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Midday movers: Target, Lululemon and ViaSat fall; TJX rises

Published 05/22/2024, 07:36 AM
Updated 05/22/2024, 12:01 PM
© Reuters

(Updated - May 22, 2024 11:58 AM EDT)

Investing.com -- U.S. stock futures were mixed Wednesday, ahead of the release of the keenly-awaited minutes from the last Federal Reserve policy meeting and results from AI bellwether Nvidia (NASDAQ:NVDA).

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

  • Target (TGT) stock fell 7% after the retailer forecast current-quarter comparable sales and profit largely below expectations after weak discretionary spending dented its first-quarter results.

  • Nvidia (NVDA) stock fell 0.5%, steadying ahead of the tech giant's quarter earnings after rising more than 3% over the past two days.

  • Urban Outfitters (NASDAQ:URBN) fell over 4% despite the clothing retailer beating expectations on the top and bottom line in its latest quarter. Concern about growth at its namesake banner weighed on the stock.

  • Toll Brothers (NYSE:TOL) (TOL) stock fell 8% despite the housebuilder raising its full-year delivery guidance, as results failed to impress Wall Street given high expectations.

  • Lululemon Athletica (NASDAQ:LULU) (LULU) stock dropped 3.9% after the athletic apparel retailer announced the departure of Chief Product Officer Sun Choe.

  • Amazon (NASDAQ:AMZN) stock rose 0.4% after the tech giant announced that its cloud computing unit AWS will invest around $17 billion in data centres in northern Spain, significantly boosting its expansion plan in the country.

  • ViaSat (NASDAQ:VSAT) (VSAT) stock fell 17% after the communications company’s quarterly net loss grew to $90 million, up from $62 million in the same period last year.

  • PDD Holdings (PDD) stock rose 2% after the company beat first-quarter revenue estimates, powered by strong adoption of its international shopping site, Temu, and as Chinese domestic discount e-commerce platform Pinduoduo (NASDAQ:PDD) attracted more price-conscious customers.

  • Analog Devices (NASDAQ:ADI) (ADI) stock rose 8% after the semiconductor forecast third-quarter revenue above expectations, helped by a rise in demand for its automotive and industrial chips after a prolonged slump.

  • First Solar (NASDAQ:FSLR) rose 13%, hitting a 52-week high, amid a surge in solar stocks. SunPower (NASDAQ:SPWR), Canadian Solar (NASDAQ:CSIQ), SolarEdge Technologies (NASDAQ:SEDG), Enphase Energy (NASDAQ:ENPH), Array Technologies Inc. (ARRY) and Sunrun (NASDAQ:RUN) were all higher. Invesco Solar ETF (TAN) rose 9%.

  • TJX Cos. (NYSE:TJX) rose 6% after reporting first quarter results that topped expectations.

Additional reporting by Louis Juricic

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