Travel and hospitality linked stocks were in focus after the TSA screened a record number of passengers during Memorial Day weekend. Toyota Motor and Daimler Truck agreed to merge their truck operations in Japan. Nvidia crossed $1 trillion in market capitalization.
Gap Inc said margins improved and air freight expenses declined in the latest quarter. Marvell Technology estimated sales growth acceleration in the second quarter. RH forecasted higher markdowns in the current quarter.
Nvidia soared after the advanced chipmaker estimated a surge in second quarter revenue, driven by the demand for its AI chips. Best Buy estimated a decline in comparable sales in the current fiscal year. American Eagle estimated a sharp fall in second quarter sales.
Abercrombie & Fitch unexpectedly reported profit in the first quarter and lifted its annual sales growth outlook. Lowe's lowered its annual sales outlook and deepened the decline in annual comparable sales estimate.
Micron Technology products were banned by China regulatory agency citing security risks. PacWest Bancorp sold assets to raise cash. Meta Platforms will appeal a fine levied by the European regulator for data protection law violations.
Applied Materials reported mixed quarterly results. Foot Locker reported a sharp decline in sales on weak comparable sales in the first quarter. Deere & Company reported better-than-expected quarterly results on the back of strong worldwide sales of equipment.
Bath & Body Works reported a decline in sales and earnings and forecasted weaker results for the full-year. Cisco Systems offered cautiously optimistic outlook for the year. Take Two Interactive estimated net loss in the fiscal year 2024.
The Container Store Group swung to a quarterly loss but forecasted profit in the current fiscal year. Evgo Inc announced a secondary stock offering. Target Corp said sales barely rose and profit declined in the first quarter.
Nu Holdings, the Brazil-based and Latin America focused online bank reported a surge in new customers, deposits and loans in the first quarter. Home Depot forecasted a decline in sales and comparable sales in fiscal year 2023.
Newmont Corp finalized its deal terms to acquire Australia-based Newcrest Mining and expand its metals portfolio to include gold and copper. OneOk agreed to acquire Magellan Midstream and expand its pipe network to 25,000 miles.
Regional banks rebounded but traded near recent lows on the ongoing worries of deposit outflows. JD.com announced a surprise management changes. News Corp said liner TV subscribers continued to declined.
Disney reported a sustained recovery in its theme park business and a smaller loss in its streaming unit but total paid subscribers declined in the first quarter. Unity Software reported higher sales but quarterly loss expanded.
Airbnb reported a rebound in online booking across all regions of the world. Akamai Technologies lifted its full-year outlook on the back of stronger results in the first quarter. Rivian Automotive reiterated its annual production target.
Warby Parker reported a smaller quarterly loss. SeaWorld Entertainment quarterly loss expanded despite record quarterly revenue. Lucid Group quarterly loss soared.
AMC Entertainment settled its class action shareholder lawsuit. Berkshire Hathaway reported higher earnings after insurance segment income rebounded. Viatris reported a sharp decline in earnings. PacWest trimmed quarterly dividend.
