The stock market is trading lower midday. The S&P 500 is down 0.5 %, and the tech-heavy Nasdaq Composite sank 1%. The Dow Jones Industrial Average slipped 0.3%, while the Russell 2000 Index fell 0.6%.
Trending stocks:
All Mag 7 stocks are down midday. Nvidia (NVDA) lost 2% before the chip giant’s Q2 earnings report, which is expected to be released this afternoon.
Related: Analyst resets Nvidia stock price target before earnings
Super Micro Computer tumbles 23% after a delay in filing the annual report and a short position by Hindenburg Research. Coinbase dropped 4% as Bitcoin price fell below $60,000.
In the retail sector, Nordstrom added 5% following an earnings beat and guidance upgrade, while Bath & Body Works traded 5% lower after weak financial results. Lululemon dropped nearly 5% ahead of its Thursday earnings.
S&P 500 big stock movers today
Five S&P 500 stocks making big midday moves are:
- Insulet Corp (PODD) +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 worst-performing five S&P 500 stocks with the largest midday drop are:
- Super Micro Computer Inc (SMCI) -23.4%
- Bath & Body Works Inc (BBWI) -6.5%
- J M Smucker Co (SJM) -5.%
- Lululemon Athletica Inc (LULU) -4.6%
- Micron Technology Inc (MU) -3.9%
Stocks also worth noting with significant moves include:
- Nvidia (NVDA) -2%
- Coinbase (COIN) -3.7%
- Amazon (AMZN) -1.4%
- Apple (AAPL) -0.2%
- Nordstrom (JWN) +4.8%
Nordstrom ticks higher after earnings
Nordstrom added 5% after the retailer posted an earnings beat and outlook update.
For the three months ended August 3, the retailer earned 96 cents per share adjusted, topping analysts’ expectation of 71 cents. Revenue of $3.89 billion came in flat with the $3.88 billion forecast.
Related: Target strategy prevails as Macy's spirals with opposing plan
The company also boosted the lower end of its full-year guidance. Nordstrom anticipates fiscal 2024 earnings between $1.75 and $2.95 per share, up from its previous forecast of $1.65 to $2.05.
“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, as well as high in-stock rates of our fastest-turning items,” said CEO Erik Nordstrom in the earnings call.
Super Micro Computer tumbles on short-seller report
Super Micro Computer stock plunged 23% midday after a double kill of a delay in 10-K and a short-seller warn.
The company said on Wednesday that it would delay its annual report on Form 10-K for the fiscal year ended June 30.
“SMCI is unable to file its Annual Report within the prescribed time period without unreasonable effort or expense. Additional time is needed for SMCI’s management to complete its assessment of the design and operating effectiveness of its internal controls over financial reporting as of June 30, 2024,” the company said in a statement.
On Tuesday, Hindenburg Research revealed a short position in the company, calling it a “serial recidivist” in a report.
Related: Short-seller blasts Super Micro stock in latest report
“It benefitted as an early mover but still faces significant accounting, governance, and compliance issues and offers an inferior product and service now being eroded away by more credible competition,” Hindenburg Research said, “Besides accounting issues and sanctions evasion, competition and quality concerns have resulted in major companies dropping Super Micro entirely or reducing their share.”
SMCI stock lost over 40% in the past month.
Bath & Body Works falls weak guidance
Bath & Body Works stock lost 5% after the company posted weak earnings and outlook.
Related: Analysts reset Ulta stock price targets after Warren Buffett buy
For the quarter that ended August 3, the company reported adjusted earnings of 37 cents per share on revenue of $1.53 billion, only slightly beat analysts' expectations of earnings of 36 cents per share on $1.54 billion in revenue.
More Retail Stocks:
- Costco shares secrets of its treasure hunt plans
- Target delivers unexpected retail sales, fights back against Walmart
- Walmart, Walgreens theft prevention measures causing major issue
“As we look forward to the rest of the year, we are taking a prudent approach to our outlook and adjusting our full-year guidance given the choppier macroeconomic environment and first-half sales trends.” CEO Gina Boswell said in a press release.
The company projects fiscal 2024 sales to decrease between 2% and 4%, whereas analysts anticipate a 1.7% drop.
Related: Veteran fund manager sees world of pain coming for stocks
