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Midday movers: Dell, MongoDB fall; Gap, Zscaler rise

Published 05/31/2024, 07:34 AM
Updated 05/31/2024, 11:42 AM
© Reuters.

(Updated - May 31, 2024 11:39 AM EDT)

Investing.com -- U.S. stock futures declined Friday despite in-line inflation data for April, as disappointing earnings from major tech companies weighed on sentiment.

Here are some of the biggest U.S. stock movers today:

  • Dell Technologies (NYSE:DELL) stock slumped 21% after the technology group unveiled a lower-than-anticipated current-quarter earnings outlook and indicated that higher spending on building out servers to meet artificial intelligence workloads would weigh on full-year margins.

  • Gap (GPS) stock jumped 25% after the apparel retailer raised its full-year sales forecast in fresh signs that its turnaround strategy is starting to work.

  • Nordstrom (NYSE:JWN) stock rose 4% after the department store chain reported a wider-than-expected first-quarter loss, although revenue topped estimates.

  • Zscaler (NASDAQ:ZS) stock rose 6% after the cloud security firm reported strong quarterly earnings and also hiked its guidance.

  • MongoDB (NASDAQ:MDB) (MDB) stock fell 25% after the database software maker issued light guidance for the quarter and reduced its forecast for the full fiscal year.

  • Trump Media & Technology Group (DJT) stock fell 5% after the media and technology company, whose majority owner is Donald Trump, after a New York jury found the former U.S. President guilty in the high-profile hush money trial.

  • Marvell (NASDAQ:MRVL) stock fell 12% after the chipmaker missed expectations for first-quarter revenue, hurt by weak client spending in its wireless carrier and enterprise markets.

  • Costco Wholesale (NASDAQ:COST) stock fell 2% after the warehouse retailer decided against raising membership fees, overshadowing fiscal third-quarter profit, revenue and same-store sales that all beat forecasts.

  • Ambarella (NASDAQ:AMBA) stock rose 20% after the semiconductor design company reported a smaller-than-expected loss for the first quarter of fiscal year 2025 and provided an optimistic revenue outlook for the second quarter.

  • Flutter Entertainment (FLUT) stock rose 1% after the gaming firm announced the departure of group finance chief Paul Edgecliffe-Johnson.

  • Caesars (NASDAQ:CZR) Entertainment (CZR) rose 12% after Bloomberg reported that activist investor Carl Icahn built a sizable stake in the casino company.

  • Veeva Systems (NYSE:VEEV) declined 11% after trimming full year revenue guidance due to concerns about the macro environment.

  • SentinelOne , Inc. (NYSE:S) fell 16% after lowering full year revenue guidance. Analysts remain bullish on the name but said results keep it in the penalty box near term.

Additional reporting by Louis Juricic

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