Movers: AutoZone, BuzzFeed, GitLab, Herbalife, NRG Energy, Signet, Sumo Logic, Textron

Scott Peters
06 Dec, 2022
New York City

AutoZone Inc declined 3.2% to $2,450.65 after the auto parts retailer reported better-than-expected quarterly results but inventories rose more-than-expected. 

Revenue in the fiscal first quarter increased 8.6% to $4.0 billion and domestic same store sales increased 5.6%. 

Net income in the fiscal first quarter plunged to $539.5 million from $555.2 million and diluted earnings per share declined to $27.45 from $25.69.

Net inventories, merchandise inventories less accounts payable, increased 17.6% to negative $249,000 from negative $207,000 a year ago.   

BuzzFeed Inc declined 3.5% to $1.10 after the company announced its plan to eliminate 180 positions or cut  12% of its staff by the end of the first quarter.  

The company blamed its recent woes on challenging macroeconomic conditions, ongoing shift to short-form and vertical video and recent acquisition of Complex Networks.  

Gitlab Inc jumped 8.1% to $41.43  after the software developer said the fiscal third quarter loss narrowed to 33 cents from 62 cents a year ago and sales rose 69% to $113 million.

Herbalife Nutrition Ltd plunged 23.5% to $13.35 after the multi-level marketing company announced an offering of $250 million convertible senior notes due in 2028.

NRG Energy dropped 17.1% to $33.89 after the company said it plans to acquire Vivint Smart Home for $12 a share or $2.8 billion and assumption of $2.4 billion in debt net of cash.

Vivint soared 32.5% to $11.90.

NRG also said it plans to complete its remaining $360 million of its stock purchase under the $1.0 billion plan and use the excess free cash flow in 2023 to fund the acquisition and the related debt.

Signet Jewelers Ltd surged 18.7% to $68.61 after the retailer posted stronger-than-anticipated quarterly results.

Sales in the fiscal third quarter ending in October rose 2.9% to $1.58 billion from $1.53 billion a year ago.

Net income in the fiscal third quarter dropped to $28.8 million from $83.9 million and diluted earnings per share fell to 60 cents from $1.45 a year ago.

Total sales in North America increased 5.1% to $1.5 billion and same stores sales declined 7.6% from a year ago reflecting higher average transaction value but fewer number of transactions.

The retailer also revised higher its non-GAAP operating margin to increase in double-digit, inclusive of the recent acquisition Blue Nile.

Sumo Logic soared 11.4% to $8.03 after the cloud company said the fiscal third quarter sales rose 27% to $79 million and loss narrowed to $26.3 million or 22 cents from $30.8 million or 28 cents a year ago.

Textron Inc rose 4.9% to $73.40 after the company won a contract to provide advanced helicopters to the U.S. Army. The contract could be worth as much as $70 billion.