Contributing to an overall slide on Wall Street, earnings news fueled notable selling among a handful of individual stocks in Tuesday's midday trading. Nordson ( NDSN ) and Dillard's ( NYSE: DDS ) both posted double-digit percentage declines following the release of their respective financial figures.
Meanwhile, Manitowoc ( MTW ) moved in the opposite direction on earnings news. Shares rallied after the company reported better-than-expected results.
In non-earnings news, DocuSign ( DOCU ) slumped following an analyst's downgrade.
Decliners
Nordson ( NDSN ) experienced substantial selling pressure following the release of disappointing quarterly results . Shares of the maker of products used for dispensing adhesives and sealants dropped more than 13% in midday trading after the company reported a Q1 profit that missed analysts' expectations.
NDSN's revenue figure also came in below projections. The top-line figure was basically flat with last year, coming in at $610.5M. For 2023 as a whole, the firm sees revenue flat to up 3%.
DocuSign ( DOCU ) dropped more than 8% in intraday action following a bearish analyst comment. UBS lowered its rating on the digital document signing service to Sell from Neutral , calling the stock "too rich."
Analyst Karl Keirstead argued that recent job cuts at the company point to a "negative demand signal" that might not be priced into shares at this point.
The release of quarterly results prompted selling in Dillard's ( DDS ), sending the stock lower by more than 10% in intraday trading. The department store chain reported a better-than-expected quarterly profit, but sales came in below expectations .
DDS said its top-line figure ticked up about 1% to $2.13B, with flat comparable sales. "Weaker sales at the beginning of the quarter and during the holiday season led to increased markdowns and stronger January sales compared to the prior year fourth quarter," the company said.
Gainer
Manitowoc ( MTW ) received a boost from Street-beating quarterly results , with shares soaring by more than 12%. The firm reported Q4 non-GAAP EPS of $0.74, exceeding projections by $0.48.
The crane provider also surpassed expectations with its top-line figure. Revenue jumped 25% from last year to reach nearly $622M, topping the consensus estimate by more than $50M.
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Hot Stocks: NDSN, DDS drop on earnings news; MTW rallies; DOCU falls on downgrade