At the Westfield San Francisco Centre in San Francisco, shoppers casually stroll by a Nordstrom sign on May 11, 2023. Nordstrom, the department store retailer, experienced a decline in stock prices by 7.73% despite surpassing expectations for their fiscal second-quarter earnings and revenue. Their earnings were 40 cents higher than the predicted 44 cents by Refinitiv analysts. Although Nordstrom maintained their full-year outlook, they anticipated a decline in revenues in the single digits. In addition, the company expressed concerns about increasing theft-related losses.
Affirm, the buy now, pay later firm, witnessed a significant surge of 28.82% in their shares following their fiscal fourth-quarter results that exceeded expectations, mainly due to higher gross merchandise volume. Affirm also provided strong guidance for the fiscal first quarter, projecting revenues of $430 million to $455 million, surpassing analysts’ expectations of $430 million.
Hawaiian Electric, the utility stock, experienced a severe plunge of 18.55% after Maui County filed a lawsuit against the company for damages related to the wildfires on the island, which resulted in the loss of more than 100 lives. The lawsuit asserts that Hawaiian Electric failed to shut down its power lines despite receiving warnings from the National Weather Service about high winds and drought conditions, which increase the risk of fires. Hawaiian Electric expressed disappointment in Maui County’s decision to pursue legal action and highlighted that the investigation is still ongoing.
Hasbro, the toy maker, witnessed a remarkable rally of 5.66% after Stifel raised its price target for the company. Stifel now projects a 43% upside from Thursday’s closing price and has included Hasbro in its top picks list, citing significant changes and opportunities within the organization. Bank of America also increased its price target for Hasbro, boosting investor confidence. Shares of the company have experienced nearly a 9% increase this week, signaling positive market performance.
Advance Auto Parts saw a decline of 5.64% in its shares after being removed from the S&P 500 on Friday. This change in status affected investor sentiment and contributed to the stock’s downward movement.
Workday, the enterprise software company, reported stronger-than-expected results for the second quarter, leading to a gain of nearly 5.38% in its stock. Adjusted earnings per share exceeded analysts’ expectations at $1.43, compared to the predicted $1.26. The company’s revenue reached $1.79 billion, slightly surpassing the estimated $1.77 billion.
Intuit, the software company, experienced a positive market response with a 4.12% increase in its shares after announcing earnings that exceeded expectations. The fiscal fourth-quarter adjusted earnings reached $1.65 per share, compared to the estimated $1.44 by analysts. Intuit’s revenue also surpassed expectations, totaling $2.71 billion instead of the projected $2.64 billion. The company provided stronger-than-expected full-year guidance, further boosting investor confidence in its future performance.
The retailer Gap observed a 7.24% increase in its shares following the release of its quarterly results, which had mixed outcomes. Despite falling short of revenue expectations with $3.55 billion compared to the anticipated $3.57 billion, its adjusted earnings per share of 34 cents surpassed the consensus estimate of 9 cents by Refinitiv.
Marvell Technology experienced a slight decline of 6.62% in its stock, despite reporting earnings slightly higher than anticipated. Their second-quarter earnings per share reached 33 cents, beating the predicted 32 cents. However, the company fell short of revenue expectations at $1.34 billion compared to the estimated $1.33 billion.
Ulta Beauty initially saw a 3.69% increase in its shares due to better-than-expected quarterly results. The company reported earnings per share of $6.02 on $2.51 billion in revenue for the second quarter, exceeding analysts’ forecast of $5.85 in earnings per share and $2.51 billion in revenue by Refinitiv. Furthermore, Ulta Beauty raised its full-year guidance, which initially triggered a positive response from investors.
AMC Entertainment’s shares declined by 13.5% after the company converted its preferred equity units into common stock. This change in ownership structure resulted in a negative reaction from investors.
Shift4 Payments experienced a 1.9% increase in its shares following an upgrade from Morgan Stanley, which raised the company’s rating to equal weight from underweight. Morgan Stanley highlighted that Shift4 Payments’ valuation now aligns more accurately with its business prospects.
Note: CNBC’s Yun Li, Hakyung Kim, Alex Harring, Samantha Subin, and Michael Bloom contributed to this report.
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