Midday movers: Abercrombie&Fitch, Petco Health, Palo Alto Networks and more

May 24, 2023 2:10 PM EDT -- Stocks are falling on Wednesday as negotiations on the debt ceiling dragged on with the deadline swiftly approaching. Here are the market movers for May 24.

  • Abercrombie&Fitch Company (NYSE: ANF) shares jumped 27% as the specialty retailer reported a surprise profit for the first quarter and a gain in net sales, led by its namesake brand amid a reinvention. Shares of fellow retailer Kohl’s Corp (NYSE: KSS), which operates department stores, also jumped 7.7% after a surprise profit.

  • Petco Health and Wellness Company Inc (NASDAQ: WOOF) shares fell 15% after the pet supply retailer provided weak revenue guidance for the current quarter. It beat expectations for the first quarter.

  • Palo Alto Networks Inc (NASDAQ: PANW) shares rose 7.4% after the cybersecurity firm raised its guidance for profit, sales and billings for the fiscal year. Its third-quarter adjusted profit beat expectations.

  • Intuit Inc (NASDAQ: INTU) shares fell 6.9% after the maker of financial software such as TurboTax reported third-quarter revenue below forecasts. While it raised its outlook for the full fiscal year, it gave a fourth-quarter profit estimate that fell short of expectations.

  • Sarepta Therapeutics Inc (NASDAQ: SRPT) shares slid 11% after the biotech said the Food and Drug Administration was pushing back a decision date on its muscular dystrophy gene therapy by about a month.

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