The Stocks Making the Biggest Moves Ahead of Nvidia Earnings – Midday Movers

The stock market trades at noon below. The S&P 500 is down 0.5% and the tech-heavy Nasdaq Composite is down 1%. The Dow Jones Industrial Average fell 0.3 percent, while the Russell 2000 fell 0.6 percent.

Trending Stocks:

All Mag 7 stocks are down at noon. Nvidia (NVDA) lost 2% ahead of the chip giant’s Q2 earnings report, which is expected to be released this afternoon.

Related: Analyst Resets Nvidia Share Price Target Ahead of Earnings

Super Micro Computer falls 23% after a delay in filing its annual report and a short position by Hindenburg Research. Coinbase fell 4% as the price of Bitcoin fell below $60,000.

In the retail sector, Nordstrom added 5% on a rise in earnings and improved guidance, while Bath & Body Works traded 5% lower after weak financial results. Lululemon fell nearly 5% ahead of its earnings on Thursday.

Nordstrom raised the lower end of its full-year guidance.

Brandon Bell/Getty Images

S&P 500 Big Stocks Today

Five S&P 500 stocks making big midday moves are:

• Islet Corp (Podda) +5.1%
• Vertex Pharmaceuticals Inc + (VRTX) +2.4%
• Bristol-Myers Squibb Co (BMY) +2.3%
• Gilead Sciences Inc (GILD) +2.3%
• Bio Rad Laboratories Inc (BIO) +2.3%

The five worst-performing S&P 500 stocks with the biggest midday declines are:

• Super Micro Computer Inc (SMCI) -23.4%
• Bath & Body Works Inc (BBWI) -6.5%
• JM Smucker Co (SJM) -5.%
• Lululemon Athletica Inc (LULU) -4.6%
• Micron Technology Inc (MU) -3.9%

Also noteworthy stocks with significant moves include:

• Nvidia (NVDA) -2%
• Coinbase (CURRENCY) -3.7%
• Amazon (AMZN) -1.4%
• Apple (AAPL) -0.2%
• Nordstrom (JWN) +4.8%

Nordstrom moves higher after earnings

Nordstrom added 5% after the retailer issued an earnings and outlook update.

For the three months ended Aug. 3, the retailer earned 96 cents per adjusted share, beating analysts’ expectations of 71 cents. Revenue of $3.89 billion was unchanged from the forecast of $3.88 billion.

Related: Target strategy prevails as Macy’s spirals with opposite plan

The company also raised the lower end of its full-year guidance. Nordstrom anticipates fiscal 2024 earnings of $1.75 to $2.95 per share, up from its previous forecast of $1.65 to $2.05.

“The solid sales growth at nordstrom.com was driven by an increase in our assortment across a balance of price points, improvements to search and discovery, and high inventory rates of our fastest-turning items,” a CEO Erik Nordstrom said on the earnings call.

Super Micro Computer crashes from missing seller report

Super Micro Computer stock was down 23% at midday after a double-kill of a 10-K delay and a short-seller warning.

The company said Wednesday it will delay its annual report on Form 10-K for the fiscal year ending June 30.

“SMCI cannot submit its Annual Report within the prescribed time period without unreasonable effort or expense. Additional time is needed for SMCI management to complete the evaluation of the design and operating effectiveness of its internal controls over financial reporting beginning June 30, 2024,” the company said in a statement.

On Tuesday, Hindenburg Research revealed a short position in the company, calling it a “serial repeat offender” in a report.

Related: Short seller reveals Super Micro stock in latest report

“It has benefited in its capacity as an early adopter, but it still faces significant accounting, governance and compliance issues and offers an inferior product and service that is now being eroded by more credible competition,” Hindenburg Research said, ” In addition to accounting issues and sanctions evasion, competition and quality. concerns have led to major companies abandoning Super Micro altogether or reducing their weight.”

SMCI shares have lost more than 40% in the past month.

Bath & Body Works falls under poor guidance

Shares of Bath & Body Works lost 5% after the company posted poor revenue and outlook.

Related: Analysts Reset Ulta Share Price Targets After Warren Buffett Buys

For the quarter ended Aug. 3, the company reported adjusted earnings of 37 cents per share on revenue of $1.53 billion, just slightly beating analysts’ expectations for earnings of 36 cents per share on revenue of $1.54 billion of dollars.

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“As we look forward to the remainder of the year, we are taking a cautious approach to our outlook and adjusting our guidance for the full year given the more turbulent macroeconomic environment and sales trends in the first half of the year.” CEO Gina Boswell said in a press release.

The company expects sales for fiscal 2024 to fall between 2% and 4%, while analysts expect a 1.7% decline.

Related: Veteran fund manager sees world of pain coming for stocks