Movers: Applied Materials, Deckers, Deere, Ollie's, Palo Alto, Ross, Tesla, VF Corp

Barry Adams
20 May, 2022
New York City

Applied Materials, Inc declined 4.8% to $105.38 the semiconductor chip equipment maker reported second quarter of fiscal 2022 sales rose 12% to $6.2 billion and net income rose 15% to $1.5 billion. 

Diluted earnings per share rose to $1.74 from $1.43 a year ago. 

The company guided third quarter sales to be $6.25 billion with a range of $400 million up or down and non-GAAP adjusted diluted earnings per share between $1.59 and $1.95. 

The sales estimates include "the impact of ongoing supply chain challenges." 

Deckers Outdoor Corp jumped 11.6% to $253.02 after the footwear and apparel retailer estimated fiscal 2023 revenues to increase between 10% and 11% and earnings per share between $17.40 and $18.25. 

The retailer reported fiscal fourth quarter 2022 sales increased 31.2% to $736 million and net income more than doubled to $63 million from a year ago. 

Earnings per share in the quarter rose to $2.51 from $1.18 a year ago. 

The retailer guided fiscal 2023 net sales between $3.45 billion and $3.50 billion and earnings per share between $17.40 and $18.25. 

Deere & Company dropped 11.8% to $321.75 after the agriculture equipment maker reported sales and revenues rose 11% to $13.4 billion in the second quarter ending on May 1. 

Net income rose 17% to $2.1 billion or $6.81 a share from $1.79 billion or $5.68 a share. 

The company guided fiscal 2022 earnings to range between $7.0 billion and $7.4 billion. 

Foot Locker jumped 2.2% to $30.96 after the footwear and apparel retailer said first quarter sales increased 1% to $2.15 billion but comparable same store sales fell 1.9%. 

Net income in the quarter fell to $133 million or $1.37 a share from $202 million or $1.93 a share. 

For the year, the retailer estimated sales to decline between 4% and 6% and comparable sales to fall between 8% and 10%. 

Ollie's Bargain Outlet Holdings declined 2.04% to $42.26 after the company is expected to benefit from inventory liquidation caused by supply chain disruptions and higher than expected demand estimated by other retailers. 

Bank of America also upgraded the stock to "buy" from "underperform."

Earlier two month ago, the retailer reported sales in the fourth quarter ending in January declined 2.8% and comparable sales fell 10.5%. 

Palo Alto Networks rose 8.4% to $473.13 after the cyber security and network management company reported fiscal third quarter 2022 ending in April rose 29% to $1.4 billion. 

Net loss in the quarter shrank to $73.2 million or 74 cents a share from $145.1 million or $1.50 a share.  

The company guided fiscal 2022 revenues to range between $5.481 billion to $5.551 billion and diluted non-GAAP earnings per share between $7.43 and $7.46. 

Ross Stores, Inc plunged 21,6% to $72.60  after the discount retailer reported first quarter sales declined 4% to $4.3 billion and comparable sales fell 7% after rising 13% in the year ago. 

Earnings per share for the quarter ending in April dropped to 97 cents or $338 million from $1.34 or $476 million. 

The retailer estimated second quarter comparable same store sales to decline between 4% and 6% and earnings per share to range between 99 cents and $1.07 compared to $1.39 a share a year ago. 

Tesla Inc declined 8.5% to $648.30 and extended week long losses to 16% after tech stocks resumed slide today raising the prospect that the proposed deal to acquire Twitter may face more headwinds. 

Tesla has fallen more than 46% in the year so far. 

VF Corp jumped 3% to $46.03 after the apparel maker reported sales in the fourth quarter ending in March rose 9% to $2.8 billion and net income fell to $80.8 million or 21 cents a share from $89 million or 23 cents a share. 

For the fiscal year net sales rose 27% to $11.8 billion and net income more than tripled to $1.4 billion or $3.55 a share from $407 million or $1.05 a share. 

The company lifted fiscal 2023 revenues in constant currency to rise 7% and earnings per share to fall between $3.30 and $3.40 provided there are no Covid-19 related lockdowns.