Stocks with the biggest gains at noon: CRWD, PLTR, COIN, BFB | Private Equity Weekly
Take a look at the companies making headlines in midday trading. CrowdStrike — Shares of CrowdStrike soared more than 15% after the cybersecurity company topped Wall Street’s quarterly forecasts and issued strong guidance. CrowdStrike reported adjusted earnings of 95 cents per share on revenue of $845 million. Management also reiterated its plan to reach $10 billion in annual recurring revenue by 2030. JD.com — Shares of JD.com surged nearly 19% after the Chinese e-commerce platform reported quarterly revenue growth. The company also launched a $3 billion stock purchase program scheduled to begin this month and run through March 2027. Nordstrom — Shares of Nordstrom plunged 14% after the department store chain issued a bleak outlook for 2024. Nordstrom expects full-year revenue to grow 1% from a 2% decline compared with last year. Thor Industries — Shares of Thor Industries plunged 11% after the recreational vehicle maker reported quarterly revenue that fell short of expectations. Thor Industries reported second-quarter revenue of $2.21 billion, missing the FactSet consensus estimate of $2.27 billion. Foot Locker — Shares of Foot Locker fell 27.6% after the sneaker retailer reported a fourth-quarter loss and issued weak guidance for the year. Foot Locker expects full-year adjusted earnings per share to be between $1.50 and $1.70, while London Stock Exchange Group (LSEG) expects $1.40 to $2.30. The company also said that the profit target set in March 2023 will be postponed by two years. HashiCorp — HashiCorp shares rose 10.8% after its latest quarterly results beat expectations. 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 of 1 cent per share on revenue of $149 million. Bank stocks – Bank stocks fell collectively after Reuters reported, citing industry sources, that U.S. regulators are expected to “significantly reduce” the capital on hand banks need to deal with potential losses. PNC Financial Services Group shares fell 3% and Northern Trust shares fell 5.4%. Morgan Stanley fell 3% and M&T Bank fell 1.3%. Couchbase shares rose 3.4% after the cloud database services company reported quarterly results that beat expectations. Couchbase reported a fourth-quarter non-GAAP loss of 6 cents per share, below the 14 cents per share loss expected by analysts polled by FactSet. Revenue of $50.1 million also beat the consensus estimate of $46.6 million. Coinbase Global — Shares rose more than 6% as cryptocurrency prices rose. Bitcoin rose 6% on Wednesday after setting a new intraday record on Tuesday. Ethereum jumped to its highest level since January 2022. HallgePoint Holdings — Shares of HallgePoint Holdings plunged more than 9% after the electric vehicle charging station company issued disappointing guidance. ChargePoint expects first-quarter revenue to be between $100 million and $110 million, below the $126.6 million expected by analysts polled by FactSet. ChargePoint shares have fallen 22% this year and were last trading below $2 a share. Box — Shares of Box rose more than 6% after the cloud content management company beat quarterly profit estimates. Box reported fourth-quarter earnings of 42 cents per share, beating the 38 cents per share forecast of analysts polled by London Stock Exchange Group (LSEG). Revenue of $263 million was in line with expectations. In addition, Box said it is integrating the new large-scale language model with Microsoft’s Azure OpenAI service. GitLab — GitLab shares rose 6.8% after Wolf upgraded its performance to outperform from peer rating and said he saw “significant upside” for the software company. GitLab is down 0.1% this year, underperforming the broader market. Brown-Forman — Shares of Brown-Forman, the spirits and wine company behind Jack Daniel’s, fell 9.7% after lowering its annual organic net sales forecast. Guidance for the full year to April 2024 was cut to flat from a previous guidance for growth of 3% to 5%, pointing to pressure from rising commodity prices. Palantir Technologies shares rose 8.9% after the software platform maker secured a $178.4 million contract from the U.S. Army to develop 10 artificial intelligence-powered ground stations as part of the Titan, or Tactical Intelligence Target Access Node, program. . Target — Shares rose 3.8% on Wednesday, extending gains from Tuesday’s session — as the big-box retailer closed up 12% after reporting strong quarterly results. Wall Street firms HSBC and Deutsche Bank upgraded Target to buy following the earnings release. Super Micro Computer – Shares rose 4.2% after Argus issued a buy rating on the data center company and said Super Micro Computer is “positioned for multiple years of strong revenue growth, margin expansion and earnings per share acceleration.” Tesla — Shares fell 2.7% after Morgan Stanley analyst Adam Jonas lowered his price target on the electric car maker. He said Tesla could lose money in the coming quarters, citing competition from hybrid vehicles. Abercrombie & Fitch — Shares of Abercrombie & Fitch fell 1.3% despite the clothing retailer’s latest quarterly results beating expectations. Abercrombie & Fitch reported fourth-quarter earnings of $2.97 per share on revenue of $1.45 billion. Analysts polled by London Stock Exchange Group (LSEG) expected earnings of $2.83 per share on revenue of $1.43 billion. Oddity Tech — Shares of Oddity Tech fell more than 7% despite the consumer technology company’s recent results beating revenue and net income estimates and issuing stronger-than-expected first-quarter and full-year guidance. Oddity Tech reported fourth-quarter adjusted earnings of 17 cents, topping the FactSet consensus estimate of 9 cents per share. Revenue of $97.2 million beat expectations of $85.9 million. —CNBC’s Michelle Fox, Lisa Kailai Han, Hakyung Kim, Pia Singh and Samantha Subin contributed reporting
