Here are some stocks on the move in Thursday, in the context of a broader stock market that was trading mostly lower.
Tesla Inc. shares
TSLA,
were falling 5% in morning action after traders were disappointed by a lack of detail about new car models and financial projections at the electric-vehicle (EV) maker’s long-awaited investor day on Wednesday. The stock was among the bigger losers among S&P 500 index
SPX,
components.
And shares in Wolfspeed Inc.
WOLF,
which specializes in silicon-carbide chips often used in EVs, slumped 11.6% after Tesla suggested its next generation cars will cut silicon-carbide use.
Among other big S&P 500 decliners, ON Semiconductor Corp.’s stock
ON,
slid 7.0%, after the chip maker was downgraded at Raymond James, and shares of Hormel Foods Corp.
HRL,
shed 4.0% after parent of Planters, Skippy and Spam branded foods reported fiscal first-quarter profit and sales that missed expectations, citing inflationary pressures, supply chain inefficiencies and weaker demand.
Going in the opposite direction, and helping to support the Dow Jones Industrial Average
DJIA,
was Salesforce Inc.
CRM,
Stock in the software company, whose recent missteps have caused an 18% decline over the past 12 months and an influx of activist investors, soared 12.4% after delivering better-than-expected earnings.
The Dow rallied 122 points, or 0.4%, while the S&P 500 fell 0.3% and the Nasdaq Composite Index
COMP,
declined 0.6%.
While Salesforce’s stock was the S&P 500’s best performer, second best was Kroger Co.’s stock
KR,
which rallied 5.2% after the grocery-store chain reported fiscal fourth-quarter profit and same-store sales that beat expectations and provided an upbeat outlook.
Elsewhere, Silvergate Capital Corp.’s stock
SI,
plummeted 43.6%, enough to pace the NYSE’s decliners, as the crypto-friendly lender’s delaying of the filing of its annual report and a “going concern” warning spooked investors.
Identity-management software group Okta Inc.
OKTA,
saw its shares jump 10.7% after revealing expectation-busting results and forecasts.
A lower revenue forecast has clobbered shares of Snowflake
SNOW,
which tumbled 14.7%. The data software group said after Wednesday’s closing bell that it expects $568 million to $573 million in product revenue in the first quarter, while the FactSet consensus called for $582 million.
A number of retailers reported results before the opening bell on Thursday, with Macy’s Inc.
M,
a standout. The department store chain beat earnings estimates for the fourth quarter and offered upbeat guidance for fiscal 2023, which boosted its shares 11.6%.
Big Lots Inc.’s stock
BIG,
got a 8.5% boost after the discount home essentials retailer reported a much narrower-than-expected fiscal fourth-quarter loss, which helped offset a miss on sales and a downbeat outlook.
