3.2 C
New York

Ross Stores, Carvana, Coinbase, Rent the Runway and more

Published:

Pedestrians pass in front of a GAP store in Latest York.

Scott Mlyn | CNBC

Try the businesses making headlines in midday trading.

Ross Stores — Ross Stores jumped 10% after a quarterly beat on earnings and revenue. The corporate was also named by Credit Suisse as its top pick within the off-price retail sector. Analyst Michael Binetti boosted his price goal to $123 from $99. On Thursday, Ross Stores reported third-quarter earnings-per-share of $1.00, versus a Refinitiv estimate of 81 cents.

Foot Locker — Shares jumped 7% after Foot Locker reported surpassed expectations in its latest quarterly report and raised its full-year forecast.

Carvana — Carvana dropped 6% after an internal message obtained by CNBC’s Scott Wapner said the corporate plans to put off about 1,500 employees, or 8% of its workforce.

Rent the Runway — Shares of Rent the Runway dropped 12% after Morgan Stanley downgraded shares of the web apparel reseller to equal weight from obese. The firm said Rent the Runway is proving to be a “more volatile” business than originally expected, pointing to a difficult path to profitability ahead.

Farfetch — The stock dropped 17% after Farfetch missed expectations on the highest and bottom lines in its most up-to-date quarter, in keeping with consensus estimates on FactSet.

Palo Alto Networks — The tech stock jumped nearly 8% after Palo Alto reported a beat on the highest and bottom lines in its most up-to-date quarter, in keeping with consensus estimates from Refinitiv. Palo Alto raised its guidance barely.

Coinbase — Shares dropped greater than 8% after Bank of America downgraded Coinbase to neutral from buy, saying that the FTX debacle raises “contagion risk” for the crypto exchange platform, even when it isn’t one other FTX.

Gap — The retail stock jumped greater than 4% after Gap reported a revenue beat in its most up-to-date quarter, at the same time as it issued a cautious outlook ahead of the vacation season.

Buckle — The retailer saw its stock rise 4% after the corporate posted an earnings beat. Buckle reported third-quarter earnings of $1.24 per share, while consensus estimates called for earnings of $1.19 per share, in keeping with FactSet.

DraftKings — DraftKings’ stock gained nearly 2% after Piper Sandler initiated coverage of the sports betting company with an obese rating, saying shares could rally 40% from here.

RH — Shares fell greater than 5% after Wedbush downgraded RH to neutral from outperform, saying that there may be evidence of a course correction in its luxury strategy.

Diamondback Energy — Shares of energy stocks dropped as a gaggle on the back of falling oil prices. Diamondback Energy was down greater than 4%, Marathon Oil declined greater than 3%, Halliburton was 2% lower.

Williams-Sonoma — Shares dropped nearly 7% after Williams-Sonoma declined to reaffirm or update its guidance through fiscal 12 months 2024.. The vendor of kitchenware and other household furnishings did beat expectations on the highest and bottom lines in its latest quarter, in keeping with consensus estimates from Refinitiv.

— CNBC’s Michelle Fox, Yun Li and Samantha Subin contributed reporting.

sportinbits@gmail.com
sportinbits@gmail.comhttps://sportinbits.com
Get the latest Sports Updates (Soccer, NBA, NFL, Hockey, Racing, etc.) and Breaking News From the United States, United Kingdom, and all around the world.

Related articles

spot_img

Recent articles

spot_img