These Stocks Are Moving the Most Today: Marvell, Microsoft, Pure Storage, GitLab, Microchip Technology, and More

A scene from the floor of the New York Stock Exchange. (NYSE)

Key Points

• Marvell Technology jumps after beating third-quarter earnings and revenue targets and forecasting strong data-center growth.
• Microsoft declines after a report says it has reduced its sales targets for artificial intelligence-related products.
• Pure Storage falls sharply after quarterly profit declined from a year earlier as operating expenses rose.

Stocks rose Wednesday as the market recovered from an earlier bout of pessimism around artificial intelligence.

These stocks were making moves:

Marvell Technology rose 7.9%. The chip maker beat Wall Street’s third-quarter earnings and revenue targets and forecast stronger-than-expected growth for its data center segment. Marvell also announced that it would be acquiring AI start-up Celestial AI in a cash-and-stock deal valued at approximately $3.25 billion.

CrowdStrike gained 1.6%. The cybersecurity company narrowly topped analysts’ estimates for its third-quarter earnings and revenue and issued solid fourth-quarter guidance. Investors may have been looking for an excuse to dump shares. CrowdStrike trades at 79 times projected free-cash-flow-per-share for the next 12 months.

Microsoft dropped 2.5% on a report that it was easing sales quotas for enterprise AI products like Microsoft 365 Copilot. Although the company has talked up Copilot during calls and events, it hasn’t provided firm figures on sales. A Microsoft spokesperson said “aggregate sales quotas for AI products have not been lowered.”

Crypto stocks were rallying as Bitcoin gained 1.9% to $92,839 over the past 24 hours, according to CoinDesk. Strategy, a big holder of the coins, advanced 3.9%, adding to a 5.8% gain from the previous session. Trading platforms Coinbase Global and Robinhood Markets were up 5.2% and 6.1%, respectively.

American Eagle Outfitters surged 15% after the apparel retailer reported record sales and better-than-expected quarterly earnings. Comparable sales climbed 4% from a year ago, reflecting the success of recent marketing campaigns featuring the likes of Sydney Sweeney and Travis Kelce.

Dollar Tree gained 3.6%. The discount retailer posted fiscal third-quarter adjusted earnings of $1.21 a share, topping analysts’ calls for $1.08. Management raised its earnings outlook for the fiscal year.

Delta Air Lines rose 3.6%. The carrier said demand in the final quarter of the year “remains healthy,” and trends are strong for early 2026. Growth in travel bookings now has returned to initial expectations after softening in November as a result of the government shutdown.

Macy’s pared back earlier losses and rose 1.2%. While the department store chain beat earnings expectations in the third quarter and posted its strongest comparable sales growth in 13 quarters, management’s forecast of fourth-quarter earnings fell short of what Wall Street had penciled in.

GitLab slumped 13% after the software company swung to a loss in the fiscal third quarter, even as revenue grew 25% and adjusted earnings topped expectations. Mizuho analyst Gregg Moskowitz noted that the beat was “more modest than expected amid public sector softness.” GitLab cited weakness resulting from the U.S. government shutdown.

Acadia Healthcare was down 11%. The company, which operates a network of mental health and addiction treatment facilities, reduced its fiscal-year outlook. Management cited higher-than-expected costs from patient-related litigation.

Microchip Technology jumped 12%. The semiconductor company raised its guidance for the fiscal third quarter to the higher end of prior ranges. “Our bookings activity has remained strong through November with backlog filling in better than expected in the current quarter and growing nicely into the March 2026 quarter,” said CEO Steve Sanghi.

Box reversed earlier losses and rose 6.7%. A beat on revenue, which Box attributed to demand for its AI-powered content-management platform, overshadowed third-quarter adjusted earnings, which missed analysts’ estimates.

Pure Storage sank 27%. The data-storage company’s third-quarter earnings met analysts’ expectations, but profit fell from a year earlier as operating expenses rose.

Okta gained 5.5% after the identity-security company beat analysts’ targets for third-quarter earnings and revenue. Okta also raised its forecasts for revenue and adjusted earnings for the year.

Earnings are expected after the bell from C3.ai, Salesforce, Snowflake, and UiPath.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com and George Glover at george.glover@dowjones.com