Movers: AMD, Ciena Corp, Lands' End, MongoDB, Nividia, Signet Jewelers

Barry Adams
01 Sep, 2022
New York City

Stocks fell for the fifth day in a row and bond yields rose to a 10-week highs not seen since 2007. 

Benchmark index extended losses ahead of the jobs report on Friday and on the ongoing worries of the future rate hikes. 

The S&P 500 index declined 1.3% to 3,906.45 and the Nasdaq Composite fell 1.9% to 11,585.91. 

Futures of crude oil prices declined $1.16 to $88.41 and natural gas rose 16 cents to $9.29 a thermal unit.

Bond yields rose to a two-month high ahead of highly anticipated jobs report on Friday 

The yield on 10-year Treasury notes rose to 3.28% and on 2-year Treasury notes inched up to 3.52%. 

Chipmakers fell after the U.S. restricted sale of some of the advanced chips to China. 

Nvidia Corp declined 11.5% to $133.93 after the company said new U.S. licensing requirements are expected to impact sales by $400 million. 

Advanced Micro Devices fell 6.8% to $79.08 and the company also confirmed its sales are also likely to be impacted by the new U.S. restrictions. 

Ciena Corp declined 9% to $45.97 after the networking equipment maker reported weaker-than-expected quarterly results.

In addition, the company said parts shortages are preventing the company from meeting its customer demands. 

Lands' End, Inc declined 14% to $11.87 after the apparel retailer said quarterly loss narrowed but expenses and inventories rose.   

For the second quarter, net revenue fell 8.6% to $351.2 million from $384.1 million a year ago. 

The company swung to a net loss of $2.2 million or 7 cents a diluted share compared to net income of $16.2 million or 48 cents a diluted share last year. 

For fiscal 2022, the apparel retailer guided revenue to be between $1.60 billion and $1.64 billion and net income between $16.5 million and $23.5 million, and diluted earnings per share between $0.49 and $0.70.

Mongo DB plunged 24.7% to $243.25 after the cloud computing company reported quarterly results that met analysts' expectations but its annual outlook fell short of expectations. 

The company estimated fiscal 2023 revenues between $1.196 billion and $1.206 billion compared to the previous range between $1.172 billion and $1.192 billion. 

The company revised its adjusted operating loss between $8 million and $13 million from the previous range between a profit of $1 million and a loss of $9 million. 

Signet Jewelers Ltd dropped 11.4% to $57.29 despite the retailer reaffirming its full-year outlook and exceeding quarterly earnings estimates. 

Total sales declined 1.9% to $1.8 billion and same store sales fell 8.2% from a year ago. 

Diluted earnings per share declined to $2.58 from $3.60 a year ago. 

Signet reaffirmed its full-year fiscal 2023 annual revenues to fall between $7.6 billion and $7.7 billion and diluted earnings per share between $10.98 and $11.57.