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Midday movers: Nvidia, Walgreens, Palo Alto Networks and Teladoc fall

Published 21/02/2024, 14:06
Updated 21/02/2024, 17:20
© Reuters.
(Updated - February 21, 2024 11:16 AM EST) -- Main U.S. indexes fell Wednesday as investors digested a raft of corporate earnings ahead of the release of the minutes of the latest Federal Reserve meeting.

Here are some of the biggest U.S. stock movers today:

Nvidia (NASDAQ:NVDA) stock fell 2.1% ahead of the release of quarterly earnings from the artificial intelligence chipmaking giant, in a sign that traders may be balking at the firm's expensive valuation.

Walgreens Boots Alliance (NASDAQ:WBA) stock fell 3.5% after the U.S. pharmacy chain operator lost its spot on the Dow Jones Industrial Average to Amazon (NASDAQ:AMZN), up 1%, after nearly three years on the blue-chip stock index.

Palo Alto Networks (NASDAQ:PANW) stock fell 27% after the cybersecurity firm reported current-quarter guidance on Tuesday that missed estimates, with clients carefully watching their expenditure. Peers CrowdStrike (NASDAQ:CRWD), Fortinet (NASDAQ:FTNT) and Zscaler (NASDAQ:ZS) were also lower.

Teladoc (NYSE:TDOC) stock fell 25% after the healthcare company offered up disappointing first-quarter guidance, warning that the market for virtual-healthcare services is getting saturated.

SolarEdge Technologies (NASDAQ:SEDG) stock fell 15% after the company provided weak guidance for the first quarter, as the residential solar market continues to face headwinds from high interest rates and depressed demand.

Analog Devices (NASDAQ:ADI) stock rose 1.9% after it slightly beat expectations with its first-quarter results.

HF Sinclair (DINO) stock fell 1.5% after the oil refiner’s gross refining margin fell in the fourth quarter, even though it beat profit expectations, helped by healthy refining margins and resilient fuel demand.

HSBC (HSBC) ADRs fell 8.5% after the banking giant reported a $3 billion charge on its stake in a Chinese bank, even as it announced a record annual profit.

Keysight Technologies (NYSE:KEYS) declined 5% after it issued second quarter guidance that trailed estimates.

Additional reporting by Louis Juricic

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