Movers: Advance Auto Parts, Brinker Intl, Farfetch, Nordstrom, Petco, Peloton, Toll Brothers

Barry Adams
24 Aug, 2022
New York City

Stocks on Wall Street inched higher as retail companies report weaker results and investors await comments from the Fed Chair on Friday. 

Crude oil and natural gas trading dominated the sentiment in stock market as several regions around the world experience record heat waves. 

The S&P 500 index increased 0.5% to 4,150.72 and the Nasdaq Composite index advanced 0.9% to 12,486.90. 

Futures of crude oil increased $1.06 to $94.80 a barrel and natural gas rose 5 cents to $9.41 a thermal unit. 

The yield on 10-year Treasury notes edged up to 3.095% and two-year notes rose to 3.358%. 

Advance Auto Parts Inc dropped 10.8% to $177.57 after the retailer said second quarter net sales increased 0.6% to $2.7 billion and comparable sales fell 0.6% from a year ago. 

Net income declined to $144.4 million or $2.39 a share from $178.7 million or $2.76 a share a year ago. 

The auto parts retailer said higher gasoline prices negatively impacted the demand in the quarter from its do-it-yourself customers.  

Bed Bath & Beyond Inc jumped 14.2% to $10.01 after the retailer is said to have secured new financing and improve its liquidity. 

The news was first reported by The Wall Street Journal. 

Brinker International, Inc declined 4.0% to $29.12 after the restaurant chain operator said total revenues increased 12.9% to $1.02 billion but company sales declined 3.5% to $987 million. 

Net income declined to $40 million or 90 cents from $75 million or $1.58 a share a year ago. 

Farfetch Ltd soared 25.8% to $9.86 after the company agreed to acquire 47.5% stake in the online retailer YNAP from Switzerland based Richemont in exchange of 50 million of its shares. 

Nordstrom, Inc plunged 18.7% to $18.86 after the retailer reported second quarter sales increased 12% to $4.1 billion from $3.7 billion a year ago. 

Net income rose to $126 million or 77 cents from $89 million or 49 cents a share. 

The retailer lowered its annual sales outlook to an increase between 5% and 7% compared to 6% and 8% rise in the previous estimate.   

Petco Health and Wellness Company declined 6.2% to $14.77 after the retailer reported weaker-than-expected quarterly results and lowered its full-year outlook. 

Peloton Interactive Inc soared 20.5% to $13.44 after the fitness equipment retailer struck a deal with Amazon.com to sell some of its equipment accessories.  

Toll Brothers Inc increased 2.6% to $46.89 and the luxury home builder lowered its guidance for the year citing supply chain problems and labor shortages. 

Fiscal third quarter 2022 rose 1% to $2.3 billion and the delivered homes declined 7% to 2,414. 

The company missed its own estimate of delivering 2,750 homes in the third quarter. 

Net income in the quarter increased to $273.5 million or $2.35 a diluted share compared to $234.9 million or $1.87 a diluted share. 

The home builder lowered its annual homes delivered outlook to between 10,000 and 10,300 from the previous estimated range between 11,000 and 11,500 units. 

However, the luxury home builder raised its outlook for the average home price to $920,000 from the previous estimated range between $895,000 and $915,000.