Midday movers: Target, Lululemon and ViaSat fall; TJX rises

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Midday movers: Target, Lululemon and ViaSat fall; TJX rises
Credit: © Reuters.
(Updated - May 22, 2024 11:58 AM EDT)

Investing.com -- U.S. stock futures were mixed Wednesday, ahead of the release of the keenly-awaited minutes from the last Federal Reserve policy meeting and results from AI bellwether Nvidia (NASDAQ: NVDA ).

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

  • Target (NYSE: TGT ) (TGT) stock fell 7% after the retailer forecast current-quarter comparable sales and profit largely below expectations after weak discretionary spending dented its first-quarter results.

  • Nvidia (NVDA) stock fell 0.5%, steadying ahead of the tech giant's quarter earnings after rising more than 3% over the past two days.

  • Urban Outfitters (NASDAQ: URBN ) fell over 4% despite the clothing retailer beating expectations on the top and bottom line in its latest quarter. Concern about growth at its namesake banner weighed on the stock.

  • Toll Brothers (NYSE: TOL ) (TOL) stock fell 8% despite the housebuilder raising its full-year delivery guidance, as results failed to impress Wall Street given high expectations.

  • Lululemon Athletica (NASDAQ: LULU ) (LULU) stock dropped 3.9% after the athletic apparel retailer announced the departure of Chief Product Officer Sun Choe.

  • Amazon (NASDAQ: AMZN ) stock rose 0.4% after the tech giant announced that its cloud computing unit AWS will invest around $17 billion in data centres in northern Spain, significantly boosting its expansion plan in the country.

  • ViaSat (NASDAQ: VSAT ) (VSAT) stock fell 17% after the communications company’s quarterly net loss grew to $90 million, up from $62 million in the same period last year.

  • PDD Holdings (PDD) stock rose 2% after the company beat first-quarter revenue estimates, powered by strong adoption of its international shopping site, Temu, and as Chinese domestic discount e-commerce platform Pinduoduo (NASDAQ: PDD ) attracted more price-conscious customers.

  • Analog Devices (NASDAQ: ADI ) (ADI) stock rose 8% after the semiconductor forecast third-quarter revenue above expectations, helped by a rise in demand for its automotive and industrial chips after a prolonged slump.

  • First Solar (NASDAQ: FSLR ) rose 13%, hitting a 52-week high, amid a surge in solar stocks. SunPower (NASDAQ: SPWR ), Canadian Solar (NASDAQ: CSIQ ), SolarEdge Technologies (NASDAQ: SEDG ), Enphase Energy (NASDAQ: ENPH ), Array Technologies Inc. (ARRY)
    and Sunrun (NASDAQ: RUN ) were all higher. Invesco Solar ETF (TAN) rose 9%.

  • TJX Cos. (NYSE: TJX ) rose 6% after reporting first quarter results that topped expectations.

Additional reporting by Louis Juricic

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