Midday movers: Walmart, Macy's, Alibaba, Cisco and more
Investing.com — U.S. stocks were falling as the steam ran out of their recent rally after Walmart's cautious outlook on consumer spending.
Here are some of the biggest U.S. stock movers today:
Walmart (NYSE:WMT) stock fell 7.4% after the retail giant warned about the pressure on consumers heading into the important holiday season, offsetting a profit and sales beat for the third quarter.
Macy’s (NYSE:M) stock rose 4.5% after the department store chain reported a big fiscal third-quarter profit beat, helped by an improvement in margins, and nudged up its full-year outlook.
Alibaba (NYSE:BABA) ADRs dropped 9.4% after the Chinese e-commerce giant decided not to go ahead with a full spin-off of its key cloud unit, citing the impact of enhanced U.S. controls on exports of advanced computing chips and semiconductor manufacturing equipment to China.
Cisco (NASDAQ:CSCO) stock slumped 11.4% after the tech company cut its full-year revenue and profit forecasts in a sign that demand for its networking equipment was slowing.
Palo Alto Networks (NASDAQ:PANW) stock fell 5.8% after the cybersecurity company issued second-quarter and full-year billing guidance below estimates after posting solid first-quarter results.
Bath & Body Works (NYSE:BBWI) stock fell 6.3% after the retailer lowered its annual sales forecast on signs of slowing demand ahead of the crucial holiday season.
Catalent (NYSE:CTLT) stock fell 1.1% after Baird upgraded its stance on the pharmaceutical company to ‘outperform’ from ‘neutral’, saying its valuation was now attractive.
Eli Lilly (NYSE:LLY) stock fell 0.9% after Reuters reported that the U.S. pharmaceuticals company plans to build a new plant in western Germany.
--Peter Nurse contributed to this report
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