Stock futures are trading higher on Friday after a week of significant gains. The three major indexes have each risen by about 2%.
Applied Materials Faces Criminal Investigation
Applied Materials (AMAT) has reported fiscal fourth-quarter earnings and revenue that surpassed analysts' expectations. However, the stock is falling as a report reveals a criminal investigation by the U.S. Justice Department into the semiconductor maker. The investigation focuses on Applied Materials allegedly sending its equipment to a Chinese company without the necessary licenses. Although the company is cooperating with the government and remains committed to compliance and global laws, including export controls and trade regulations, the stock has declined by 7%.
Gap Exceeds Expectations in Q3
Gap (GPS) has beaten analysts' estimates in its third-quarter adjusted earnings, while same-store sales for the period fell less than expected. The retailer has confirmed its full-year revenue outlook, which Chief Financial Officer Katrina O'Connell says strikes a balance between the progress they are seeing and a cautious view of the economic and consumer environment they are operating in. As a result, Gap shares have surged by 16% in premarket trading.
ChargePoint Holdings Faces Revenue Setback
ChargePoint Holdings (CHPT), the electric-vehicle charging company, saw its stock plummet by 30% following a disappointing update. The company announced that it expected third-quarter revenue to be between $108 million and $113 million, significantly below previous expectations of $150 million to $165 million. In addition to this setback, ChargePoint also underwent changes in its leadership, appointing new chief executive and chief financial officers.
Alibaba Shares Tumble Amidst Cloud Computing Arm Decision
U.S.-listed shares of Alibaba (BABA) experienced a decline of 4.3% as the company decided against spinning off its cloud computing arm. This move was attributed to concerns about potential business risks due to recently expanded U.S. export controls on advanced computer chips.
Ross Stores Exceeds Expectations with Strong Earnings
Ross Stores (ROST), the discount retailer, reported better-than-expected third-quarter earnings. Additionally, the company provided an updated fiscal-year profit forecast of between $5.30 and $5.36 per share, surpassing its previous guidance range of $5.15 to $5.26. As a result, Ross Stores' stock experienced a notable 6.8% increase.
Copart Surpasses Expectations with Impressive First-Quarter Results
Copart (CPRT), recognized as the world's largest auctioneer of salvaged vehicles, impressed Wall Street with its first-quarter performance. The company's earnings and revenue reached $1.02 billion, exceeding market expectations.
Related Articles
Petition Filed in Illinois to Bar Trump from Republican Primary
A petition has been filed in Illinois seeking to bar Trump from the Republican primary ballot, citing his alleged role in the U.S. Capitol attack.
Housing Affordability Challenge
Bank of Canada Governor highlights the limitations of monetary policy in addressing housing affordability in Canada, emphasizing the need for a comprehensive ap...
Earnings Season Overview
A summary of upcoming earnings reports from major companies and the Jackson Hole economic policy symposium, along with key economic data for the week.