Midday stock movers: Nvidia, Dollar Tree, Hormel Foods

The stock market is showing mixed performance midday. The S&P 500 lost 0.04% while the tech-heavy Nasdaq Composite added 0.11%. The Dow Jones Industrial Average lost 0.09%. The Russell 2000 Index rose 0.26%.

Job openings slumped to their lowest level since January 2021, with available positions falling to 7.67 million on the month, missing the economists’ forecast of 8.1 million.

Trending stocks:

Nvidia added 1% after a slump of nearly 10% yesterday. AMD, Broadcom, and Qualcomm are up from 2% to 4% midday.

Tesla added 5%, while Apple lost 1.2%. Microsoft, Meta and Alphabet are moving less than 1%. Amazon lost 1.1%.

In the retail sector, Dollar Tree and Hormel Foods both traded lower after disappointing financial results.

Jensen Huang, co-founder and chief executive officer of Nvidia Corp., speaks during an event in Taipei, Taiwan, on Sunday, June 2, 2024.
Bloomberg/Getty Images

S&P 500 big stock movers today

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

Tesla (TSLA) +5.3%
Ge Vernova (GEV) +5.3%
Mondelez International (MDLZ) +4.1%
Seagate Technology (STX) +3.8%
Advanced Micro Devices (AMD) +3.8%

The worst-performing five S&P 500 stocks with the largest midday drop are:

Dollar Tree (DLTR) -20.4%
Centene (CNC) -8.9%
Molina Healthcare (MOH) -8.9%
Hormel Foods (HRL) -6.5%
Elevance Health (ELV) -3.7%

Stocks also worth noting include:

Nvidia (NVDA) +0.8%
Apple (AAPL) -1.2%
Amazon (AMZN) -1%
Super Micro Computer (SMCI) -3.5%
Unity Software (U) -4.7%

Dollar Tree tumbles on weak earnings and outlook cut

Dollar Tree plummeted 20% after it missed second-quarter revenue estimates and trimmed its full-year forecast.

The budget-friendly retailer earned 67 adjusted cents for the quarter ended August 3, falling short of the $1.06 estimated by analysts. Revenue of $7.37 billion also missed analysts’ $7.5 billion forecast.

Dollar Tree now expects full-year net sales of $30.6 billion to $30.9 billion and adjusted earnings per share of $5.2 to $5.6, down from prior guidance of $31 billion to $32 billion and $6.5 to $7 per share.

CEO Rick Dreiling said the company witnessed “pressures from a challenging macro environment,” which affected the purchasing behavior of Dollar Tree’s middle- and higher-income customers.

Nvidia wobbles on antitrust investigation

Nvidia wobbled on the DOJ’s antitrust investigation, with shares down nearly 2% in pre-market trading but rising 1% midday.

Bloomberg reported on September 3 that the U.S. Department of Justice subpoenaed the chipmaker, escalating an antitrust investigation.

Regulators have been examining Nvidia's April acquisition of RunAI, a company that develops software for managing AI computing. There are concerns that the deal could make it harder for customers to switch from Nvidia chips, according to Bloomberg.

Last week, Nvidia reported an upbeat financial report for the second quarter, with revenue up 122% and EPS up 152% year over year. But its shares have lost over 10% since the earnings release as buyers expect more significant growth.

Hormel Foods falls on revenue miss

Hormel Foods fell 6.5% after it missed fiscal Q3 revenue and lowered its full-year guidance.

For the quarter ended July 28, the packaged food producer reported revenue of $2.9 billion, missing the $2.95 billion projected by analysts due to significant volume and pricing declines for whole-bird turkeys, according to CEO Jim Snee.

Adjusted diluted earnings per share was 37 cents, slightly higher than the 36 cents forecast. The company has narrowed its expected adjusted diluted net EPS to $1.57 to $1.63 from the previous range of $1.55 to $1.65.

More Retail Stocks:

“We expect this business to remain challenged for the rest of the fiscal year,” Snee said, according to a transcript pulled by MarketWatch.

Hormel Foods’s most famous products include Hormel's spam brand and Skippy peanut butter. In 2021, it bought Kraft Heinz’s nuts business for $3.35 billion.

Read news from 100’s of titles, curated specifically for you.

Already a member? Sign in here