Stocks traded sharply higher Wednesday as Wall Street awaited earnings from
Nvidia,
which dominates the market for producing chips used for artificial-intelligence projects.
These stocks were making moves Wednesday:
Foot Locker
(ticker: FL) sank 31% after slashing its fiscal-year adjusted earnings outlook to $1.30 to $1.50 a share from earlier guidance of $2 to $2.25.
Nike
(NKE) shares fell 3.5%. The stock was on pace to extend its losing streak to a record 10 days.
Peloton Interactive
(PTON) plunged 25% after the at-home fitness company saw a drop in subscribers and provided a disappointing outlook for its fiscal first quarter.
AMC Entertainment
(AMC) was falling 11% after declining 18% in the previous session. The movie-theater chain said that Thursday would be the last day of trading of AMC Preferred Equity units, also known as APES. APE units will be converted to common stock and result in the trading of a single class of AMC common shares. AMC also is planning a 10-for-1 reverse split of its common stock on Thursday.
Nvidia
(NVDA) was rising 2.3%. Shares of the chip maker set an all-time intraday high on Tuesday but ended the session down 2.8%. The stock has risen 218% in 2023. Analysts are expecting
Nvidia
to report second-quarter earnings of $2.08 a share on revenue of $11.2 billion. Nvidia’s report is scheduled for after the closing bell Wednesday.
Abercrombie & Fitch
(ANF) soared 23% after the retailer’s second-quarter adjusted earnings handily topped estimates.
Apellis Pharmaceuticals
(APLS) was jumping 31% after the biopharmaceutical company issued an update on injection kits that it supplies, and an update on rare events of retinal vasculitis reported in treatment with eye-disease drug Syfovre.
Apellis
said a “causal relationship has not been established between the structural variations in this 19-gauge filter needle and the rare events of retinal vasculitis in the real world.” The company recommended doctors immediately discontinue use of any injection kits that contain the 19-gauge filter needle and instead use kits with the 18-gauge filter needle, which already are in distribution.
Williams-Sonoma
(WSM) rose 13% after the home-furnishings company reported better-than-expected second-quarter earnings.
Grab Holdings
(GRAB) was up 11% after the Singapore-based ride-sharing and food delivery company posted second-quarter revenue that rose 77% from a year earlier.
Super Micro Computer
(SMCI) gained 9.1% to $281.62 after Wedbush analysts raised their recommendation on the manufacturer of information technology solutions to Neutral from Underperform but maintained their price target of $250.
Streaming giant
Netflix
(NFLX) gained 4.7% and was the top performer in the
S&P 500.
Oppenheimer analysts said paid programming and advertising should increase revenue by about 40% through fiscal 2025.
Write to Joe Woelfel at [email protected]
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