Movers & Shakers: Stocks on the move: C3.ai surges but ChargePoint and Zscaler dive

Cloud cybersecurity company Zscaler Inc. ZS, -10.42% forecast a decline in billings and announced layoffs after the market closed on Thursday. Early in Friday’s session, its stock was down more than 12%.

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Marvell Technology Inc.’s stock  MRVL, -7.35% was down more than 7% after the chip company met expectations with results for its latest quarter but blamed inventory corrections for an outlook that trailed what analysts had been modeling.

Shares of Broadcom Inc. AVGO, +4.48% were ahead more than 4% Friday after the company exceeded expectations with its latest results and outlook.

Meanwhile, shares of Victoria’s Secret & Co. VSCO, +1.91% were heading about 3% higher, shrugging off a warning from management about the “challenging” business environment.

Costco Wholesale Corp.’s stock COST, -3.47% was on pace to be the worst performer in the S&P 500 SPX, +0.77% on the day, down just over 4%. The company came up short with its revenue for the holiday quarter.

Cooper Cos. shares were on track to be the biggest S&P 500 gainer Friday, as they were rising upwards of 5%. The medical device company posted quarterly results Thursday afternoon that indicated to Mizuho analyst Anthony Petrone that Cooper is “gaining share against lens competition.”

Shares of PagSeguro Digital Ltd. PAGS, +9.81%, a Brazilian financial-technology company, were rising more than 12% Friday. The company’s “solid” results came with “nice upside to the closely watched margin metrics that investors care so much about,” according to analyst James Friedman of Susquehanna Financial Group.

Electric vehicle charging company ChargePoint Holdings Inc. CHPT, -1.64% reported a wider-than-expected quarterly loss after hours on Thursday and its shares were sliding more than 8% on Friday.

First Solar Inc.’s stock FSLR, +3.00% fetched an upgrade at UBS, with analyst Jon Windham cheering “high visibility on capacity, revenue and earnings growth through 2026” as he moved to a buy rating. Shares were moving nearly 4% higher in morning activity.

Elsewhere, JPMorgan’s Thomas Palmer downgraded shares of Hormel Foods Corp. HRL, -2.77% to underweight from neutral. “Guidance now factors a favorable commodity environment in 2H23 (something most other food companies in our coverage do not contemplate), and a sharp uptick in volumes is assumed (even though a lack of retail demand seems to be part of HRL’s problem right now),” Palmer wrote. Shares of Hormel were falling more than 3% Friday.

Biopharmaceutical company Veru Inc.’s stock VERU, -39.09% was tumbling almost 40% in morning action after the Food and Drug Administration denied an Emergency Use Authorization (EUA) request for the company’s sabizabulin COVID-19 treatment.

Shares of Bumble Inc. BMBL, -8.99% were seeing a 7%-plus decline in morning trading Friday after the online-dating company disclosed a secondary offering, with Chief Executive Whitney Wolfe Herd and Blackstone Inc. BX, -0.99% planning to sell shares.