The stock market opening bell is always accompanied by companies making headlines, and today is no exception. GameStop, the meme stock, saw a 5% decline premarket after initially gaining nearly 30%. The company surprised investors with an earnings report showing net sales of almost $882 million for the first quarter, which was down 29% from the previous year. GameStop also announced plans to sell additional stock on top of the 45-million share sale in May that raised over $900 million. The shares rallied 47% on Thursday in anticipation of a livestream from meme stock leader Roaring Kitty.
Lyft, the ride-sharing company, saw its shares rise more than 3% after receiving multiple analyst upgrades to buy following an investor day. Lyft shared its expectations of a gross bookings compound annual growth rate of around 15% between 2024 and 2027. Meanwhile, Vail Resorts, the ski resort owner, saw an 8% drop in its stock after disappointing quarterly results that missed Wall Street’s estimates for both sales and net income. The company reported earnings of $9.54 per share on $1.28 billion in revenue.
Skechers, the footwear maker, experienced a 2% rise in shares after Bank of America upgraded the company to a buy, citing an improving wholesale environment and strong sales trends. On the other hand, DocuSign saw a more than 7% drop in its stock after releasing fiscal second-quarter and full-year forward guidance, despite first-quarter results surpassing Wall Street’s estimates. The electronic signature company’s board also authorized a $1 billion stock buyback.
Samsara, a software maker, saw its shares drop more than 6% after issuing fiscal second-quarter and full-year financial forecasts, despite posting better-than-expected first-quarter results. The company reported adjusted earnings of 3 cents per share on revenue of $281 million, beating LSEG estimates calling for EPS of 1 cent per share and $272 million in revenue. On the positive side, Braze, a customer engagement platform, surged 15% after posting a smaller-than-expected loss of 5 cents per share and surpassing revenue estimates. The company also provided strong guidance for the current quarter and full year, with expectations for full-year revenue to range between $577 million and $581 million.
In conclusion, the stock market opening bell saw various companies making headlines, with GameStop experiencing ups and downs, Lyft receiving upgrades following an investor day, and Vail Resorts falling short of expectations. Skechers and Braze saw positive movements in their stock prices, while DocuSign and Samsara faced challenges despite strong performance in certain areas. Investors will be closely watching these companies as they navigate the ever-changing market landscape.
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