Midday movers: Nvidia, Walgreens, Palo Alto Networks and Teladoc fall

February 21, 2024 8:15 AM EST
(Updated - February 21, 2024 11:16 AM EST) -- Main U.S. indexes fell Wednesday as investors digested a raft of corporate earnings ahead of the release of the minutes of the latest Federal Reserve meeting.

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

Nvidia (NASDAQ: NVDA) stock fell 2.1% ahead of the release of quarterly earnings from the artificial intelligence chipmaking giant, in a sign that traders may be balking at the firm's expensive valuation.

Walgreens Boots Alliance (NASDAQ: WBA) stock fell 3.5% after the U.S. pharmacy chain operator lost its spot on the Dow Jones Industrial Average to Amazon (NASDAQ: AMZN), up 1%, after nearly three years on the blue-chip stock index.

Palo Alto Networks (NASDAQ: PANW) stock fell 27% after the cybersecurity firm reported current-quarter guidance on Tuesday that missed estimates, with clients carefully watching their expenditure. Peers CrowdStrike (NASDAQ: CRWD), Fortinet (NASDAQ: FTNT) and Zscaler (NASDAQ: ZS) were also lower.

Teladoc (NYSE: TDOC) stock fell 25% after the healthcare company offered up disappointing first-quarter guidance, warning that the market for virtual-healthcare services is getting saturated.

SolarEdge Technologies (NASDAQ: SEDG) stock fell 15% after the company provided weak guidance for the first quarter, as the residential solar market continues to face headwinds from high interest rates and depressed demand.

Analog Devices (NASDAQ: ADI) stock rose 1.9% after it slightly beat expectations with its first-quarter results.

HF Sinclair (NYSE: DINO) stock fell 1.5% after the oil refiner’s gross refining margin fell in the fourth quarter, even though it beat profit expectations, helped by healthy refining margins and resilient fuel demand.

HSBC (NYSE: HSBC) ADRs fell 8.5% after the banking giant reported a $3 billion charge on its stake in a Chinese bank, even as it announced a record annual profit.

Keysight Technologies (NYSE: KEYS) declined 5% after it issued second quarter guidance that trailed estimates.

Additional Reporting by Louis Juricic

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