Stocks making the biggest moves midday: Gap, Ross Stores, Tenet Healthcare and more
Check out the companies making headlines in midday trading. Gap — The apparel retailer saw shares surge 30.6% after it posted fiscal third-quarter results late Thursday that beat Wall Street’s estimates due to strong sales at Old Navy and improvements at its namesake banner. Adjusted earnings of 59 cents per share smashed analysts’ expectations of 19 cents per share, per LSEG. Revenue also beat estimates, coming in at $3.77 billion compared with the $3.6 billion forecast. Spectrum Brands Holdings — Spectrum Brands shares dropped 11.8% after the home products company forecasted a year-over-year revenue decline for the fiscal year ending September 2024, below a FactSet consensus estimate for a yearly gain of 1.5%. Otherwise, the company topped fiscal fourth-quarter earnings and revenue estimates. ChargePoint Holdings — ChargePoint shares dropped 35.5% after the electric vehicle infrastructure company on Thursday warned its upcoming third-quarter revenue results would be weaker than it previously anticipated. It now forecasts third-quarter revenue of $108 million to $113 million, lower than prior guidance of $150 million to $165 million. The company also shook up its C-suite, replacing its CEO . Tenet Healthcare — Shares jumped 9.6% after Tenet Healthcare said it would sell three of its South Carolina hospitals to Novant Health. The transaction is valued at about $2.4 billion. Ross Stores — The clothing retailer surged 7.2% following a beat on the top and bottom line in the third quarter. Late Thursday, Ross reported earnings of $1.33 per share on $4.92 billion in revenue, while analysts polled by LSEG forecast earnings of $1.22 per share and $4.85 billion in revenue. Applied Materials — The semiconductor equipment maker fell 4%. Reuters, citing sources, reported that Applied Materials is under a criminal probe by the Justice Department for potentially ignoring export restrictions on Chinese chip company SMIC. Dillard’s — Shares of the department store chain gained 7.7%. Dillard’s on Thursday announced a special dividend of $20 per share, as well as a quarterly cash dividend of 25 cents per share. Pacific Biosciences of California — Shares popped 10.7% on the heels of a UBS upgrade to buy from neutral. The Wall Street firm said the biosciences company has growth potential and that shares present “an attractive buying opportunity.” Expedia Group — Shares jumped 5%, reaching a new 52-week high, after Evercore ISI upgraded shares to outperform from in line. The firm said Expedia shares are at a “fundamental inflection point,” and expects revenue growth acceleration in 2024. GitLab — The software stock fell 3.6% after Barclays downgraded GitLab to equal weight from overweight, saying that it’s cautious in the near term and that it’s awaiting a better entry point for shares. — CNBC’s Brian Evans, Alex Harring, Hakyung Kim, Tanaya Macheel and Pia Singh contributed reporting. This post has been syndicated from a third-party source. View the original article here.
