Take a look at the companies making headlines in midday trading. The Gap – The apparel retailer saw shares soar 30.6% after it posted fiscal third-quarter results late Thursday that beat Wall Street estimates thanks to strong sales at Old Navy and improvements to its namesake brand. his Adjusted earnings of 59 cents per share beat analysts’ expectations of 19 cents per share, per LSEG. Revenue also beat estimates, coming in at $3.77 billion compared to the $3.6 billion forecast. Spectrum Brands Holdings – Shares of Spectrum Brands fell 11.8% after the home products company forecast a year-over-year revenue decline for the fiscal year ending in September 2024, below the FactSet consensus estimate for a gain annual rate of 1.5%. Otherwise, the company topped fourth-quarter earnings and revenue estimates. ChargePoint Holdings – Shares of ChargePoint fell 35.5% after the electric vehicle infrastructure company warned Thursday that its third-quarter revenue results would be weaker than previously expected. It now forecasts third-quarter revenue of $108 million to $113 million, down from previous guidance of $150 million to $165 million. The company also shook up its C-suite, replacing the CEO. Tenet Healthcare – Shares jumped 9.6% after Tenet Healthcare said it will sell three of its South Carolina hospitals to Novant Health. The transaction is valued at approximately $2.4 billion. Ross Stores – The apparel retailer soared 7.2% after a hit on the top and bottom lines in the third quarter. Late Thursday, Ross reported earnings of $1.33 per share on $4.92 billion in revenue, while analysts were looking at LSEG’s forecast earnings of $1.22 per share and $4.85 billion in revenue. income. Applied Materials – The semiconductor equipment maker fell 4%. Reuters, citing sources, said Applied Materials is under criminal investigation by the Justice Department for evading export restrictions on Chinese chip company SMIC. Dillard’s – Shares of the department store chain gained 7.7%. Dillard’s on Thursday declared a special dividend of $20 per share, as well as a quarterly cash dividend of 25 cents per share. Pacific Biosciences of California – Shares rose 10.7% on the heels of UBS’s upgrade to buy from neutral. The Wall Street firm said the biologics company has growth potential and that shares present an “attractive buying opportunity”. Expedia Group – Shares jumped 5%, hitting a new 52-week high, after Evercore ISI upgraded shares to outperform. The company said Expedia shares are at a “core inflection point,” and expects revenue growth to accelerate in 2024. GitLab – The software maker’s stock fell 3.6% after Barclays downgraded it GitLab to equal weight from overweight, saying that it is cautious in the long term and that it is waiting for a better entry point for shares. – CNBC’s Brian Evans, Alex Harring, Hakyung Kim, Tanaya Macheel and Pia Singh contributed reporting.
