Midday Trading Update: Gap, Spectrum Brands, and ChargePoint Make Headlines
In the latest midday trading update, several companies are making headlines with significant stock movements.
Gap, the apparel retailer, saw shares surge by 30.6% after posting fiscal third-quarter results that beat Wall Street’s estimates. The strong sales at Old Navy and improvements at its namesake banner contributed to this success. Adjusted earnings of 59 cents per share smashed analysts’ expectations of 19 cents per share, and revenue also beat estimates, coming in at $3.77 billion compared with the $3.6 billion forecast.
However, Spectrum Brands Holdings saw its shares drop by 11.8% after the home products company forecasted a year-over-year revenue decline for the fiscal year ending September 2024. While the company topped fiscal fourth-quarter earnings and revenue estimates, this forecast disappointed investors.
ChargePoint Holdings also experienced a significant drop, with shares falling by 35.5% after the electric vehicle infrastructure company warned of weaker upcoming third-quarter revenue results. The company now forecasts third-quarter revenue of $108 million to $113 million, lower than previous guidance. It also announced changes to its C-suite, including the replacement of its CEO.
Meanwhile, Tenet Healthcare’s shares jumped by 9.6% after announcing the sale of three of its South Carolina hospitals to Novant Health for about $2.4 billion. Ross Stores, the clothing retailer, surged by 7.2% following a beat on the top and bottom line in the third quarter.
In the tech sector, Applied Materials, the semiconductor equipment maker, fell by 4% after reports of a criminal probe by the Justice Department for potentially ignoring export restrictions on Chinese chip company SMIC. Dillard’s, the department store chain, gained 7.7% after announcing a special dividend of $20 per share, as well as a quarterly cash dividend of 25 cents per share.
Other companies in the news include Pacific Biosciences of California, Expedia Group, and GitLab, with their respective stock movements and analyst upgrades and downgrades.
This update is brought to you by CNBC’s Brian Evans, Alex Harring, Hakyung Kim, Tanaya Macheel, and Pia Singh.
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