SMCI, BRK.A, ANF and more
Check out the companies making headlines in midday trading: Super Micro Computer β Shares shed 26% after the artificial intelligence server company said it would postpone filing its annual 10-K form for the fiscal year that ended June 30. Super Micro Computer said its management requires more time to “complete its assessment of the design and operating effectiveness of its internal controls over financial reporting.” Hindenburg Research revealed a short position in the stock Tuesday. Neurocrine Biosciences β The biopharmaceutical stock plummeted 19%. The company reported positive top-line Phase 2 data for its drug targeting schizophrenia in adults, but investors were concerned over whether the results can be replicated in other trials. Stifel stated in a Wednesday note that “these data are clearly messier than hoped.” Abercrombie & Fitch β The retailer fell 17% after CEO Fran Horowitz warned of an “increasingly uncertain environment,” suggesting the company is bracing for a tumultuous second half of 2024. Separately, the company’s fiscal second-quarter results surpassed estimates, and Abercrombie raised its full-year sales outlook. Chewy β Shares rose around 16% after the pet retailer reported better-than-expected second-quarter results. Chewy posted adjusted earnings before interest, taxes, depreciation and amortization of $144.8 million. Analysts polled by FactSet had expected $111.7 million in EBITDA. AeroVironment β The stock surged 11%. The manufacturer of unmanned aerial vehicles secured a nearly $1 billion contract from the U.S. Army to “provide an organic, stand-off capability to dismounted infantry formations capable of destroying tanks, light armored vehicles, hardened targets, defilade and personnel targets.” Baird also upgraded AeroVironment to outperform from neutral following the news. nCino β The stock dropped 12% after the cloud-based banking platform reported third-quarter guidance that came in below Wall Street expectations. The company expects adjusted third-quarter earnings of 15 cents to 16 cents per share, slightly below to in line with the 16 cents per share that analysts polled by FactSet had expected. The company also expects revenue of $136 million to $138 million, which is below the consensus estimate of $138.6 million. Ambarella β The semiconductor developer’s stock jumped more than 10% after the company posted a third-quarter revenue forecast of between $77 million and $81 million. That is above the $69 million that analysts polled by LSEG were expecting. Ambarella also posted better-than-expected second-quarter results. Foot Locker β Shares plunged around 12% after the retailer missed the Street’s expectations for the second quarter. Foot Locker posted an adjusted loss of 5 cents per share on $1.90 billion in revenue. Analysts had expected a loss of 7 cents per share on $1.89 billion in revenue, per LSEG. Nordstrom β The retailer advanced more than 4% after its second-quarter adjusted earnings beat expectations. Nordstrom also increased the low end of its full-year outlook. The company now expects fiscal 2024 adjusted earnings of $1.75 to $2.05 per share compared to the prior expected range of $1.65 to $2.05 per share. J.M. Smucker β The stock moved around 5% lower after the consumer foods company lowered its full-year guidance. J.M. Smucker now sees earnings of $9.60 to $10 a share for the fiscal year ending April 2025, lower than its previous outlook for $9.80 to $10.20 per share. Bath & Body Works β Shares lost more than 6% after the fragrance seller posted weaker-than-expected revenue for the second quarter. Bath & Body Works posted second-quarter adjusted earnings of 37 cents per share on revenue of $1.53 billion. Analysts had expected earnings of 36 cents per share on revenue of $1.54 billion, according to FactSet. Box β The cloud storage company rallied 8% after posting better-than-expected second-quarter results. Box reported adjusted earnings of 44 cents per share on $270 million in revenue. Analysts surveyed by LSEG had estimated earnings of 40 cents per share on $269 million in revenue. PVH β The company, which owns Tommy Hilfiger and Calvin Klein, fell 7% after it gave a disappointing outlook for the third quarter . PVH said it expects third-quarter adjusted earnings of $2.50 per share, which is substantially lower than the $3.12 per share expected from analysts polled by LSEG. The retailer also forecast that its revenue will decline 6% to 7% from the year-ago period, while analysts called for a 4.6% decline. Kohl’s β The retailer’s shares added 2% after its fiscal second-quarter earnings beat expectations. Kohl’s earned 59 cents per share for the period, above the 45 cents per share that analysts polled by LSEG were expecting. However, the company missed on revenue, posting $3.53 billion compared to the analyst estimate of $3.58 billion. Berkshire Hathaway β Warren Buffett’s conglomerate rose nearly 1%, topping the $1 trillion mark for the first time . It is the first nontechnology company in the U.S. to score the coveted milestone. The $1 trillion threshold was crossed just two days before the “Oracle of Omaha” turns 94 years old. Shares of the conglomerate have rallied 28% this year, significantly outperforming the S & P 500 . β CNBC’s Samantha Subin, Hakyung Kim, Yun Li and Pia Singh contributed reporting.
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