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Biggest Stock Movers at Midday: Gap, MongoDB, Dell Technologies, and Others

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In midday trading, several companies made headlines for various reasons. Dell Technologies saw its stock plunge 18% after executives warned of potential pressure on gross margins in 2025. Lionsgate Studios, on the other hand, saw a 3% increase in shares after Citi initiated coverage of the film studio with a buy rating. Zscaler shares rose 9% following a fiscal third-quarter earnings and revenue beat, with adjusted earnings of 88 cents per share and revenue of $553 million exceeding analyst expectations.

Nordstrom’s stock jumped 5% after the department store operator reported solid quarterly sales growth and maintained its full-year forecast. Nordstrom Rack, its off-price chain, outperformed the flagship brand with a 7.9% increase in comparable sales. Gap soared 29% after posting fiscal first-quarter earnings per share of 41 cents, higher than the 14 cents expected by analysts. Ambarella also saw a 21% increase in shares after announcing expected revenue growth in fiscal 2025 due to strong artificial intelligence demand.

Marvell Technologies, however, experienced a 10% drop in stock after missing first-quarter earnings expectations, with earnings per share of 24 cents on $1.16 billion in revenue falling short of analyst forecasts. MongoDB’s shares plummeted 24% following a trimming of its second-quarter and full fiscal year guidance. MongoDB beat earnings and revenue expectations for the April quarter but still saw slower-than-expected consumption growth.

SentinelOne fell 13% after issuing a revenue outlook weaker than analysts had forecast, predicting revenue between $808 million to $815 million in 2024, lower than the $817 million anticipated. VF Corporation surged 8% after announcing Sun Choe as the new global brand president of Vans, while Cooper Companies added 5% following a fiscal second-quarter adjusted earnings beat despite revenue falling below expectations.

Paycom Software’s stock fell 9% after announcing an executive shake-up, while First Solar saw shares slip 2% after a downgrade by Mizuho to neutral from buy. Analyst Maheep Mandloi noted that strong pricing power seems to already be reflected in the stock’s current price. Overall, the midday trading session showcased a mix of positive and negative movements among various companies in different sectors.

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