Midday movers: Nvidia, Walgreens, Palo Alto Networks and Teladoc fall

investing.com:

(Updated — February 21, 2024 11:16 AM EST)

Investing.com — Main U.S. indexes fell Wednesday as investors digested a raft of corporate earnings ahead of the release of the minutes of the latest Federal Reserve meeting.

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

Nvidia (NASDAQ:NVDA) stock fell 2.1% ahead of the release of quarterly earnings from the artificial intelligence chipmaking giant, in a sign that traders may be balking at the firm's expensive valuation.

Walgreens Boots Alliance (NASDAQ:WBA) stock fell 3.5% after the U.S. pharmacy chain operator lost its spot on the Dow Jones Industrial Average to Amazon (NASDAQ:AMZN), up 1%, after nearly three years on the blue-chip stock index.

Palo Alto Networks (NASDAQ:PANW) stock fell 27% after the cybersecurity firm reported current-quarter guidance on Tuesday that missed estimates, with clients carefully watching their expenditure. Peers CrowdStrike (NASDAQ:CRWD), Fortinet (NASDAQ:FTNT) and Zscaler (NASDAQ:ZS) were also lower.

Teladoc (NYSE:TDOC) stock fell 25% after the healthcare company offered up disappointing first-quarter guidance, warning that the market for virtual-healthcare services is getting saturated.

SolarEdge Technologies (NASDAQ:SEDG) stock fell 15% after the company provided weak guidance for the first quarter, as the residential solar market continues to face headwinds from high interest rates and depressed demand.

Analog Devices (NASDAQ:ADI) stock rose 1.9% after it slightly beat expectations with its first-quarter results.

HF Sinclair (DINO) stock fell 1.5% after the oil refiner’s gross refining margin fell in the fourth quarter, even though it beat profit expectations, helped by healthy refining margins and resilient fuel demand.

HSBC (HSBC)