After-Hours Stock Movers: AAL, HOOD, BOX Surge
Stocks of American Airlines, Robinhood, and Box are among those making significant moves in after-hours trading.
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Stock futures rebound as S&P 500 and Dow recover from consecutive declines
U.S. stock futures rose after the S&P 500 and Dow Jones slipped for a second day. Box shares tumbled 12% after reporting disappointing third-quarter results, while MongoDB slipped 5% despite beating analyst expectations. Toll Brothers gained nearly 2% after exceeding expectations. Despite recent losses, all three stock indexes are still on track to end the quarter and year with significant gains. However, Wolfe Research's chief investment strategist, Chris Senyek, predicts disappointment for investors in the new year, with expectations of an 8% drop in the S&P 500 due to the lagged impacts of Fed rate hikes and falling inflation. In Asia, Japan's Nikkei 225 led gains, and Australia's GDP expanded more than expected in the third quarter. Bank of America reports that investors are still favoring cash despite the stock market rally, and volatility is expected in 2024 due to the uncertain macroeconomic backdrop and the upcoming presidential elections. Notable after-hours movers include Box, MongoDB, and Dave & Buster's.
"Stocks to Watch: Box, Insulet, HP, PVH, Salesforce, Victoria's Secret, Ambarella, and more"
Align Technology's shares rose after HSBC initiated coverage with a buy rating, citing the company's strong brand presence and potential for growth in digital orthodontics. Hewlett Packard Enterprise's stock fell after posting quarterly earnings that slightly exceeded estimates. Insulet saw a jump in its stock price after its CEO disclosed buying shares and announced the launch of an insulin delivery system in Germany. Box's stock plunged after the company issued weak financial guidance for the current quarter. Texas Instruments' shares dropped after being downgraded by Bernstein due to concerns about its long-term strategy. HP's shares added after reporting revenue that missed estimates but matched expectations for earnings per share. Ambarella's shares plummeted on softer-than-expected forward guidance, while PVH's shares advanced after a strong earnings report.
"HPQ, BOX, and AMBA: After-Hours Stock Movements and Ambarella's Q2 Fiscal Year 2024 Results"
Box's stock fell 7% after hours following a mixed second-quarter report, with revenue in line with estimates but weak guidance for the current quarter and full-year revenue. Semiconductor maker Ambarella slid nearly 14% despite beating expectations in the second quarter, as soft current-quarter guidance disappointed investors. HP dropped 5.6% in extended trading after its fiscal third-quarter revenue fell short of Wall Street estimates. Hewlett Packard Enterprise retreated about 1% despite narrowly beating expectations in its fiscal third quarter. Calvin Klein parent PVH climbed 2.6% on the back of a strong financial report, surpassing earnings per share and revenue forecasts while raising its outlook for the year.