Closing Bell Movers: Elastic down 12% despite beat and raise

The stunning reversal in sentiment from optimism in the wake of stronger than expected Nvidia earnings and guidance last night to renewed caution without a clear catalyst outside of valuation in the Tech space has not bled into the overnight session.  In the opening hours, S&P 500 e-minis are up 0.3% at 6,575, Nasdaq 100 is up 0.2%, and Dow Industrials is up 0.3%.   In commodities however, caution persists as January WTI Crude Oil contract is down for the 3rd straight day below $59 per barrel while Metals are little changed – Gold above $4,070 and Silver just north of $50 per ounce.

Consumer Staples was the only sector to end the day in the positive, mainly thanks to stellar results from Walmart (WMT) this morning – the best performing stock on the S&P 500 on Thursday.  Tech, Semiconductors, and AI names, meanwhile, remained under heavy selling pressure – among the most notable and biggest losers, Nvidia ended the day down another 3%, Micron (MU) was slammed by over 10%, Western Digital (WDC) fell by 9%, and Palantir (PLTR) shed 6%.

Check out this evening’s top movers from around Wall Street, compiled by The Fly.

HIGHER AFTER EARNINGS –

• The Gap (GAP) up 4.9%
• Intuit (INTU) up 3.3%
• Ross Stores (ROST) up 2.8%
• Webull Corporation (BULL) up 0.9%

ALSO HIGHER –

• Delcath Systems (DCTH) up 4.0% after announcing new $25M buyback program
• Corsair Gaming, Inc. (CRSR) up 3.9% after naming new CFO
• BETA Technologies (BETA) up 3.7% after announcing it is accelerating development of autonomous capabilities 
• Evolv Technologies (EVLV) up 3.4% after insider buy

DOWN AFTER EARNINGS –

• Elastic (ESTC) down 12.0%
• Veeva Systems (VEEV) down 5.4%
• Copart (CPRT) down 3.5%

ALSO LOWER –

• Contineum Therapeutics (CTNM) down 12.7% after disclosing that its Phase 2 VISTA trial did not meet primary, secondary endpoints