In a day of significant market movements, Okta's stock soared 14% following impressive fourth-quarter results. Meanwhile, Nvidia's shares continued their downward trajectory, falling another 3% after a sharp decline on Monday. In contrast, Best Buy outperformed market expectations, reporting higher-than-anticipated earnings in its fourth quarter.
Okta's robust performance propelled its stock upwards, as the company reported earnings of 78 cents per share, excluding one-time items, on revenue of $682 million. This strong showing came as a surprise to investors, driving the stock's surge. Best Buy also impressed with adjusted earnings of $2.58 per share on revenue of $13.95 billion, surpassing analysts' expectations of $2.40 earnings per share on revenue of $13.68 billion.
Conversely, Nvidia experienced another challenging day in the market. The chipmaker's shares fell by 3%, extending the nearly 9% decline it suffered on Monday. Despite being worth a staggering $2.79 trillion, Nvidia's shares are currently trading at levels seen last September.
GitLab also made headlines with its forecast for adjusted earnings between 68 cents and 72 cents per share for the current fiscal year. This fell short of the 80 cents per share anticipated by analysts surveyed by FactSet. However, GitLab's fourth-quarter results exceeded Wall Street forecasts, offering a silver lining for investors.
In international news, Illumina faced a setback as its gene sequencers will be banned in China in a retaliatory move, potentially impacting its operations in the region. Meanwhile, Tesla reported a significant drop in sales of vehicles made in China, with sales plunging nearly 50% in February compared to the same period last year.
Elsewhere in the automotive sector, Stellantis, Ford Motor, and General Motors saw their stocks dip following a statement from the American Automotive Policy Council. This development adds to the challenges facing major automakers in an increasingly competitive landscape.
In other notable movements, Scotts Miracle-Gro's shares rose by more than 1% after Stifel upgraded the lawn care product maker from hold to buy. Target also reported better-than-expected earnings, earning an adjusted $2.41 per share versus the $2.26 estimated by analysts polled by FactSet.