Stocks making the biggest moves after hours: Gap, Broadcom and more
Here are the stocks making notable moves in extended trading.
Broadcom — The chip stock rose more than 3% in extended trading on Thursday after Broadcom beat estimates on the top and bottom lines for its fiscal first quarter. The company reported $8.39 of adjusted earnings per share, while analysts surveyed by Refinitiv were looking for $8.08 per share. The firm’s second-quarter revenue guidance also came in above expectations.
A Gap store in New York, August 2, 2020.
Scott Mlyn | CNBC
Gap — Shares for Gap surged more than 8% in extended trading after the retailer reported a smaller-than-expected loss for the fourth quarter and issued strong earnings guidance. Gap posted losses of 2 cents per share, versus the 14 cents forecast by Refinitiv analysts. Revenue came in at $4.53 billion, versus an estimated $4.49 billion. For the full year, Gap expects to earn between $1.85 and $2.05 per share. Analysts were expecting adjusted earnings of $1.86 per share.
Smith & Wesson Brands — Shares of the firearms maker dropped 14.7% in extended trading after the company’s fiscal third-quarter results came in short of analyst expectations. The company reported 69 cents in adjusted earnings per share on $177.7 million of revenue. Analysts surveyed by Refinitiv were looking for 83 cents and $198.3 million in revenue, according to FactSet’s StreetAccount. CEO Mark Smith said in a release that the firearms market has “cooled significantly” from where it was earlier in the pandemic.
Sweetgreen — Shares for Sweetgreen surged nearly 20% after hours, after the salad chain reported stellar sales growth in the fourth quarter. It’s the first time the restaurant posted a quarterly report since its public debut. Net sales rose by 63% to $96.4 million, beating analyst expectations of $84.7 million, according to Refinitiv. The company did report a net loss for the quarter.