Midday movers: Snowflake slumps, Okta rises, and more
(Updated — February 29, 2024 11:21 AM EST)
Investing.com — Main U.S. indexes rose Thursday, as investors digested more corporate earnings and inflation data that fueled hopes of an interest rate cut from the Fed.
Here are some of the biggest U.S. stock movers today:
Snowflake (NYSE:SNOW) stock slumped 19% after the cloud data analytics company forecast first-quarter product revenue below Wall Street estimates on Wednesday on the expectation that customers would cut back on spending in an uncertain economy.
Best Buy (NYSE:BBY) stock rose 4.6% after the electronics retailer posted a smaller-than-expected drop in quarterly comparable sales, as holiday deals prompted shoppers to buy goods.
Salesforce (NYSE:CRM) stock rose 2% despite disappointing full-year revenue guidance, after the company announced its first ever quarterly dividend and increased its stock buyback program.
Okta (NASDAQ:OKTA) stock soared over 20% after the digital security company issued strong guidance for the current quarter following fourth-quarter results that topped Wall Street estimates.
Boeing (NYSE:BA) stock fell 1.5% after a report said the U.S. Department of Justice is scrutinizing the planemaker's door plug blowout last month.
Alibaba (NYSE:BABA) ADRs fell 0.5% after the Chinese e-commerce giant announced plans Thursday to slash prices across most of its products at its cloud unit, a move that could further cut margins across the industry.
AMC Entertainment (NYSE:AMC) stock slumped 11% after the theater chain posted a bigger-than-expected quarterly loss on higher distribution costs for Taylor Swift and Beyonce concert movies.
WW International (NASDAQ:WW) slumped 22% after the weight-loss services firm said director Oprah Winfrey decided not to
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