C3.ai, Salesforce, Dollar General stocks drop, Hormel and Chewy shares rally and other stocks on the move

By MarketWatch

Lucid's stock tumbles after $3 billion stock offering, Advance Auto shares extend selloff

Here are some of the bigger movers Thursday:

Stock gainers:

Hormel Foods Corp.'s stock (HRL) rallied 5% after the parent of Planters, Skippy, Spam and Natural Choice food brands fiscal second-quarter profit that beat expectations as its Planters business showed improvement.

Shares of Nordstrom Inc.(JWN) rose nearly 7% Thursday after the upscale department-store chain reported better-than-expected first-quarter results and held to its full-year outlook, despite what executives said was as an "uncertain" economic backdrop.

Shares of specialty retailer Chewy Inc. rallied 23% after the company reported quarterly profit and sales above Wall Street expectations and announced an expansion to Canada

Constellation Energy Corp. shares (CEG) climbed more than 5% toward a 5 1/2-month high after the maker of clean energy and renewable energy products announced an agreement to pay $1.75 billion NRG Energy Inc. (NRG) to acquire a 44% stake in a nuclear power station near Houston.

Veeva Systems Inc.'s stock (VEEV) soared 20% after the cloud-software company reported fiscal first-quarter earnings and revenue above Wall Street forecasts, saying that its fiscal year was off to a good start.

Pure Storage Inc.(PSTG) shares powered up 22% after the data-storage software provider reported first-quarter results that beat expectations and gave an upbeat financial outlook.

Shares of NetApp Inc.(NTAP) charged up more than 9% Thursday after the cloud-data software company beat on earnings and its long-term outlook.

Stock decliners:

C3.ai Inc.'s stock (AI) went into a tailspin, slumping more than 12% Thursday following its fiscal fourth-quarter results. Shares plummeted after the AI company forecast 2024 revenue estimates on the light side.

Dollar General Corp. shares (DG) plummeted a record 18.6% after the discount retailer missed fiscal first-quarter profit, net sales and same-store sales expectations and cut this full-year outlook.

Advance Auto Parts Inc.'s stock (AAP) sank 5% toward an 11-year low, adding to the previous session's record 35.0% plunge, after BofA Securities backed away from its long-time bullish stance, saying the auto parts seller's turnaround plan appeared to be faltering.

Shares of Lucid Group Inc. (LCID) took a 16% dive after the maker of luxury electric vehicles announced plans for an underwritten public offering of stock and a separate private placement to raise about $3.0 billion in gross proceeds.

CrowdStrike Holdings Inc. shares (CRWD) fell 1.3%, but pared earlier losses of as much as 11%, after the cybersecurity company forecast a less-than-perfect earnings outlook.

Okta Inc.'s stock (OKTA) tumbled 17% as the identity-management software company said it sees tough times ahead even as it raised its earnings forecast.

Shares of intimate-wear maker Victoria's Secret & Co.(VSCO) sank nearly 9% after company executives cut their full-year sales outlook, saying weaker demand would likely endure for the rest of the year.

-MarketWatch

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06-01-23 1535ET

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