Gap, Ross Stores, Tenet Healthcare stocks: Check out the companies that are generating news in noon trade.
Gap factory: The apparel retailer’s stock rose 30.6% after it reported fiscal third-quarter results late Thursday that exceeded Wall Street’s expectations owing to strong sales at Old Navy and improvements at its namesake brand. According to LSEG, adjusted earnings of 59 cents per share outperformed analysts’ forecasts of 19 cents per share. Revenue was also above expectations, coming in at $3.77 billion vs. the $3.6 billion expected.
Spectrum Brands Holdings: Spectrum Brands shares fell 11.8% after the home products firm expected a year-over-year revenue reduction for the fiscal year ending September 2024, falling short of the 1.5% yearly rise predicted by FactSet. Aside from that, the corporation exceeded fiscal fourth-quarter earnings and revenue projections.
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ChargePoint Holdings shares fell 35.5% on Thursday after the electric vehicle infrastructure provider warned that its third-quarter revenue would be lower than expected. It now expects third-quarter sales of $108 million to $113 million, down from $150 million to $165 million previously predicted. In addition, the corporation restructured its C-suite by removing its CEO.
Tenet Healthcare’s stock rose 9.6% after the company announced plans to sell three of its South Carolina hospitals to Novant Health. The transaction is estimated to be worth $2.4 billion.
Ross Stores: The clothes retailer gained 7.2% on a third-quarter top and bottom-line beat. Ross announced earnings of $1.33 per share on $4.92 billion in revenue late Thursday, while LSEG survey analysts predicted earnings of $1.22 per share on $4.85 billion in revenue.
Applied Materials: The maker of semiconductor equipment declined 4%. According to Reuters, Applied Materials is being investigated by the Justice Department for potentially violating export limits on Chinese chip maker SMIC.
Dillard’s The department store chain’s stock rose 7.7%. Dillard’s declared a special dividend of $20 per share on Thursday, as well as a quarterly cash dividend of 25 cents per share.
California Pacific Biosciences shares rose 10.7% following a UBS upgrade to buy from neutral. The Wall Street firm stated that the biosciences company has potential for growth and that its shares represent an “attractive buying opportunity.”
Expedia Group shares increased 5% to a new 52-week high after Evercore ISI upgraded the stock to outperform from in line. Expedia shares are at a “fundamental inflection point,” according to the business, and revenue growth will accelerate in 2024.
GitLab: The software company slumped 3.6% after Barclays downgraded GitLab to equal weight from overweight, citing caution in the near term and a better entry price for shares.
Frequently asked questions
What is the gap factory controversy?
The Gap recently admitted to extensive faults in the thousands of factories it utilizes around the world to make items for its retail franchises, ranging from hazardous machinery to child labor crimes. According to the Gap, it has a team of more than 90 compliance officers who completed approximately 8,500 factory visits last year.
Why did Gap leave India?
The epidemic, as well as later closures and changes in consumer fashion tastes, impacted Gap’s presence in India. Gap and Arvind Lifestyle Brands, an Arvind Fashions wholly owned company, agreed to end their franchise operation in India in 2020.
Who started Tenet Healthcare?
Tenet was founded in 1969 as National Medical Enterprises (NME) by attorneys Richard Eamer, Leonard Cohen, and John Bedrosian and is located in Los Angeles, California. NME owned, ran, and managed 23 hospitals as well as a home health care business by 1975.
Who is the CEO of Tenet Healthcare?
Dr. Saum Sutaria, Chief Executive Officer
He is also the Chairman of the Tenet Board. Sutaria previously served as Tenet’s President and Chief Operating Officer, with duties spanning the whole organization.
Why is Ross store so popular?
The boutiques have grown to be associated with buying things often seen in department stores at steep discounts. TJ Maxx and Marshalls are two other competitors. Customers of Ross Dress For Less have contributed to the company’s success because of its penchant for selling name-brand items at affordable prices.
How many Ross stores are there?
How many Ross Stores do you have in the United States? As of October 25, 2023, there are 1,765 Ross Stores locations in the United States. California has the most Ross Stores sites in the United States, with 340 locations, accounting for approximately 19% of all Ross Stores locations in the United States.
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