Biggest stock movers today: CSCO, NKE, and more

Stock futures edged slightly upward on Thursday morning, a day after the release of CPI data aligned with expectations, indicating a deceleration in inflation. Market participants eagerly awaited additional economic indicators anticipated later in the day.

Here are some of Thursday’s biggest stock movers:

Biggest stock gainers

• Cisco (NASDAQ:CSCO) shares soared nearly 7% after the company reported better-than-expected FQ4 and issued an upbeat forecast. Despite a 10% Y/Y revenue decline, Cisco showcased strong product order growth of 14%, driven in part by the recent Splunk acquisition. Total annualized recurring revenue rose 22% Y/Y. The company expects 1Q25 EPS to have a midpoint of $0.87, which is just above the estimate of $0.85, and revenue to have a midpoint of $13.75B, which is more than the estimate of $13.71B. FY2025 revenue forecast has a midpoint of $55.6B, which is almost in line with the consensus of $55.61B.
• Ulta Beauty’s (NASDAQ:ULTA) stock skyrocketed 16% following the revelation that Warren Buffett’s Berkshire Hathaway had acquired a new position in the company. The investment conglomerate purchased approximately 690,000 Ulta shares during the second quarter, according to its 13F filing.
• Nike’s (NYSE:NKE) stock price surged 4% after billionaire investor Bill Ackman’s Pershing Square Capital Management revealed a new stake of approximately 3M shares in the company, valued at around $229 million. The investment firm disclosed the position in its latest 13F filing for the quarter ending June 30, 2024. This development comes on the heels of speculation from research firm Gordon Haskett that Nike could be a potential target for activist investors.

Biggest stock losers

• Titan Machinery’s (NASDAQ:TITN) stock plummeted 25% after the company issued disappointing Q2 guidance. The company expects Q2 revenue of $634M (consensus of $634.60M) and adjusted EPS of $0.17 per share, significantly below the consensus of $0.60 per share. President and CEO Bryan Knutson attributed the poor outlook to falling commodity prices, rising interest rates, and mixed growing conditions impacting farmer sentiment and agriculture equipment sales. Titan Machinery will release its full Q2 financial results on August 29.