Take a look at the companies making headlines in afternoon trading: Dell Technologies – Software stocks tumbled 18% after executives warned that gross margins could be under greater pressure in 2025. Lionsgate Studios – Shares rose 3% after Citi initiated coverage of the stock market. film studio with a purchase recommendation. The bank cited Lionsgate’s decision to spin off its Starz business as a potential catalyst for further margin expansion. Zscaler – Shares rose 9% after the cloud security company posted a fiscal third-quarter profit and revenue gain. Zscaler reported adjusted earnings of 88 cents per share on revenue of $553 million, while analysts surveyed by LSEG had expected profit of 66 cents on revenue of $535 million. Nordstrom – The Seattle-based department store operator saw shares rise 5% after the company posted solid quarterly sales growth and stuck to full-year guidance. The off-price chain, Nordstrom Rack, outperformed Nordstrom’s flagship brand, with comparable sales increasing 7.9% year over year. However, Nordstrom fell short of Wall Street’s quarterly expectations. Gap – The apparel retailer rose 29% after reporting fiscal first-quarter earnings per share of 41 cents, higher than the 14 cents analysts polled by LSEG expected. Gap’s revenue of $3.39 billion also exceeded the forecast of $3.29 billion. Ambarella – Shares rose 21% after the chipmaker announced it expected revenues to continue growing in fiscal 2025, citing robust demand for artificial intelligence as a catalyst. Ambarella reported a first-quarter profit loss that beat analyst expectations and revenue that was in line with consensus. Marvell Technologies – The stock fell 10% after the chipmaker missed first-quarter profit expectations. Marvell reported earnings per share of 24 cents on revenue of $1.16 billion, missing the 25 cents earnings per share on revenue of $1.17 billion that analysts expected, according to LSEG. MongoDB – Shares tumbled 24% after the tech company revised down its second-quarter guidance and full-fiscal year forecast. MongoDB said it expected to earn 46 cents to 49 cents per share on revenue of $460 million to $464 million, while analysts surveyed by LSEG had called for revenue of $470 million and profit of 58 cents per share. The company beat earnings and revenue expectations for the April quarter, but still saw slower-than-expected consumption growth. SentinelOne – The cybersecurity company fell 13% after publishing revenue guidance that was weaker than analysts had forecast. SentinelOne expects revenue to fall between $808 million and $815 million in 2024, which is lower than the $817 million LSEG forecast. VF Corporation – The apparel and footwear company rose 8% after announcing that Sun Choe will assume the role of global brand president of Vans beginning in late July. Choe was previously Chief Product Officer at Lululemon. Cooper Companies – The medical device company added 5% on an adjusted earnings gain for the fiscal second quarter, although revenue fell below analyst expectations. Cooper also raised its expectations for both full-year earnings and revenue prospects. Paycom Software – The stock fell 9% after the payroll company announced a change in management. Paycom promoted strategic advisor Randy Peck to Chief Operating Officer and announced the resignation of co-CEO Christopher Thomas. First Solar – Shares fell 2% after Mizuho downgraded the solar technology company from buy to neutral. Analyst Maheep Mandloi emphasized that the strong pricing power already seems to be reflected in the share price at the moment. – CNBC’s Hakyung Kim, Yun Li, Jesse Pound and Pia Singh contributed reporting.
Stocks that make the biggest moves in the afternoon: GPS, MDB, DELL
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