Welcome to Extreme Investor Network, where we bring you the latest updates on companies making headlines in the world of finance. Today, we’ll be discussing some major movers and shakers in midday trading.
Super Micro Computer started the day with a 26% drop after announcing a delay in filing its annual 10-K form. Hindenburg Research also revealed a short position in the stock, causing further concern among investors.
Neurocrine Biosciences took a hit, plummeting 19% despite positive Phase 2 data for its schizophrenia drug. Stifel noted that the results were messier than expected, leading to the drop in stock price.
Abercrombie & Fitch fell 17% as CEO Fran Horowitz warned of an uncertain environment ahead. Despite surpassing second-quarter estimates, the company is bracing for a challenging second half of the year.
On the positive side, Chewy saw a 16% increase in shares after reporting better-than-expected second-quarter results. The pet retailer posted impressive EBITDA numbers, surpassing analyst expectations.
AeroVironment surged 11% after securing a nearly $1 billion contract from the U.S. Army. Baird also upgraded the stock to outperform following the news.
nCino, however, saw a 12% drop after reporting third-quarter guidance below Wall Street estimates. The cloud-based banking platform expects adjusted earnings to fall slightly below analyst expectations.
Ambarella jumped more than 10% after forecasting strong third-quarter revenue. The semiconductor developer posted better-than-expected second-quarter results, driving the stock price higher.
Foot Locker shares plunged 12% as the retailer missed second-quarter expectations. Nordstrom, on the other hand, advanced over 4% after beating adjusted earnings estimates and raising its full-year outlook.
J.M. Smucker moved 5% lower after lowering its full-year guidance, while Bath & Body Works lost over 6% due to weaker-than-expected revenue in the second quarter.
Box rallied 8% after posting better-than-expected second-quarter results, and PVH fell 7% following a disappointing outlook for the third quarter. Kohl’s added 2% after beating earnings expectations but missed on revenue estimates.
Lastly, Warren Buffett’s conglomerate, Berkshire Hathaway, crossed the $1 trillion mark for the first time, becoming the first nontechnology company in the U.S. to achieve this milestone. With shares rallying 28% this year, Berkshire Hathaway continues to outperform the S&P 500.
Stay tuned to Extreme Investor Network for more updates on the latest market movers and insightful analysis to help you navigate the world of finance successfully.