These stocks were moving the most Friday:
Shares of Nvidia, the leading maker of chips for artificial-intelligence applications, fell 0.8% in premarket trading after closing with a gain of 0.5% Thursday following better-than-expected third-quarter earnings and an upbeat forecast. Nvidia's guidance, however, wasn't as strong as some on Wall Street had expected. Coming into Friday, the stock has gained 196% this year.
Snowflake fell 1.4% in premarket trading after shares of the software company closed with a gain of 33% following third-quarter earnings and product revenue that topped Wall Street estimates. The stock's strong move Thursday was its largest daily percentage increase on record, according to Dow Jones Market Data. Even with the gains Thursday, Snowflake shares remain down 14% for the year.
Gap was rising 14% after topping third-quarter earnings expectations and raising fiscal-year guidance, with CEO Richard Dickson saying the holiday season was "off to a strong start." Gap, the apparel retailer, anticipates net sales to increase between 1.5% and 2% from a year earlier compared with previous guidance that called for sales to be "up slightly."
Intuit reported fiscal first-quarter earnings that exceeded expectations but shares fell 5.7% after the financial software company and owner of TurboTax issued guidance for the second quarter and fiscal year that was below forecasts. For the current second quarter, Intuit said it expects adjusted earnings of $2.58 a share at the midpoint of its guidance, below estimates of $3.25. CEO Sasan Goodarzi said promotional changes at some of Intuit's retail sites were expected to delay some sales into the third quarter.
MicroStrategy was up 0.6% in premarket trading following a tumble of 16% on Thursday after short-seller Citron Research said it shorted the stock against a long position in Bitcoin. "Much respect to @saylor, but even he must know $MSTR is overheated," Citron wrote in a post on X. The firm was referring to Michael Saylor, chairman and controlling shareholder of MicroStrategy, the largest corporate holder of the cryptocurrency. Bitcoin, meanwhile, extended its rally, rising over the past 24 hours to as high as $99,517.
Elastic soared 29% after the enterprise data software company reported fiscal second-quarter earnings and revenue that topped analysts' models. Elastic said cloud revenue in the period rose 25% to $169 million.
Reddit fell 7.4% after shareholder Advance Magazine Publishers said it was seeking to establish a credit facility using an equity stake in the social media company, Bloomberg reported, citing a person familiar with the matter. Advance is offering 7.8 million shares for $145.38 to $148.54 each, which would be valued at as much as $1.2 billion. Reddit shares closed Thursday up 16% at $158.02. Meanwhile, China's Tencent Holdings disclosed Thursday that it sold a chunk of Reddit shares.
Third-quarter earnings and revenue at Ross Stores rose from a year earlier and the stock was up 7% in premarket trading. Comparable-store sales rose just 1%, missing analysts' estimates for growth of 2.5%. "We are disappointed with our third-quarter sales results as business slowed from the solid gains we reported in the first half of 2024," said Chief Executive Barbara Rentler, adding the company "should have better executed some of our merchandising initiatives."
NetApp, the data and storage software company, gained 4.3% after beating fiscal second-quarter earnings and revenue estimates. NetApp reported adjusted earnings of $1.87 a share on revenue of $1.66 billion. Analysts had expected profit of $1.78 a share on revenue of $1.65 billion.
Texas Pacific Land rose 5.2%. The company, which owns significant acreage in the energy-rich Permian Basin, will join the S&P 500, replacing Marathon Oil before the start of trading on Nov. 26. Marathon Oil is being acquired by ConocoPhillips.
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