Biggest stock movers today: ELF, AMBA, and more
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Contributor since / Followers
Contributor since / Followers
3 months ago
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Stock futures were trading cautiously on Wednesday morning as investors eagerly awaited the release of earnings from tech heavyweights NVIDIA, Salesforce, CrowdStrike, Dell Technologies, and HP.
Here are some of Wednesday’s biggest stock movers:
Biggest stock gainers
- Ambarella’s (NASDAQ:AMBA) stock price jumped by over 18% following the release of its Q2 financial results and Q3 guidance, which surpassed market expectations. The company anticipates Q3 revenue in the range of $77M to $81M, with a midpoint of $79M that surpasses the consensus estimate of $69M. Additionally, Ambarella forecasts the adjusted gross margin to be between 62.5% and 64%, exceeding the consensus of 62.5%.
- Cosmetics giant e.l.f. Beauty (NYSE:ELF) shares increased by 4% following the authorization of a new $500M share repurchase program. This comes after exhausting its previous $25M program, which saw the company buy back $17M of its shares in the past two weeks.
- Nordstrom’s (NYSE:JWN) shares surged nearly 8% following the release of its strong Q2 financial results and an upward revision of its FY2024 guidance. For 2024, the company raised its EPS guidance to a range of $1.75 to $2.05 per share, surpassing the consensus of $1.76. Additionally, Nordstrom increased its bottom-line estimates for both revenue and comparable store sales growth. The company now expects revenue to decline by 1% to increase by 1%, and comparable store sales to range from flat to 2% higher. This compares to the previous expectations for revenue to be down 2% to up 1% and comparable sales to be down 1% to up 2%.
Biggest stock losers
- Despite exceeding Q2 expectations, nCino (NASDAQ:NCNO) shares plunged nearly 11% after the company provided Q3 guidance that was slightly below analyst estimates. The software provider for financial institutions expects Q3 non-GAAP EPS of $0.15–$0.16, compared to the consensus of $0.16, and revenue between $136M and $138M, with a midpoint of $137M, which is lower than the consensus of $138.7M. However, nCino raised its non-GAAP EPS guidance for FY2025 to $0.66–$0.69 from its previous range of $0.65–$0.68 and reaffirmed the total revenue outlook range of $538.5M–$544.5M.