Marvell Technology Rallies, GitLab Falls, Microchip Gains on Earnings Forecast
On this episode of Stock Movers:- Marvell Technology (MRVL) shares rally after the company reassured investors that its custom chip-design unit is winning repeat orders, signaling continued growth as the company benefits from spending on AI computing.- Gitlab (GTLB) shares fall after the software company’s results and forecast were seen as underwhelming. Bloomberg Intelligence wrote that the report reinforces concerns about AI.- Microchip (MCHP) shares gain after the the semiconductor device company forecasted adjusted earnings per share for the third quarter that beat the average analyst estimate.See omnystudio.com/listener for privacy information.
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Macy's Guidance Underwhelms; American Eagle Rallies;
On this episode of Stock Movers:- Shares of Macy's (M) declined ahead of the opening bell after its profit forecast for the current quarter disappointed investors, overshadowing solid results in the lead-up to the holiday shopping season. The company said it expects its adjusted diluted earnings per share to range between $1.35 to $1.55 in the current quarter. The midrange of that forecast is below the average estimate of analysts. Macy’s Chief Executive Officer Tony Spring struck a cautious note on consumer spending in the coming weeks, saying in an interview that guidance was “prudent” and that the company is facing strong results from a year ago.- Shares of American Eagle Outfitters (AEO) rallied ahead of the US market open after the company posted third-quarter results that outpaced expectations and raised its outlook as the apparel chain pivots quickly from weakness earlier this year. Comparable sales are expected to rise in the low single digits for the full fiscal year, the company said in a statement, up from its previous view that they’d be flat. Revenue and earnings per share for the third quarter also surpassed the average of analyst estimates.- Shares of Marvell Technology (MRVL) rallied in the early session after the chipmaker said during its conference call that it expects data center revenue to grow by more than 25% next fiscal year. The company also announced plans to acquire startup Celestial AI for about $3.25 billion. On a post-earnings conference call with analysts, Marvell said it’s now more bullish about revenue growth next year and predicted that custom chip sales will increase 20%. Large customers have renewed orders, and Marvell said there won’t be a repeat of previous “air pockets,” when sales in that unit have declined.See omnystudio.com/listener for privacy information.
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Dollar Tree Raises Profit Outlook; American Eagle Soars; Marvell Technology Rallies
On this episode of Stock Movers:- Shares of Dollar Tree (DLTR) moved higher in premarket trading after the company reported better-than-expected profit and raised its full-year earnings outlook, a sign the discount retailer is capturing more spending from stretched shoppers. Adjusted diluted earnings per share rose to $1.21 last quarter, higher than analysts expected, as same-store sales grew 4.2%, Dollar Tree said in a statement. The results indicate that Dollar Tree’s low-price model — 85% of its products cost $2 or less — is resonating as strained consumers prioritize essentials and purchase fewer discretionary items.- Shares of American Eagle Outfitters (AEO) rallied ahead of the US market open after the company posted third-quarter results that outpaced expectations and raised its outlook as the apparel chain pivots quickly from weakness earlier this year. Comparable sales are expected to rise in the low single digits for the full fiscal year, the company said in a statement, up from its previous view that they’d be flat. Revenue and earnings per share for the third quarter also surpassed the average of analyst estimates. - Shares of Marvell Technology (MRVL) rallied in the early session after the chipmaker said during its conference call that it expects data center revenue to grow by more than 25% next fiscal year. The company also announced plans to acquire startup Celestial AI for about $3.25 billion. On a post-earnings conference call with analysts, Marvell said it’s now more bullish about revenue growth next year and predicted that custom chip sales will increase 20%. Large customers have renewed orders, and Marvell said there won’t be a repeat of previous “air pockets,” when sales in that unit have declined.See omnystudio.com/listener for privacy information.
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HSBC Down, Sainsbury's Dips, Inditex Soars
On this episode of Stock Movers:- HSBC unexpectedly appointed Brendan Nelson as its next chair, choosing an insider to replace hard-charging financier Mark Tucker who has led Europe’s largest lender for much of the last decade.- Qatar’s sovereign wealth fund sold a stake worth about £266 million ($352 million) in J Sainsbury Plc, bringing an end to its near two-decade run as the largest shareholder in the supermarket.- Inditex sales accelerated in November, the Zara owner highlighting its resilience in the face of weakening consumer sentiment that’s hitting many of its peers.See omnystudio.com/listener for privacy information.
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Inditex Gains, Stellantis Rises, Smiths Up
On this episode of Stock Movers: - Inditex sales accelerated in November, the Zara owner highlighting its resilience in the face of weakening consumer sentiment that’s hitting many of its peers. Shares soared.- Stellantis gains as much as 8.4% after UBS analyst Patrick Hummel raised his recommendation on the carmaker to buy from neutral and following a report that the White House will announce new fuel efficiency standards for automobiles. - Smiths Group agreed to sell its unit that makes airport security scanners to private equity firm CVC Capital Partners at an enterprise valuation of £2 billion ($2.7 billion).See omnystudio.com/listener for privacy information.
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