Face Masters Buyers Leave Costco Wholesale Store in Washington, DC
Ting Shen | Xinhua Agency Getty Images
See the companies leading titles in the lunch trade.
Costco – Shares fell 3.3% at noon despite the better-than-expected quarterly report. The retailer reported earnings of $ 2.92 per share on revenue of $ 51.9 billion. Analysts had expected a profit of $ 2.74 on revenue of $ 51.47 billion, according to Refinitiv.
Broadcom – Shares of the chipmaker jumped 3.6% after the company reported record revenue in the first fiscal quarter, which exceeded analysts’ expectations. Broadcom reported adjusted earnings of $ 8.39 per share, higher than the $ 8.23 per share that analysts were looking for, according to FactSet estimates. Meanwhile, its revenue jumped 16% year-on-year to $ 7.7 billion, which also exceeded forecasts.
Signature Bank – Shares of cryptocurrency-friendly Signature Bank fell 7%, although Goldman Sachs said on Friday that it maintains its rating to buy the shares and is optimistic about the company’s growth prospects after a recent meeting with management.
Kroger – The grocery chain added about 4% after providing a business update on Friday, including its digital boost to boost sales in 2022 and a commitment to shareholder returns of 8% to 11% over time. The increase comes after a rise in shares on Thursday, after a strong profit.
Splunk – Cloud shares rose about 4% after Daiwa improved its shares to outperform its neutrals, saying it saw a “rise” in security demand as a result of fears about Russia.
Best buy – Shares fell 6.5% after Raymond James downgraded Best Buy to market performance from exceeding. “We are putting our stock recommendation on hold for now,” analysts said. The call comes after Best Buy on Thursday reported incredible quarterly results that exactly met Wall Street expectations.
Rivian Automotive – Electric truck maker’s shares lost 6.5% after Baird lowered its target share price to $ 100 per share from $ 150. However, Baird confirmed that Rivian is better and said it is still upward in the long run, despite several recent mistakes by the company’s management.
Roblox – Shares on the gaming platform fell about 6% after Bank of America said investors should expect stocks to remain volatile for the foreseeable future. He also said that the positive surprise about the growth of reservations in February could lead to a short rise, but warned that the launches “must be successful before the bear’s thesis is refuted.”
Sweetgreen – Shares of Sweetgreen jumped 19% after the salad chain reported strong sales growth in its first quarterly report since its release in November. The company also issued a positive sales forecast for 2022, although it still does not expect a profit.
Gap – The clothing retailer saw its shares fall about 2% after reporting a lower-than-expected loss for the fourth quarter and issuing strong earnings guidelines. Gap reported a loss of 2 cents per share, compared to the forecast of 14 cents by analysts at Refinitiv.
– Samantha Subin, Yun Lee, Hannah Miao and Michael Bloom of CNBC contributed to the report