Biggest stock movers today: FTV, CHPT, AI, and more

Stock futures ticked up slightly on Thursday morning following a turbulent start to September. Market participants eagerly awaited the release of new labor market data that could impact the Federal Reserve’s upcoming monetary policy decision.

Here are some of Thursday’s biggest stock movers:

Biggest stock gainers

• Fortive (NYSE:FTV) shares rose as much as 5% following the announcement of a planned spin-off of its industrial test and measurement business. This strategic move will allow the company to concentrate on its high-growth software and healthcare segments. After the spin-off, Fortive CEO Jim Lico will retire, with Olumide Soroye, the current head of Intelligent Operation Solutions, taking over as CEO. The company anticipates that this restructuring will increase recurring revenue, accelerate growth, and boost earnings and free cash flow. Fortive plans to complete its spin-off by the end of 2025, with the transaction expected to be tax-free for shareholders. In addition to the spin-off, Fortive reaffirmed its financial outlook for the year and announced plans to retire its CFO, Chuck E. McLaughlin, in early 2025.

Biggest stock losers

• ChargePoint Holdings (NYSE:CHPT) stock plummeted over 10% following the release of disappointing Q2 results and a weak outlook for the upcoming quarter. The company also announced plans to reduce its workforce by 15% in a restructuring effort that will incur $10M in severance costs. The company expects Q3 sales in the range of $85M to $95M, a sequential decline from Q2 revenue of $109M and short of the consensus of $135.9M.
• Despite delivering better-than-expected FQ1 results, C3.ai (NYSE:AI) shares plummeted 16% after the enterprise software company issued weaker-than-expected guidance for the upcoming quarter. C3.ai projected FQ2 revenue between $88.6M and $93.6M, with a midpoint of $91.1M, slightly below the consensus of $91.3M. The company also maintained its full-year revenue forecast of $370M to $395M, with a midpoint of $382.5M, falling short of the $383.9M consensus estimate.
• Copart (NASDAQ:CPRT) shares fell nearly 6% after the company reported FQ4 results that missed on the bottom line. Global average selling prices (ASPs) declined about 5% Y/Y for the quarter and roughly 3% for the full year. Despite this, U.S. ASPs remained strong, significantly outperforming the broader used vehicle market. While the Manheim Used Vehicle Price Index dropped nearly 9% from the same quarter last year and nearly 2% sequentially, Copart’s U.S. insurance ASPs fell by less than 4% Y/Y and rose by more than 2% on a sequential basis.