HP's stock slumps on cautious outlook, VinFast shares on the move again and other stocks in the spotlight

By MarketWatch

Cannabis stocks rally after a report that the U.S. Department of Health and Human Services is recommending the DEA reschedule cannabis

Here are the day's biggest movers:

Stock gainers:

Vera Bradley Inc.'s stock (VRA) rose 10% after the handbag and accessories company swung to a profit in its fiscal second quarter from a loss a year ago and swept past earnings estimates.

Emergent BioSolutions Inc.'s stock (EBS) rose 1% after the company said its Narcan nasal spray -- an antidote for an opioid overdose -- will be available without a prescription starting in September.

Insulet Corp.'s stock (PODD) rose 7% to lead S&P 500 gainers, after Chief Executive James Hollingshead purchased 5,500 shares at an average price of $181.41.

Nvidia Corp.'s stock (NVDA) rose 1.8% after closing Tuesday at a record high. Melius Research analyst Ben Reitzes said he sees a case to be made that the stock could be "cheap," at least on a relative basis.

Lyft Inc.'s stock (LYFT) soared 6.6%, after lead independent director Sean Aggarwal scooped up $1 million of the ride-hailing company's stock, joining Chief Executive David Risher, who made a similarly sized purchase earlier in the month.

Shares of Alkermes PLC(ALKS) jumped 10% Wednesday after the Dublin-based biopharma company announced a settlement of patent litigation with Teva Pharmaceuticals USA Inc.(TEVA.TV) relating to Vivitrol, a treatment for alcohol and opioid dependence.

Cannabis stocks rallied sharply in afternoon trade after a Bloomberg report that the Department of Human Health and Services is recommending that the DEA reschedule cannabis The plant is currently a Schedule I drug, which classifies it along with heroin. The AdvisorShares Pure US Cannabis ETF MSOS rose 18.5%, while Canopy Growth Corp. (WEED.T) jumped 15%, Tilray Brands Inc. (TLRY) rose 8% and Curaleaf Holdings Inc. was up 16%. Green Thumb Industries Inc. was up 17.6% and Trulieve Cannabis Corp. was up 15.6%.

Stock decliners:

Box Inc.'s (BOX) stock tumbled 9% after the applications developer reported quarterly results that barely topped analyst revenue and earnings estimates but offered weak guidance.

Shares of HP Inc. (HPQ) skidded 8% to lead S&P 500 decliners following an earnings report highlighted by a third straight revenue miss and warnings of a challenging economy for the PC and printer maker.

Ambarella Inc. shares (AMBA) dropped 19% after the video-chip maker issued a disappointing forecast

VinFast Auto, the Vietnam electric vehicle maker with a small float, fell 5% after skidding 44% on Tuesday.

Shares (BFA) of Brown-Forman Corp. took a beating after the spirits company, which is the parent of the Jack Daniel's whiskey brand, reported a surprise drop in fiscal first-quarter profit and sales that came up a bit shy

MasterCraft Boat Holdings Inc.'s stock (MCFT) slid 12.6% after the powerboat maker provided a fiscal 2024 outlook that was well below forecasts, citing "significant uncertainty" regarding retail demand given expectations of an economic downturn.

Outlook Therapeutics Inc.'s stock (OTLK) tumbled 84% after the company said the U.S. Food and Drug Administration has issued a Control Response Letter for the company's Biologics License Application for a treatment for wet age-related macular degeneration.

Shares (FGEN) of FibroGen Inc. slid 28% after the company said its investigational treatment for Duchenne muscular dystrophy failed to meet its primary and secondary endpoints in a clinical study.

-MarketWatch

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08-30-23 1416ET

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