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

Ross Stores, Carvana, Coinbase, Rent the Runway and more
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Pedestrians walk past a GAP store in New York.

Scott Mlin | CNBC

Take a look at the companies making the midday trading headlines.

Ross Stores — Ross Stores jumped 10% after a quarterly rise in profit and revenue. The company was also named by Credit Suisse as its top pick in the discount retail sector. Analyst Michael Binetti raised his price target to $123 from $99. On Thursday, Ross Stores reported third-quarter earnings per share of $1.00, versus a Refinitiv estimate of 81 cents.

shoe drawer — Shares rose 7% after Foot Locker reported that it beat expectations in its latest quarterly report and raised its full-year forecast.

caravan — Carvana fell 6% after a internal message obtained by CNBC’s Scott Wapner He said the company plans to lay off about 1,500 employees, or 8% of its workforce.

rent the track — Shares of Rent the Runway fell 12% after Morgan Stanley Reduced shares of online clothing reseller to equal weight from overweight. The firm said Rent the Runway is proving to be a “more volatile” business than originally expected, pointing to a challenging path to profitability ahead.

Farfetch — Shares fell 17% after Farfetch missed expectations in its most recent quarter results, according to consensus estimates in FactSet.

Palo Alto Networks — Tech stocks rose nearly 8% after Palo Alto reported a beat in the upper and lower lines in its most recent quarter, according to consensus estimates from Refinitiv. Palo Alto raised its bearings slightly.

coin base — Shares fell more than 8% after Bank of America downgraded Coinbase to neutral from buy, saying the FTX debacle increases “contagion risk” for the cryptocurrency exchange, even if it isn’t another FTX.

Gap — Retail stocks rose more than 4% after Gap reported a revenue hit in its most recent quarter, even as it issued a cautious outlook ahead of the holiday season.

Buckle — The retailer saw its shares rise 4% after the company posted a surge in earnings. Buckle reported third-quarter earnings of $1.24 per share, while consensus estimates called for earnings of $1.19 per share, according to FactSet.

DraftReyes — DraftKings shares rose nearly 2% after Piper Sandler began coverage of the sports betting company with an overweight rating, saying the stock could be up 40% from here.

RH — Stocks fell more than 5% later Wedbush downgraded HR to neutral from outperformsaying there is evidence of a course correction in his luxury strategy.

diamond back energy — Shares of energy stocks fell as a group due to falling oil prices. Diamondback Energy was down over 4%, Marathon Oil was down over 3%, Halliburton was down 2%.

Williams-Sonoma — Shares fell nearly 7% after Williams-Sonoma refused to reaffirm or update its guidance through fiscal 2024. Refinitive

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

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