Movers: Five Below Nio, Ollie's Bargain, Skillsoft, Signet, Target

Barry Adams
09 Jun, 2022
New York City

Five Below plunged 7.8% to $126.77 after the discount retailer reported weaker than expected earnings and lowered its outlook for the second quarter and full-year. 

Nio Inc dropped 7.7% to $18.81 after the electric vehicle maker reported smaller-than-expected quarterly loss and exceeded revenues estimates. 

The company delivered 25,768 vehicles in the first quarter 2022, representing an increase of 28.5% from the first quarter of 2021 and an increase of 2.9% from the fourth quarter of 2021.   

Quarterly loss shrank 63% to $1.83 billion and said second quarter deliveries are expected to range between 23,000 and 25,000. 

The automaker guided revenues in the quarter to fall between $1,473 million and $1,591 million, an increase of approximately 10.6% to 19.4% from the same quarter a year ago.   

Ollie's Bargain Outlet Holdings rose 5.2% to $56.74 after the discount retailer was upgraded to "outperform" from "sector perform" by RBC Capital Markets despite the company reporting a sharp plunge in revenues, earnings and same store sales. 

Ollie's Bargain has advanced for the sixth day in a row and extended gains to 22% in the period. 

Skillsoft Corp plunged 16.3% to $5.30 despite the company delivering better than expected quarterly results. 

Revenues in the quarter increased 79% to $163.9 million and net loss of $21.6 million or 15 cents a share. 

The education technology company guided full year fiscal 2023 booking between $790 million and $825 million. 

Signet Jewelers Ltd soared 9.2% to $67.93 after the retailer of diamond jewelry said sales in the first quarter rose 8.9% to $1.8 billion on a same store sales increase of 2.5%. 

Same store sales in North America declined 0.9% in the quarter. 

In the quarter, the company swung to a net loss of $92.1 million from net income of $129.8 million a year ago. The company reported a loss partly reflecting a legal settlement expense of $134.5 million. 

The retailer entered in a class action legal settlement in March 2020 for $240 million covering sexual harassment and subprime loans included in the customer loan portfolio.  

The retailer guided second quarter sales between $1.79 billion and $1.82 billion and full-year sales between $8.03 billion and $8.25 billion and diluted earnings per share between $12.72 and $13.47.  

Target Corporation jumped 0.1% $156.94 after the retailer lifted its dividend despite the recent inventory challenges and weakening profit outlook. 

Target declared a quarterly dividend of $1.08 per common share, a 20% increase from the prior quarterly dividend of 90 cents. 

The dividend is payable Sept. 10, 2022 to shareholders of record at the close of business August 17, 2022.

Tesla Inc jumped 2.9% to $746.93 after the electric vehicle maker was upgraded to "buy" from "hold" and the brokerage firm said that the company's "operation outlook is stronger than ever."

Separately, Tesla also said vehicles made at its Shanghai, China location jumped to 32,165 in May from 1,152 in April.