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Midday movers: Walmart, Macy's, Alibaba, Cisco and more

Published Nov 17, 2023 00:12 Updated Nov 17, 2023 05:30
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Investing.com -- U.S. stocks were falling as the steam ran out of their recent rally after Walmart's cautious outlook on consumer spending.

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

  • Walmart (NYSE:WMT) stock fell 7.4% after the retail giant warned about the pressure on consumers heading into the important holiday season, offsetting a profit and sales beat for the third quarter.

  • Macy’s (NYSE:M) stock rose 4.5% after the department store chain reported a big fiscal third-quarter profit beat, helped by an improvement in margins, and nudged up its full-year outlook.

  • Alibaba (NYSE:BABA) ADRs dropped 9.4% after the Chinese e-commerce giant decided not to go ahead with a full spin-off of its key cloud unit, citing the impact of enhanced U.S. controls on exports of advanced computing chips and semiconductor manufacturing equipment to China.

  • Cisco (NASDAQ:CSCO) stock slumped 11.4% after the tech company cut its full-year revenue and profit forecasts in a sign that demand for its networking equipment was slowing.

  • Palo Alto Networks (NASDAQ:PANW) stock fell 5.8% after the cybersecurity company issued second-quarter and full-year billing guidance below estimates after posting solid first-quarter results.

  • Bath & Body Works (NYSE:BBWI) stock fell 6.3% after the retailer lowered its annual sales forecast on signs of slowing demand ahead of the crucial holiday season.

  • Catalent (NYSE:CTLT) stock fell 1.1% after Baird upgraded its stance on the pharmaceutical company to ‘outperform’ from ‘neutral’, saying its valuation was now attractive.

  • Eli Lilly (NYSE:LLY) stock fell 0.9% after Reuters reported that the U.S. pharmaceuticals company plans to build a new plant in western Germany.

  • Carvana Co (NYSE:CVNA) shares fell more than 7% after Amazon (NASDAQ:AMZN) said auto dealers will be able to sell vehicles through its store next year, starting with Hyundai (OTC:HYMTF).

--Peter Nurse contributed to this report

Midday movers: Walmart, Macy's, Alibaba, Cisco and more
 

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