May 25, 2024

Balkan Travellers

Comprehensive up-to-date news coverage, aggregated from sources all over the world

Home Depot, Walmart, Dillard's, Medtronic, and more stock market movers

Home Depot, Walmart, Dillard’s, Medtronic, and more stock market movers

Shares fell sharply on Tuesday after disappointing guidance from the retail giants Home Depot And Walmartand since Wall Street remains concerned that the Fed may leave interest rates higher for longer due to flat inflation.

home improvement giant Home Depot (HD) reported fourth-quarter earnings of $3.30 a share, beating analyst estimates by 2 cents. Sales rose 0.3% in the first quarter to $35.8 billion, but fell short of expectations. Home Depot said it expects fiscal 2023 sales to be stable compared to fiscal 2022. The stock fell 5.2%.

Home Depot competitor Lowe’s (Low) dropped 5.1%. The company is expected to report earnings on March 1.

Walmart (Stock ticker: WMT) Shares rose 0.2% after the world’s largest retailer issued guidance on earnings for fiscal 2024 that fell short of analysts’ expectations.

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Dillard’s (DDS) fell 9.5% even after the supermarket chain reported a 5% increase in total retail sales year-over-year.

DocuSign (DOCU) fell 7.4% after analysts at UBS downgraded shares of the electronic signature company to Sell from Neutral.

Molson Coors Beverage (TAP) jumped 4.6% after the beer maker reported fourth-quarter earnings per share that beat expectations.

automation

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(AN) fell 3.8% after the stock was downgraded to Underweight from Neutral at JP Morgan. The stock rose more than 11% on Friday after the auto seller reported fourth-quarter earnings that beat analyst expectations.

General Mills (GIS) stock rose 3.3% after owner and Nature Valley owner Betty Crocker said it expects adjusted earnings per share to grow 7% to 8% in constant currency.

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Meta platforms (META) will roll out a Twitter-like monthly subscription tier for Facebook and Instagram that will allocate blue badges to individuals who pay to verify their accounts. The service, called Meta Verified, will cost $11.99 a month for Internet users and $14.99 for Apple’s iOS. Subscribers, who present government-issued ID to be verified, get priority in comments from others, exclusive stickers for Instagram Stories, and recommendations in Reels. Meta shares rose 1.8%.

Vir Biotechnology (VIR) jumped 8.5% after the company was upgraded to Buy from Neutral by analysts at Goldman Sachs.

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Medtronic (MDT) rose 1% after the medical device maker reported adjusted third-quarter earnings that beat expectations.

Companies reporting results after Tuesday’s closing bell include Coinbase (COIN), Palo Alto Networks (PANW), Toll Brothers (TOL), and Caesars Entertainment (CZR).

Write to Joe Woelfel at [email protected]