Midday Stock Movers: Nvidia, Walgreens, Palo Alto Networks, Teladoc, and More
Stocks Falling Amid Corporate Earnings and Fed Meeting Minutes
On February 21, 2024, the main U.S. indexes experienced a decline as investors assessed a range of corporate earnings before the release of the latest Federal Reserve meeting minutes.
Nvidia Stock Decline Prior to Earnings Release
Nvidia (NASDAQ:) saw a 2.1% drop in its stock ahead of the release of its quarterly earnings. This decline signals investor caution regarding the company’s expensive valuation in the market.
Walgreens Boots Alliance Loses Spot on Dow
Walgreens Boots Alliance (NASDAQ:) experienced a 3.5% decrease in its stock value after losing its position on the Dow to Amazon (NASDAQ:), which observed a 1% increase. This change came after nearly three years of being part of the blue-chip stock index.
Palo Alto Networks Faces Stock Drop Due to Missed Estimates
Palo Alto Networks (NASDAQ:) encountered a 27% decrease in its stock value following the release of its current-quarter guidance that failed to meet estimates. This led to a cautious approach from clients regarding their expenditure. Similarly, peers CrowdStrike (NASDAQ:), Fortinet (NASDAQ:), and Zscaler (NASDAQ:) also saw declines.
Teladoc Stock Falls on Disappointing Guidance
Teladoc (NYSE:) witnessed a 25% drop in its stock value after providing disappointing first-quarter guidance, highlighting concerns about the saturation of the virtual healthcare services market.
SolarEdge Technologies Faces Decline Amid Market Challenges
SolarEdge Technologies (NASDAQ:) experienced a 15% decrease in its stock value after issuing weak guidance for the first quarter, reflecting ongoing challenges in the residential solar market due to high interest rates and subdued demand.
Analog Devices Stock Sees Slight Rise
Analog Devices (NASDAQ:) observed a 1.9% increase in its stock value after slightly surpassing expectations with its first-quarter results.
HF Sinclair Stock Decline Despite Profit Beat
HF Sinclair (DINO) faced a 1.5% decline in its stock value despite surpassing profit expectations, as the oil refiner’s gross refining margin fell in the fourth quarter. This decline occurred despite healthy refining margins and resilient fuel demand.
HSBC ADRs Drop Amid Chinese Bank Charge
HSBC (HSBC) ADRs fell by 8.5% after the banking giant reported a $3 billion charge on its stake in a Chinese bank, despite announcing a record annual profit.
Keysight Technologies Issues Lower-than-Expected Guidance
Keysight Technologies (NYSE:) declined by 5% after issuing second-quarter guidance that fell below estimates.
Additional reporting by Louis Juricic
