Midday movers: Snowflake slumps, Okta rises, and more

February 29, 2024 8:06 AM EST
(Updated - February 29, 2024 11:21 AM EST) -- Main U.S. indexes rose Thursday, as investors digested more corporate earnings and inflation data that fueled hopes of an interest rate cut from the Fed.

Here are some of the biggest U.S. stock movers today:

‚ÄčSnowflake (NYSE: SNOW) stock slumped 19% after the cloud data analytics company forecast first-quarter product revenue below Wall Street estimates on Wednesday on the expectation that customers would cut back on spending in an uncertain economy.

Best Buy (NYSE: BBY) stock rose 4.6% after the electronics retailer posted a smaller-than-expected drop in quarterly comparable sales, as holiday deals prompted shoppers to buy goods.

Salesforce (NYSE: CRM) stock rose 2% despite disappointing full-year revenue guidance, after the company announced its first ever quarterly dividend and increased its stock buyback program.

Okta (NASDAQ: OKTA) stock soared over 20% after the digital security company issued strong guidance for the current quarter following fourth-quarter results that topped Wall Street estimates.

Boeing (NYSE: BA) stock fell 1.5% after a report said the U.S. Department of Justice is scrutinizing the planemaker's door plug blowout last month.

Alibaba (NYSE: BABA) ADRs fell 0.5% after the Chinese e-commerce giant announced plans Thursday to slash prices across most of its products at its cloud unit, a move that could further cut margins across the industry.

AMC Entertainment (NYSE: AMC) stock slumped 11% after the theater chain posted a bigger-than-expected quarterly loss on higher distribution costs for Taylor Swift and Beyonce concert movies.

WW International (NASDAQ: WW) slumped 22% after the weight-loss services firm said director Oprah Winfrey decided not to stand for re-election at the company's upcoming annual shareholder meeting.

Anheuser Busch Inbev (EBR:ABI) (NYSE: BUD) ADRs fell 3.5% after the brewing giant decided against a new share buyback while announcing poor U.S. sales, overshadowing news that it beat sales estimates and raised its annual dividend by 9%. (NYSE: AI) stock rose 24% after the enterprise AI technology developer announced a better-than-expected Q3 report and upbeat guidance.

Monster Beverage Corporation (NASDAQ: MNST) shares gained over 5% after the energy drink maker reported better than expected revenue growth.

Additional reporting by Louis Juricic

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