Zscaler's shares dropped over 23% after the cloud security company projected current-quarter revenue between $875 million and $878 million, missing analysts' expectations of $879 million. Despite this, Zscaler's fiscal third-quarter adjusted earnings of $1.08 per share surpassed forecasts of $1.01, and its revenue of $850 million exceeded the $835 million consensus.
This disappointing guidance negatively impacted other cybersecurity stocks, with Palo Alto Networks down 4% and CrowdStrike down more than 3%. In contrast, Bath & Body Works saw a 15% increase in shares after reporting better-than-expected guidance for the second quarter, forecasting earnings per share of 20 to 25 cents, slightly above the 21 cents expected by analysts.
Semtech's stock rose 7% following its first-quarter results, which included adjusted earnings and revenue that beat estimates, along with a positive outlook for the current quarter. Micron Technology continued its rally, gaining 7% after reaching a market cap of over $1 trillion, making it one of the top performers on the S&P 500.
Sandisk shares increased by 3% after Barclays upgraded the stock to outperform, citing a favorable supply/demand imbalance. Insulet's shares fell about 5% due to a voluntary correction related to a manufacturing issue affecting its medical devices.
Dick's Sporting Goods dropped 2.5% after reaffirming lower full-year earnings guidance, while Box slipped 1.5% despite reporting first-quarter results that beat expectations but provided a lower full-year earnings forecast. MGM shares rose 3% following an upgrade by JPMorgan, which noted resilience among U.S. leisure travelers.
Modine Manufacturing's stock increased by 2.5% after reporting strong fiscal fourth-quarter results, including adjusted earnings of $1.71 per share, exceeding analyst expectations. Abercrombie & Fitch shares rose over 4% after reporting adjusted earnings that beat estimates, although revenue fell short and guidance was weaker than expected