Alibaba's and Nvidia's stocks rise, Domino's and Dollar General shares fall, and other stocks on the move
By Steve Goldstein
EV makers Nvidia and Lucid, and Moderna and eBay, see their shares falls after quarterly results
Here are some of the most prominent stocks moving Thursday, at a time the broader stock market is enjoying healthy gains.
Nvidia shares (NVDA) soared 14.3% in morning trading, enough to pace the S&P 500 index's gainers, as the microchip maker guided for first-quarter sales above Wall Street estimates and indicated that it's reduced excess inventories in gaming. "After several quarters of undershipping end demand to flush out excess inventories, [gaming] channel inventories are now at normalized levels and the team is shipping to consumption levels," said analysts at JPMorgan.
Among other earnings gainers, Alibaba Group Holding Ltd.'s stock (9988.HK) rose 2.4% in active trading after the China-based internet giant reported fiscal third-quarter earnings that beat expectations, and Planet Fitness Inc. shares (PLNT) jumped 4.9% after profit at the gym operator more than doubled to beat expectations.
Meanwhile, Etsy shares (ETSY) had rallied as much as 2.8% intraday, after the online arts and crafts retailer's sales outlook topped Wall Street estimates, but they reversed course to fall 3.0% in morning trading. .
Domino's Pizza Inc. shares (DPZ) lost 10.5% to lead the S&P 500's losers after the pizza chain reported fourth-quarter revenue that missed Wall Street's projections, while Moderna Inc.'s stock (MRNA) slumped 7.1% to be the second-biggest decliner after the biotechnology company missed profit expectations amid a steep decline in COVID vaccine sales.
Among other S&P 500 decliners after earnings reports, eBay Inc. shares (EBAY) shed 6.5% after a downbeat profit outlook, and Dollar General shares (DG) slid 4.9% after the discount retailer cut its profit and sales outlook.
Among electric vehicle makers, Nikola Corp.'s stock gave up 6.4% after fourth-quarter revenue came up well short of forecasts, and Lucid Group Inc.'s stock (LCID) tumbled 17.1% after the company's delivery forecast came in well below Wall Street estimates.
Elsewhere, Unity Software Inc. shares (U) dropped 16.1% after the game-engine and app-monetization company guided for weaker sales than forecast, Rackspace Technology Inc. shares (RXT) shot up 10.2% after the cloud-computing company beat adjusted profit and revenue expectations for the fourth quarter and Five9 Inc. shares (FIVN) shed 12.9% after the cloud software company reported a widening fourth-quarter loss.
(END) Dow Jones Newswires
February 23, 2023 10:54 ET (15:54 GMT)
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