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A late-day rebound allowed the Dow and S&P 500 to break their four-day losing streaks, as bargain-hunters looked for deals after the Federal Reserve-inspired declines of the past several days. The Nasdaq managed to cut its early losses but still posted a modest slide for the day.
Semiconductor stocks were among the losers on the session. Government restrictions related to sales to China and Russia put pressure on Nvidia (NVDA) and AMD (AMD), while names like Marvell Technology (MRVL) and Qualcomm (QCOM) lost ground in sympathy.
The list of Thursday’s standout decliners also included Veeva Systems (VEEV), which posted a double-digit percentage slide following the release of earnings news. Meanwhile, a quarterly update caused Okta (NASDAQ:OKTA) to lose more than a third of its value.
Turning to the upside, Nutanix (NTNX) represented one of the session’s standout gainers. The stock rallied following the announcement of better-than-expected financial figures.
Sector In Focus
Semiconductor stocks fell after Nvidia (NVDA) and AMD (AMD) received warnings from the U.S. government about the sale of some products to China and Russia. NVDA noted that the action “indicated that the new license requirement will address the risk that the covered products may be used in, or diverted to, a ‘military end use’ or ‘military end user’ in China and Russia.”
NVDA dropped nearly 8% on the news. AMD, which said it did not see any material impact from the restriction, retreated 3%.
Elsewhere in the sector, Marvell Technology (MRVL) and Qualcomm (QCOM) both fell about 2%.
Standout Gainer
Street-beating earnings and an upbeat forecast prompted buying in Nutanix (NTNX). The stock surged 29% on the news.
The software provider exceeded estimates on both its top and bottom lines, even though sales slipped 1% from last year. Meanwhile, the company projected 2023 revenue of $1.77B to $1.78B. Analysts were looking for a figure of around $1.65B.
Spurred by the earnings report, NTNX jumped $5.04 to close at $22.34. With the advance, the stock recorded its highest close since mid-May.
Shares have been trending higher since mid-June, as the company comes off a 52-week low of $13.44. Still, even with the recent upswing, shares remain 29% lower for 2022 as a whole.
Standout Decliner
Veeva Systems (VEEV) plummeted 14% following the release of its latest quarterly update. The provider of cloud-computing services for the pharmaceutical and life sciences industry announced a disappointing profit and issued a weak forecast.
While top-line growth of 17% edged past projections, VEEV reported a quarterly profit that came in well below what Wall Street experts were predicting. Meanwhile, the company projected Q3 revenues between $545M and $547M, below analysts’ consensus estimate of $559M.
VEEV finished Thursday’s trading at $171.42, a decline of $27.96 on the session. The slide added to a downturn that has marked the past couple of weeks, taking shares to their lowest finish since early June.
Notable New Low
Worries about slowing growth triggered a massive selling spree in Okta (OKTA). Shares of the identity and access management company plunged 34%, sending the stock to a new 52-week low.
The company beat expectations with its Q2 results, including sales that rose 43% from last year. The firm’s loss was also narrower than expected.
However, the company issued a sales forecast that implied slowing revenue growth, with a best-case projection of 33% revenue expansion for Q3. OKTA predicted a quarterly revenue total of $463M-$465M.
Hurt by the forecast, OKTA tumbled to an intraday 52-week low of $58.10. Shares trimmed their losses but still ended at $60.60, a decline of $30.80.
For more of the day’s best- and worst-performing stocks, head over to Seeking Alpha’s On The Move section.
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Image and article originally from seekingalpha.com. Read the original article here.