Stocks declined Thursday as Wall Street took a breather from a rally that has extended in November following soft U.S. inflation data.
These stocks were making moves Thursday:
Walmart
(WMT) reported third-quarter earnings that beat analysts’ estimates and raised fiscal-year guidance. But the stock was falling, down 7.5%, after the outlook from the world’s largest retailer disappointed.
U.S.-listed shares of
Alibaba
(BABA) were falling 9.4% after the Chinese e-commerce and cloud-computing company reported fiscal second-quarter earnings that were better than expected but warned that U.S. export controls on advanced computer chips, expanded in October, “may materially and adversely affect Cloud Intelligence Group’s ability to offer products and services and to perform under existing contracts.”
Alibaba
revealed it wouldn’t be spinning off the cloud division as planned.
Cisco Systems
(CSCO) reported fiscal first-quarter adjusted earnings that beat analysts’ estimates but the networking-equipment maker reduced its outlook for the fiscal year and the stock was tumbling 12%. The company said it expects adjusted profit for fiscal 2024 of $3.87 to $3.93 a share, down from a previous projection of $4.01 to $4.08 a share, and said it sees revenue of $53.8 billion to $55 billion, below its prior forecast of $57 billion to $58.2 billion.
Cisco
cited a slowdown in product orders.
Palo Alto Network
s (PANW) reported fiscal first-quarter earnings and revenue that beat Wall Street estimates and raised its adjusted earnings outlook for the fiscal year, but the stock was falling 6.9% after the cybersecurity company reduced guidance for total billings. For fiscal 2024,
Palo Alto
said it expects billings of $10.7 billion to $10.8 billion, an increase of 16% to 17% from a year earlier but below consensus of $10.96 billion.
Macy’s
(M) reported third-quarter adjusted earnings of 21 cents a share, beating analysts’ estimates, while sales of $4.86 billion also topped forecasts. Shares rose 7.3%.
Plug Power
(PLUG) declined 8.7% to $3.97 after shares of the hydrogen-technology company were downgraded to Neutral from Buy at
Citi.
The price target was reduced to $5 from $12.50. Analyst Vikram Bagri wrore in a research note that “subpar execution has led the company into liquidity challenges.”
Maxeon Solar Technologies
(MAXN) reduced its revenue guidance for the fiscal year a second time and reported a third-quarter loss that wider than a year earlier. The stock fell 14%.
Intel
(INTC) was rising 3.2% to $41.90 after the chip maker was upgraded to Buy from Neutral at
Mizuho
and the price target on the stock was raised to $50 from $37. In a research note, analysts at Mizuho said they believe the company is “lining up significant new server product launches and foundry customer announcements in the next six months.”
Crispr Therapeutics
(CRSP) was up 4.8% after U.K. regulators Thursday approved a CRISPR gene-edited therapy to treat sickle cell disease and beta thalassemia. Crispr and partner
Vertex Pharmaceuticals
(VRTX) said the approval marked the first time the therapy had been authorized.
Write to Joe Woelfel at [email protected]
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