Morning Movers: Dell Drops on Weak Earnings, Gap Rips 5.17% Higher
Shares of Dell (NASDAQ:DELL) dropped more than 2.5 percent in pre-market trading. The company reported that net income in the third quarter dropped to $475 million (27 cents per share), compared to $893 million (49 cents per share) a year earlier. Revenue also fell 10.7 percent to $13.72 billion. Hewlett-Packard (NYSE:HPQ) shares also traded lower on the news.
Gap (NYSE:GPS) shares jumped 5.17 percent today after reporting financial results for the third quarter. Net income surged 59.6 percent to $308 million (63 cents per share), compared to $193 million (38 cents per share) a year earlier. “We’re very pleased with our strong third quarter financial performance, highlighted by how well customers have responded to our product,” said Glenn Murphy, chairman and chief executive officer. “We are ready to compete and win this holiday season as we drive to build upon our top line growth.”
Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.
Nike (NYSE:NKE) shares after receiving a small boost Thursday evening, today Nike gained 1.67 percent. The world’s largest sporting-goods company announced a 2-for-1 stock split and increased its dividend by 17 percent. Bloomberg reports, “The split will increase the number of outstanding shares of Nike Class A and Class B common stock to about 178 million and 720 million, respectively.”
Shares of Sears Holdings (NASDAQ:SHLD) plunged nearly 5.95 percent today in pre-market trading after posting a loss of $498 million for the third quarter. Revenue also fell 5.8 percent to $8.86 billion. Same-store sales fell across the board, with domestic stores declining 3.1 percent.
Investor Insight: Post-Election: Stocks Feel More Pain Than Republicans