Here’s a look at the companies making headlines in midday trading: Nordstrom — The retail stock fell 10% after CEO Erik Nordstrom said the company’s sales began to slow in late October. Nordstrom’s third-quarter revenue of $3.46 billion was indeed higher than the LSEG consensus estimate of $3.35 billion. HP – The PC maker’s shares fell 13% and had its worst trading day of 2020 after weaker-than-expected profit guidance. HP said it expected profit excluding items to be between 70 cents and 76 cents per share, compared with FactSet’s estimate of 85 cents per share. Urban Outfitters — Shares of Urban Outfitters rose 14% after the retailer reported third-quarter adjusted earnings of $1.10 a share, above the 86 cents expected by analysts polled by LSEG. Revenue also beat expectations, reaching $1.35 billion, compared with the consensus estimate of $1.34 billion. Dell Technologies — Shares of Dell Technologies plunged 13% after the PC maker reported revenue that missed expectations and forecast fourth-quarter revenue and profit below Wall Street expectations. Dell shares surged 86% in 2024 ahead of Tuesday night’s earnings report, as investors view the company as one of the most important companies selling tools and systems to artificial intelligence developers. Crypto Stocks – Stocks tied to the price of Bitcoin were higher in midday trading, with Bitcoin back towards $100,000 after falling 10% earlier in the week. Cryptocurrency exchange Coinbase rose more than 1.5%, while Bitcoin agency MicroStrategy gained 6%. Robinhood rose more than 3%. CrowdStrike — The cybersecurity stock fell 5.9% as the company’s guidance came in slightly below expectations. CrowdStrike forecast fourth-quarter earnings of 84 cents to 86 cents per share, compared with analysts’ previous forecast of 86 cents, according to LSEG. Chief Executive George Kurtz said on an analyst call that the company expects new annual recurring net income to pick up in the second half of 2025, which may be farther than some investors expect. Ambarella — Shares of Ambarella rose 5.6% after the semiconductor design company gave an upbeat outlook for the fourth quarter. Ambarella expects revenue in the range of $76 million to $80 million, while analysts polled by LSEG expected revenue of $69 million. Ambarella’s third-quarter adjusted profit and revenue also exceeded analysts’ expectations. Workday – Shares of Workday fell 7% after the human resources software company issued weaker-than-expected fourth-quarter guidance. The company expects subscription revenue of $2.025 billion and adjusted operating margin of 25%. However, analysts polled by StreetAccount expected subscription revenue of $2.04 billion and a profit margin of 25.5%. Autodesk — The software company’s fourth-quarter guidance fell short of analysts’ expectations, sending its stock price down more than 8%. Autodesk expects earnings per share to be between $2.10 and $2.16, excluding items, on revenue between $1.623 billion and $1.638 billion. Analysts polled by London Stock Exchange Group (LSEG) expected revenue of $1.62 billion and earnings of $2.12 per share. Autodesk also appointed Janesh Moorjani as its financial officer, effective December 16. SolarEdge also announced that it will lay off 500 people, or about 12% of its total employees. By 2024, the stock will be down around 84%. Symbotic also lowered first-quarter guidance due to errors related to cost overruns. —CNBC’s Yun Li, Tanaia Machel, Michelle Fox, Jesse Pond, Samantha Subin and Sean Conlon contributed reporting.
