Stock prices rose on Friday, with major U.S. indexes each posting their third straight week of gains.
Applied Materials (AMAT) reported fiscal fourth-quarter earnings and revenue that beat analysts’ estimates, but its stock fell after a report detailed a U.S. Department of Justice investigation into the semiconductor maker. Portal reported that Applied Materials is under criminal investigation by the Justice Department for shipping its equipment to a Chinese company without the necessary licenses. The company said it was “cooperating with the government and remains committed to complying with global laws, including export controls and trade regulations.” The stock fell 4% and was the biggest loser in the S&P 500.
Gap’s (GPS) adjusted earnings beat analysts’ estimates in the third quarter, and same-store sales fell less than expected in the period. The retailer confirmed its full-year sales outlook, which CFO Katrina O’Connell said “balances the progress we see with a prudent view of the economic and consumer environment in which we operate.” Gap shares increased by 31%.
ChargePoint Holdings (CHPT) plunged 35% after the electric vehicle charging company said it expects third-quarter revenue of between $108 million and $113 million, well below previous expectations of $150 million to $165 million -Dollar lies, and his CEO and CFO have been replaced by an officer.
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Third-quarter earnings at Ross Stores (ROST) were better than expected, with the discount retailer forecasting earnings of between $5.30 and $5.36 per share for the fiscal year, compared with a previous forecast of 5.15 to 5, $26. The stock rose 7.2%.
U.S.-listed shares of Alibaba (BABA) fell 1.9%, extending Thursday’s sharp losses, after the Chinese technology company said it would not proceed with the spinoff of its cloud computing division, citing references to risks to the business from recently expanded U.S. export controls on advanced computer chips.
Expedia (EXPE) rose 5.1% to $136.38 after In Line upgraded shares of the online travel agency to Outperform at Evercore ISI and raised its price target to $200 from $135. Airbnb (ABNB) was downgraded to In Line from Outperform at Evercore. The shares rose 0.7%.
BJ’s Wholesale Club
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(BJ) closed down 4.9% after the warehouse retailer missed third-quarter same-store sales estimates and lowered its fiscal year same-store sales growth forecast.
Pacific Biosciences of California (PACB) gained 11% after receiving an upgrade from Neutral to Buy from UBS.
Copart (CPRT), the world’s largest auctioneer of end-of-life vehicles, reported first-quarter earnings and revenue that beat estimates. The stock rose 1.9%.
Hubbell (HUBB) was upgraded to Overweight from Neutral at JP Morgan
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and the price target was raised from $333 to $335. Shares of the electrical and utility products maker rose 4% to $301.02.
Write to Joe Woelfel at [email protected]