Breaking News
May 26, 2023
  • Gap Inc soared 14.2% to $8.48 after the struggling apparel retailer reported improvement in operating margin and a decline in air shipment expenses. 

    The retailer reported net sales in the first quarter declined 6% to $3.2 billion and 3% decline in comparable sales. 

    Net loss in the quarter shrank to $18 million from $144 million and diluted loss per share fell to 5 cents from 44 cents a year ago. 
  • May 25, 2023
    • Nvidia Corporation soared 23.5% to $375.16 after the advanced chip maker reported better-than-expected quarterly sales and earnings. 

      The company also lifted its annual outlook on the back of demand for its AI chip. 

      Revenue in the fiscal first quarter declined 13% from a year ago and increased 19% from the previous quarter to $7.19 billion. 

      Net income increased 26% to $2.0 billion from $1.6 billion and diluted earnings per share rose to 82 cents from 64 cents a year ago. 

      The company estimated fiscal second quarter revenue of $11.0 billion with a band of 2% and GAAP gross margin of 68.5%. 

      In the first quarter of fiscal 2024, NVIDIA returned to shareholders $99 million in cash dividends and the company will pay its next quarterly cash dividend of 4 cents per share on June 30, to all shareholders of record on June 8.

      Other semiconductor stocks traded higher after results from Nvidia boosted the prospects for the sector. 
      • Best Buy Company Inc jumped 1.9% to $70.49 after the electronics retailer reported slightly better-than-expected adjusted earnings in its latest quarter ending in April. 

        Revenue in the fiscal 2024 first quarter declined to $9.5 billion from $10.6 billion, driven by 11% fall in domestic revenue to $8.8 billion on 10.4% fall in comparable sales. 

        Net income declined to $241 million from $341 million and diluted earnings per share fell to $1.11 from $1.49 a year ago. 

        In the fiscal first quarter, the company returned a total of $281 million to shareholders through dividends of $202 million and share repurchases of $79 million.

        The electronics retailer reiterated its fiscal 2024 sales outlook between $43.8 billion and $45.2 billion and comparable sales to decline between 3% and 6%. 
        • American Eagle Outfitters Inc dropped 16.4% to $10.30 after the specialty apparel retailer estimated second quarter revenue to decline on tough comparison. 

          Revenue in the first quarter increased 2% to $1.1 billion, driven by 5% increase in retail store revenue and 4% decline in online sales. 

          Net income declined to $18.5 million from $31.7 million and diluted earnings per share fell to 9 cents from 16 cents a year ago. 

          The retailer estimated second quarter revenue to decline in "low single-digits" compared to last year and operating income in the range of $25 million to $35 million. 
          • Dollar Tree Inc dropped 12.5% to $135.50 after the deep discount retailer reported mixed quarterly results. 

            Consolidated net sales increased 6.1% to $7.32 billion, driven by companywide same store sales increase of 4.8%. 

            Dollar Tree same store sales increased 3.4%, driven by a 5.5% increase in traffic, partially offset by a 2.1% decline in average ticket. 

            Family Dollar’s 6.6% same store sales increase comprised of a 4.3% increase in traffic along with a 2.2% increase in average ticket.

            Companywide net sales increased to $7.3 billion from $6.9 billion and net income declined to $299 million from $536.4 million and diluted earnings per share fell to $1.35 from $2.37 a year ago. 

            In the quarter, the company repurchased 1.025 million shares for $151.1 million. 

            The retailer guided full-year sales between $30 billion and $40.5 billion, driven by low- to mid-single-digit comparable same store sales. 

            The company guided second quarter sales between $7.0 billion and $7.2 billion and same store sales to increase in mid-single-digit sales and earnings per share between 79 cents and 89 cents. 
          • May 24, 2023
            • Abercrombie & Fitch Company soared 24.5% to $28.64 after the specialty apparel retailer reported higher-than-expected profit and lifted its full-year outlook. 

              Net sales in the first quarter increased 3% to $835 million from $812 million and the company swung to a profit of $17.8 million from a loss of $14.8 million and diluted earnings per share was 33 cents compared to a loss of 32 cents a year ago. 

              The retailer revised its full-year net sales growth estimate to between 2% and 4% from the previous estimate of an increase between 1% and 3% from $3.7 billion sales in 2022.    
              • BJ's Wholesale Club Holdings Inc decreased 1.5% to $63.80 after the membership warehouse club reported weaker-than-expected sales. 

                Revenue in the first quarter increased to $4.72 billion from $4.49 billion and net income increased to $116.0 million from $112.4 million and diluted earnings per share rose to 85 cents from 82 cents a year ago. 
                • Children's Place Inc plunged 24.7% to $17.93 after the specialty retailer reported a decline in earnings and a loss in the first quarter. 

                  Revenue declined 11.2% to $321.64 million from $362.35 million and the retailer swung to a net loss of $28.83 million compared to a profit of $19.83 million and diluted earnings per share was ($2.33) compared to $1.43 a year ago. 
                  • Kohl's Corporation soared 10.1% to $21.21 after the department store chain reported better-than-expected quarterly results. 

                    Sales in the first quarter declined 3.3% from a year ago $3.36 billion and net income was unchanged at $14 million and diluted earnings per share fell to 11 cents from 13 cents a year ago. 
                    • Lowe's Companies declined 1.6% to 12,461.55 after the home improvement retailer reported better-than-expected sales and earnings but the company lowered its annual outlook. 

                      Comparable sales fell 4.3%, driven by lumber deflation,  unfavorable weather and lower DIY discretionary sales. 

                      Net sales in the first quarter declined to $22.3 billion from $23.7 billion and net income fell to $2.26 billion from $2.33 billion and diluted earnings per share rose to $3.77 from $3.51 a year ago. 

                      Sale of Canada retail operation contributed to 10 cents of earnings per share in the quarter. 

                      Lowe's estimated full-year sales in the range of $87 billion to $89billion, lower than the previously estimated range between $88 billion and $90 billion. 

                      Comparable sales are estimated to decline between 2% and 4%, compared to the previous estimate between flat and 2% decline.