Midday movers: Target, Lululemon and ViaSat fall; TJX rises
Investing.com -- U.S. stock futures were mixed Wednesday, ahead of the release of the keenly-awaited minutes from the last Federal Reserve policy meeting and results from AI bellwether Nvidia.
re are some of the biggest U.S. stock movers today:
Target (NYSE: TGT) stock fell 7% after the retailer forecast current-quarter comparable sales and profit largely below expectations after weak discretionary spending dented its first-quarter results.
Nvidia (NASDAQ: NVDA) stock fell 0.5%, steadying ahead of the tech giant's quarter earnings after rising more than 3% over the past two days.
Urban Outfitters (NASDAQ: URBN) fell over 4% despite the clothing retailer beating expectations on the top and bottom line in its latest quarter. Concern about growth at its namesake banner weighed on the stock.
Toll Brothers (NYSE: TOL) stock fell 8% despite the housebuilder raising its full-year delivery guidance, as results failed to impress Wall Street given high expectations.
Lululemon Athletica (NASDAQ: LULU) stock dropped 3.9% after the athletic apparel retailer announced the departure of Chief Product Officer Sun Choe.
Amazon (NASDAQ: AMZN) stock rose 0.4% after the tech giant announced that its cloud computing unit AWS will invest around $17 billion in data centres in northern Spain, significantly boosting its expansion plan in the country.
ViaSat (NASDAQ: VSAT) stock fell 17% after the communications company’s quarterly net loss grew to $90 million, up from $62 million in the same period last year.
PDD Holdings (NASDAQ: PDD) stock rose 2% after the company beat first-quarter revenue estimates, powered by strong adoption of its international shopping site, Temu, and as Chinese domestic discount e-commerce platform Pinduoduo attracted more price-conscious customers.
Analog Devices (NASDAQ: ADI) stock rose 8% after the semiconductor forecast third-quarter revenue above expectations, helped by a rise in demand for its automotive and industrial chips after a prolonged slump.
First Solar (NASDAQ: FSLR) rose 13%, hitting a 52-week high, amid a surge in solar stocks. SunPower (NASDAQ: SPWR), Canadian Solar (NASDAQ: CSIQ), SolarEdge Technologies (NASDAQ: SEDG), Enphase Energy (NASDAQ: ENPH), Array Technologies Inc. (NASDAQ: ARRY)
and Sunrun (NASDAQ: RUN) were all higher. Invesco Solar ETF (NYSE: TAN) rose 9%.TJX Cos. (NYSE: TJX) rose 6% after reporting first quarter results that topped expectations.
Additional reporting by Louis Juricic