Salesforce stock buoyed by outlook, Chewy shares slump and other stocks on the move.
By MarketWatch
Cannabis stocks continue to rally on hopes the plant will be rescheduled, Dollar General tanks after earnings
Here are some of the biggest movers of the day:
Stock gainers:
Salesforce Inc.'s shares (CRM) rallied 3.6% following the Dow Jones Industrial Average DJIA component's strong outlook and improved margins two weeks ahead of the customer-relations management software giant's annual confab Dreamforce in San Francisco.
Shares of Okta Inc.(OKTA) surged 12% after the identity-management software company hiked its annual earnings outlook by about a third after feared weak business conditions did not develop.
Shares of Pure Storage Inc. (PSTG) rose 1% after the company reported earnings that topped analyst estimates on the top and bottom line. Pure Storage also offered third-quarter revenue guidance that exceeded analyst forecasts.
UBS' shares (UBS) rose 5%, as the Swiss bank reported a $29 billion profit and said inflows to wealth management have been positive this quarter
Signet Jewelers Ltd.'s stock (SIG) rose 5.9% after the company beat estimates and raised its fiscal-year earnings guidance, citing an uptick in engagements and sales of accompanying rings.
CrowdStrike Holdings Inc.'s stock (CRWD) rose 9.5% after the cybersecurity company posted better-than-expected earnings and upbeat guidance.
Sage Therapeutics Inc.'s stock (SAGE) was up 3%, after it said it is reorganizing its business operations and cutting 40% of its workforce as it gears up for the launch of its postpartum-depression treatment Zurzuvae late this year.
AMC Entertainment Holdings Inc.'s stock (AMC) rose 1%, after the announcement that a Taylor Swift concert movie is coming to theaters in October
Canopy Growth Corp.'s stock (WEED.T) rallied 26% in a continued response to the news that the U.S. Department of Health and Human Services recommended that the Drug Enforcement Administration lower the federal classification of cannabis to Schedule III from Schedule I, where it has been since 1970.
Other cannabis companies also rallied. Tilray Brands Inc.(TLRY) was up 10%, Curaleaf Holdings Inc. was up 20% and Green Thumb Industries Inc. (GTII) was up 18%. The AdvisorShares Pure US Cannabis ETF MSOS was up 21%.
Stock decliners:
Dollar General's stock (DG) tumbled 14% to lead S&P 500 decliners, after the discount retailer posted weaker-than-expected second-quarter earnings and lowered its guidance. Like many rivals, the company reported elevated levels of shoplifting as a factor in its weak performance.
Hormel Foods Corp.'s stock (HRL) slid 1.6% after the parent of Planters, Skippy, Spam and Hormel branded food reported fiscal third-quarter profit and sales that missed expectations and cut its full-year outlook, saying consumers are expected to remain "highly intentional" in their spending.
Lands' End Inc.'s stock (LE) tanked 23%, after the company's second-quarter loss widened from a year ago while revenue fell about 8%.
Shares of Five Below Inc. (FIVE) dropped almost 5% after the retailer said it was tweaking its guidance to account for more "shrink" than anticipated
Chewy shares (CHWY) dropped 11% as the pet products retailer said it expects lower prices amid weaker demand.
Walgreens Boots Alliance Inc. shares (WBA) fell 1.1%, and were headed for their worst monthly performance in more than four years. The drugstore chain and healthcare services company's stock has tumbled 14.6% in August through Wednesday, enough to make it by far the worst month-to-date performer in the Dow.
Palantir Technologies Inc.'s stock (PLTR) tumbled 10%, after Morgan Stanley analyst Keith Weiss cut his rating to underweight, or sell. Of the 18 analysts tracked by the service who cover Palantir's stock, three have buy ratings, six have hold ratings, and nine have sell ratings, according to FactSet data.
VinFast Auto Ltd.'s stock slid 12.5%, after the Vietnamese EV company with a small float continued its recently volatile performance.
-MarketWatch
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August 31, 2023 13:45 ET (17:45 GMT)
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