Movers: Dave & Buster's, GameStop, Golf stocks, Stitch Fix, Tesla, Yext

Scott Peters
07 Jun, 2023
New York City

The S&P 500 index decreased 4.48 points to 4,269.18 and the Nasdaq Composite increased 12.83 points to 13,242.21. 

Dave & Buster's Entertainment Inc jumped 4.7% to $35.34 after the restaurant chain operator reported quarterly results ahead of market expectations. 

Revenue in the first quarter increased 32.4% to $597.3 million and comparable sales including Main Event stores decreased 4.1% from a year ago. 

Net income increased to $70.1 million from $67.0 million and diluted earnings per share advanced to $1.45 from $1.35 a year ago. 

The company repurchased 3.6 million shares in the first quarter at a total cost of $125.5 million and subsequent to the end of  the quarter, the company purchased an additional 2.1 million shares at a total cost of $74.5 million, bringing the total  repurchases in fiscal 2023 to 5.7 million shares totaling $200.0 million, representing 11.8% of the outstanding shares as of  the end of fiscal 2022.

The company signed two international franchise agreements for up to 15 stores in India and up to 5 stores in Australia. 

Stitch Fix Inc soared 9% to $4.01 after the online fashion platform posted a loss of 19 cents a share on revenue of $395 million. 

Net revenue in the fiscal third quarter ending in April declined 20% to $394.9 million and active clients fell 11% to 3.476 million. 

Net loss in the quarter shrank to $12.8 million from $78 million and diluted loss per share fell to 19 cents from 78 cents a year ago. 

The company estimated fiscal fourth quarter revenue between $345 million and $365 million,  a decline between 20% and 22% from a year ago. 

The company also said it plans to exit from the UK in the next fiscal year. 

GameStop Corp increased 8.3% to $26.75 ahead of the specialty retailer's quarterly results today. 

Tesla Inc increased 2.4% to $226.70 after the company said on its website that new Tesla Model 3 and Tesla Model Y vehicles are eligible for a $7,500 tax credit from the Inflation Reduction Act. 

Yext Inc soared 45% to $13.94 after the online marketplace operator reported better-than-expected quarterly results. 

Revenue in the fiscal first quarter ending in April increased 1% to $99.4 million from $98.8 million and net loss shrank to $0.4 million from $25.8 million and diluted loss per share eased to breakeven from 20 cents a year ago. 

Golf stocks extend gains for the second day in a row after PGA Tours agreed to merge with Saudi Arabia controlled Liv.

After two years of fighting with LIV,  PGA tours in a stunning turnabout agreed to be taken over by the Saudi Arabia controlled company. 

 “So weird. PGA officials were in my office just months ago talking about how the Saudis’ human rights record should disqualify them from having a stake in a major American sport. 

I guess maybe their concerns weren’t really about human rights?,” said Connecticut Senator Chris Murphy on his Twitter post. 

Top Golf Callaway Brands increased 0.6% to $19.43 and Acushnet Holdings Corp jumped 1.7% to $49.88.