter and full-year guidance. Oddity Tech reported fourth-quarter adjusted earnings of 17 cents, more than the FactSet consensus estimate of 9 cents in earnings per share. Revenue of $97.2 million surpassed the $85.9 million estimate. — CNBC’s Michelle Fox, Lisa Kailai Han, Hakyung Kim, Pia Singh and Samantha Subin contributed reporting.
Read the full article here