Midday movers: Nvidia, Illumina, American Eagle Outfitters and more
- Wall Street rises on hopes of Fed pausing hikes, debt ceiling deal cheer
- Lululemon Athletica tops Q1 results as growth in China accelerates
- Broadcom reports Q2 beat, guides higher
- Zscaler guidance tops estimates after Q3 results beat
- Dell Q1 results top estimates, but weaker PC demand drags on growth
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Investing.com -- Stocks are mixed on Thursday as tech gets a boost from Nvidia's strong outlook while Dow stocks are weaker on a lack of resolution in the debt ceiling negotiations. Here are the market movers for May 25.
- NVIDIA Corporation (NASDAQ: NVDA) shares jumped 25% after the chip maker forecast $11 billion in revenue in the current quarter because of surging demand for its chips that power artificial intelligence technology, especially the generative chatbots. Shares of Advanced Micro Devices (NASDAQ: AMD) rose 10%, while shares of Intel (NASDAQ: INTC) fell 6.6%.
- Illumina Inc (NASDAQ: ILMN) shares fell 8.6% as the gene sequencing company heads into a shareholder meeting where investors are going to vote on the outcome of a proxy fight by activist investor Carl Icahn. Shares of Icahn Enterprises LP (NASDAQ: IEP) fell more than 20%.
- American Eagle Outfitters Inc (NYSE: AEO) shares fell 13% after the retailer lowered its revenue outlook to flat to negative compared with its previous forecast for flat to slightly positive. Lower-income shoppers, feeling pinched by inflation, are holding back on apparel purchases.
- Dollar Tree Inc (NASDAQ: DLTR) shares fell 15% after the discount retailer fell short of first-quarter expectations and cut its full-year profit outlook.
Snowflake Inc (NYSE: SNOW) shares fell 16% after the cloud computing company gave softer-than-expected guidance for second-quarter revenue after beating estimates for the first quarter.
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