Stocks making the biggest moves midday: HP, Box, Brown-Forman, Insulet and more

Market Insider

The logo of printer manufacturer HP is seen during an event.
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Check out the companies making headlines in midday trading.

HP — HP dropped 7% in midday trading after reporting a fiscal third-quarter revenue miss. Late Tuesday, the PC maker reported quarterly revenue of $13.20 billion, lower than the $13.37 billion estimated by analysts polled by Refinitiv. Otherwise, its third-quarter adjusted earnings of 86 cents per share came in line with estimates.

Box — The cloud storage stock tumbled nearly 9%. On Tuesday, the company delivered weak guidance for the current quarter. Box anticipates third-quarter earnings of 37 cents to 38 cents per share, while analysts polled by FactSet called for 39 cents per share. Full-year revenue guidance was also softer than expected.

Ambarella — The semiconductor stock sank 17% on weak third-quarter guidance. Late Tuesday, Ambarella said it expects revenue of $50 million in the current quarter. That fell short of a Refinitiv estimate of $67.6 million in revenue. Despite the disappointing guidance, Ambarella topped second-quarter expectations on the top and bottom lines, posting a smaller-than-expected loss per share. 

PVH — Shares added 3.7% after the Calvin Klein parent reported an earnings beat late Tuesday. PVH’s adjusted earnings per share for the second quarter was $1.98, versus the consensus estimate of $1.76, per Refinitiv. Revenue came in at $2.21 billion, versus the $2.19 billion expected. The company also raised its earnings outlook for the year and reaffirmed its full-year revenue guidance.

Brown-Forman — The Jack Daniel’s parent slid 4.5% after missing Wall Street expectations for its first fiscal quarter of 2024. Brown-Forman posted 48 cents in earnings per share on $1.04 billion in revenue. Analysts polled by Refinitiv anticipated 53 cents in earnings per share and $1.05 billion in revenue.

Insulet — The insulin pump maker climbed 9.7% after CEO James Hollingshead reported buying 5,550 shares Tuesday. On Monday, the company announced the launch of an insulin delivery service called Omnipod 5 in Germany after previous rollouts in the U.S. and U.K.

Fluence Energy — Shares advanced 1.5% after Barclays initiated coverage of the energy storage stock with an overweight rating. Barclays said the company could grow revenue 40%.

Spotify — The music streamer added 2.6% after Wells Fargo reiterated its buy rating. The firm said it likes Spotify’s positioning for the third-quarter and fourth-quarter guidance.

Apple — The Big Tech giant rose 1.7% after Citi reaffirmed its buy rating. The firm said it’s bullish heading into the company’s Sept. 12 event.

Rockwell Automation — The industrial automation stock retreated 2.7% following a downgrade to underweight from equal weight by Wells Fargo. The firm warned slowing sales growth could be ahead.

Netflix — The tech stock rose 1.5%, putting Netflix on track for its fourth-straight positive session. Wells Fargo said in a note to clients Wednesday that Netflix could have a “much longer tail” of subscriber growth as it cracks down on password sharing and builds up its advertising tier.

Sunrun — Shares of the residential solar energy company jumped about 5% after Citi upgraded the stock to buy from neutral. The Wall Street firm said Sunrun is “not getting due credit” for numerous catalysts set to drive the stock higher, including falling component costs and investment tax credit benefits.

Align Technology — The Invisalign maker’s shares rose 1.4% after HSBC initiated coverage of the stock with a buy rating. The firm cited further market share opportunities for Align and its strong brand presence.

— CNBC’s Samantha Subin, Hakyung Kim, Sarah Min, Yun Li, Michelle Fox and Jesse Pound contributed reporting.

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