Midday movers: Nvidia, Deere, HP and more
(Updated - November 22, 2023 12:36 PM EST)
Investing.com – Main U.S. indexes rose Wednesday, rebounding after the previous session’s weakness in the wake of minutes from the Federal Reserve’s last meeting which suggested interest rates could stay elevated for longer. Volume slowed ahead of the Thanksgiving holiday on Thursday.
Nvidia (NASDAQ:NVDA) stock declined 2% after the world's largest semiconductor manufacturer warned of a downturn in sales at its China business in the wake of expanded U.S. export controls to the country, but said the impact would be offset by solid growth in other regions.
Deere&Company (NYSE:DE) stock fell 4% after the world’s largest farm equipment maker forecast 2024 profit below estimates as high borrowing costs and squeezed budgets dented demand for farm equipment.
HP (NYSE:HPQ) stock climbed 3% after the PC manufacturer forecast first-quarter profit below estimates but maintained annual earnings outlook, a sign that demand in the personal computers market is still recovering.
Autodesk (NASDAQ:ADSK) stock fell 5% after the design software company saw total billings fall by 11% in the third quarter, while cash flow from operating activities and free cash flow both saw significant decreases on an annual basis.
Urban Outfitters (NASDAQ:URBN) stock fell 9% despite the apparel retailer posting better-than-expected sales and profits for the third quarter, although sales fell at its namesake brand.
Guess (NYSE:GES) stock slumped 8% after the apparel company reported disappointing third-quarter results.
Burlington Stores (NYSE:BURL) stock rose 3.7% after the off-price department store retailer reported strong earnings, with November also off to a “solid” start.
Clorox (NYSE:CLX) stock rose 1% after JPMorgan upgraded its stance on the household goods manufacturer to ‘neutral’ from ‘underweight’, seeing improvement in tracked channel demand.
Reynolds Consumer Products (NASDAQ:REYN) stock fell 2.5% after JPMorgan downgraded the packaging company to ‘neutral’ from ‘overweight’, citing a “sharp deterioration” in its Hefty tableware business.
Exxon Mobil (NYSE:XOM), Occidental Petroleum (NYSE:OXY), EOG Resources (NYSE:EOG) and Schlumberger (NYSE:SLB) shares declined between 1% and 2% as crude oil prices slumped over 4% after OPEC+ delayed a meeting on output because of a disagreement over oil production. Diamondback Energy (Nasdaq: NASDAQ:FANG) and Devon Energy (NYSE:DVN) were also lower.
Additional reporting by Louis Juricic
Related Articles
Midday movers: Nvidia, Deere, HP and more
Analysis-British tax cut spells trouble in store for next government
OpenAI's Tumultuous Saga Ends with Altman's Triumphant Return as CEO
