Investing.com -- Stocks are falling on Wednesday as negotiations on the debt ceiling dragged on with the deadline swiftly approaching. Here are the market movers for May 24.
Abercrombie&Fitch Company (NYSE:ANF) shares jumped 27% as the specialty retailer reported a surprise profit for the first quarter and a gain in net sales, led by its namesake brand amid a reinvention. Shares of fellow retailer Kohl’s Corp (NYSE:KSS), which operates department stores, also jumped 7.7% after a surprise profit. Petco Health and Wellness Company Inc (NASDAQ:WOOF) shares fell 15% after the pet supply retailer provided weak revenue guidance for the current quarter. It beat expectations for the first quarter. Palo Alto Networks Inc (NASDAQ:PANW) shares rose 7.4% after the cybersecurity firm raised its guidance for profit, sales and billings for the fiscal year. Its third-quarter adjusted profit beat expectations. Intuit Inc (NASDAQ:INTU) shares fell 6.9% after the maker of financial software such as TurboTax reported third-quarter revenue below forecasts. While it raised its outlook for the full fiscal year, it gave a fourth-quarter profit estimate that fell short of expectations.
Sarepta Therapeutics Inc (NASDAQ:SRPT) shares slid 11% after the biotech said the Food and Drug Administration was pushing back a decision date on its muscular dystrophy gene therapy by about a month.