Shares of Venture Global took a significant hit, plummeting over 30% after the energy company reported a decline in fourth-quarter revenue. In contrast, Zscaler and Veeva Systems saw notable gains, with their stock prices rising nearly 6% and 9%, respectively, following impressive earnings reports. The financial landscape showcased a mixed bag of results, reflecting diverse market reactions to earnings and forecasts.
Barclays analysts highlighted that Marvell Technology faced heightened expectations due to strong results from other Amazon supply chain companies. Marvell managed to surpass these expectations, reporting 60 cents in adjusted earnings per share on $1.82 billion in revenue, slightly beating the projected 59 cents per share on $1.80 billion. Despite this, the broader market for artificial intelligence-related companies showed underperformance, even when fundamentals appeared solid.
Victoria's Secret experienced a drop of more than 5% after the retailer issued guidance for the first quarter that fell short of analyst predictions. The company projected revenue between $1.3 billion and $1.33 billion, whereas analysts had expected $1.39 billion. This cautious outlook contributed to the decline in its share price.
Meanwhile, Teladoc shares rose by over 4% following an agreement to offer Eli Lilly's weight-loss drug Zepbound to self-paying patients. The healthcare sector saw additional positive movement as Burlington Stores' stock surged approximately 10%, buoyed by robust fourth-quarter results.
The semiconductor sector faced challenges as Nvidia's shares fell nearly 5%. ON Semiconductor and Taiwan Semiconductor Manufacturing also traded lower, with declines of about 6% and 3%, respectively. This downturn contrasted sharply with the upswing experienced by BJ's Wholesale Club, whose shares leapt an impressive 13%.
Veeva Systems not only reported strong earnings but also provided promising guidance for the current quarter, reinforcing investor confidence. The company's performance stood out in a market where Rigetti Computing faltered, posting a loss of 68 cents per share on $2.3 million in revenue, missing Wall Street expectations.