shares Jim Stop (Stock ticker: GME) rose more than 40% after the video game retailer reported surprising profit in its fiscal fourth quarter and sales that beat analysts’ expectations. This was GameStop’s first profitable quarter since the period that ended in January 2021.
GameStop cut its inventory to just under $683 million at the end of the fourth quarter, down from $915 million a year earlier.
carvana (CVNA) rose 13.9% after the online used car dealer issued revised first-quarter financial guidance that included a narrower-than-expected adjusted loss.
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Backwest Bancorp (PACW) shares fell 8.9%. The lender said it would not seek a capital increase, citing “bear market prices” for shares of regional banks. The bank said deposits since the beginning of the year have fallen by 20%.
First Republic Bank (FRC) shares fell 0.5%, after rising more than 29% on Tuesday. The stock fell in after-hours trading on Tuesday after a report from the Wall Street Journal said that the regional bank this week had hired Lazard to help Review strategic options It could include a sale, and has hired consultant McKinsey to help structure the bank after the crisis.
Nike (NKE) reported fiscal third-quarter earnings and sales that beat Wall Street expectations, but shares of the sportswear company fell 3% as gross margins contracted. Nike said gross margins shrank 3.3 percentage points, to 43.3%. Affected by continued strong discounting activity, unfavorable exchange rates, and higher production and shipping costs. The company also issued a forecast of a weaker margin for the fiscal year.
Virgin Orbit Holding
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(VORB) rose more than 54% after the airline revealed in a filing that it “will begin a phased resumption of operations” on Thursday “to work on preparations for its next mission.”
Petco Health & Wellness (WOOF) fell 11.3% after the pet food seller issued disappointing revenue guidance for 2023.
Luminar Technologies (LAZR) fell 8.8% to $7.05 after shares of Lidar were downgraded to Sell from Neutral at Goldman Sachs with a $5 price target.
Array Technologies (ARRY) stock rose 8.4% after the solar energy product maker reported fourth-quarter fiscal earnings and revenue that beat analysts’ expectations.
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Shares of Ollie Bargain Outlet Holdings (OLLI) rose 11.4% after the discount retailer reported adjusted earnings for the fourth quarter that beat analyst expectations.
Shares of Krispy Kreme (DNUT) rose 6.8% after the donut chain was upgraded to a Buy from Hold by analysts at Truist.
Nvidia (NVDA) stock jumped 4.5% after Wall Street praised the chip maker after it announced a raft of new products and customers to continue driving demand for artificial intelligence.
Write to Joe Woelfel at [email protected]
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