Midday movers: Walmart, Cisco, Deere, Ulta Beauty rise; Alibaba falls
Investing.com -- U.S. stock futures traded higher Thursday after strong retail sales data eased fears of a slowdown in the economy, while investors remained optimistic of the possibility of an interest rate cut in September.
Here are some of the biggest U.S. stock movers today:
Walmart (NYSE: WMT) stock rose 6.6% after the retail behemoth reported strong second-quarter growth, driven by robust eCommerce growth and improved margins.
Cisco (NASDAQ: CSCO) stock rose 8% after the networking equipment giant reported better-than-expected fourth-quarter earnings and announced a restructuring plan, including substantial job losses.
Ulta Beauty (NASDAQ: ULTA) stock soared 12% after Warren Buffett’s Berkshire Hathaway (NYSE: BRKa) reported a new stake in the cosmetics company, signaling an interest in the sector.
Nike (NYSE: NKE) stock gained 4% after Bill Ackman’s Pershing Square revealed a position in the sports footwear retailer, with the stake, comprising approximately 3 million shares, valued at around $229 million at the end of the second quarter.
Deere (NYSE: DE) stock rose 7% after the agricultural equipment manufacturer maintained its annual profit outlook, signaling a resilient market for its tractors and other farm equipment.
JD (NASDAQ: JD) stock rose 4% after the Chinese e-commerce giant beat estimates for quarterly profit, helped by a mid-year sales festival and aggressive price cuts that drove more cost-sensitive consumers to its platform.
Alibaba (NYSE: BABA) stock fell 0.6% after the Chinese e-commerce company missed expectations for first-quarter revenue, as its e-commerce sales came under pressure from cautious spending by Chinese consumers in a faltering economy.
Marathon Digital (NASDAQ: MARA) stock rose 6.8% after the cryptocurrency mining company announced it has purchased $249 million worth of Bitcoin.
Dell Technologies (NYSE: DELL) rose 6% after JPMorgan analysts named it a new top pick. Analysts noted shares have significantly underperformed other AI beneficiaries.
Additional reporting by Louis Juricic