Let’s take a look at some of the companies that were making waves in midday trading. Supermicro Computer – Shares fell 26% after the artificial intelligence server company said it would delay filing its 10-K annual report for the fiscal year ending June 30. Supermicro Computer said management needed more time to “complete its assessment of the design and operating effectiveness of our internal controls over financial reporting.” Hindenburg Research disclosed a short position in the stock on Tuesday. Neurocrine Bioscience – This biopharmaceutical stock plunged 19%. The company reported strong top-line results in a Phase 2 trial of a drug targeting schizophrenia in adults, but investors were concerned about whether the results could be replicated in other trials. “These data are clearly more disruptive than we expected,” Stifel said in a note on Wednesday. Abercrombie & Fitch – The retailer slumped 17% after CEO Fran Horowitz warned of an “increasingly uncertain environment” and suggested the company was preparing for turmoil in the second half of 2024. Meanwhile, the company’s second-quarter results beat expectations, and Abercrombie raised its full-year sales outlook. Chewy — Shares rose about 16% after the pet retailer reported better-than-expected second-quarter results. Chewy reported adjusted earnings before interest, taxes, depreciation and amortization of $144.8 million. Analysts surveyed by FactSet had expected EBITDA to be $111.7 million. AeroVironment — Shares jumped 11%. The unmanned aerial vehicle maker won a roughly $1 billion contract from the U.S. Army to “provide dismounted infantry troops with an organic standoff capability capable of destroying tanks, lightly armored vehicles, hardened targets, cover and personnel targets.” Baird also upgraded AeroVironment’s rating to outperform from neutral following the news. nCino — Shares fell 12% after the cloud-based banking platform issued third-quarter guidance that fell short of Wall Street’s expectations. The company expects adjusted third-quarter earnings of 15 cents to 16 cents a share, slightly below the 16 cents a share expected by analysts surveyed by FactSet. The company also expects revenue of $136 million to $138 million, below the consensus estimate of $138.6 million. Ambarella — The semiconductor developer announced third-quarter revenue guidance of $77 million to $81 million, sending shares soaring more than 10 percent. That beat the $69 million expected by analysts surveyed by LSEG. Ambarella reported second-quarter results that beat expectations. Foot Locker — Shares slumped about 12 percent as the retailer missed market expectations in second-quarter results. Foot Locker posted an adjusted loss of 5 cents a share on revenue of $1.9 billion. Analysts had expected a loss of 7 cents per share on revenue of $1.89 billion, according to LSEG. Nordstrom — Shares rose more than 4% after the retailer reported better-than-expected second-quarter adjusted earnings. Nordstrom also raised the lower end of its full-year outlook. The company now expects adjusted earnings of $1.75 to $2.05 per share for fiscal 2024, below its previous expected range of $1.65 to $2.05 per share. J.M. Smucker — Shares fell about 5% after the consumer foods company lowered its full-year guidance. J.M. Smucker now expects earnings of $9.60 to $10 per share for the fiscal year ending April 2025, lower than its previous outlook of $9.80 to $10.20 per share. Bath & Body Works — Shares fell more than 6% after the fragrance distributor reported second-quarter earnings that missed expectations. Bath & Body Works posted second-quarter adjusted earnings of 37 cents per share on revenue of $1.53 billion. Box — Cloud storage company Box rose 8% after reporting better-than-expected second-quarter results. Box reported adjusted earnings of 44 cents per share on revenue of $270 million. Analysts surveyed by LSEG had expected earnings of 40 cents per share on revenue of $269 million. PVH — The company, which owns Tommy Hilfiger and Calvin Klein, fell 7% after its third-quarter outlook was disappointing. PVH said it expects third-quarter adjusted earnings of $2.50 per share, well below the $3.12 per share expected by analysts surveyed by LSEG. The company also expected revenue to fall 6-7% year over year, while analysts had expected a 4.6% decline. Kohl’s — The company’s shares rose 2% after second-quarter profit beat expectations. Kohl’s earned 59 cents a share in the period, beating the 45 cents a share expected by analysts surveyed by LSEG. But the company’s sales were just $3.53 billion, versus analysts’ expectations of $3.58 billion. Berkshire Hathaway — Warren Buffett’s conglomerate rose nearly 1%, crossing the $1 trillion mark for the first time. It is the first non-technology company in the U.S. to achieve the coveted milestone. The trillion-dollar threshold came just two days before the “Oracle of Omaha” turned 94. The conglomerate’s shares have risen 28% this year, significantly outperforming the S&P 500. — CNBC’s Samantha Subin, Hakyung Kim, Yun Lee and Pia Shin contributed to the report.
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