Movers: GameStop, HashiCorp, Lucid Group, Signet Jewelers

Scott Peters
08 Jun, 2023
New York City

The S&P 500 index increased 2.58 points to 4,269.62 and the Nasdaq Composite increased 0.2% to 13,135.62. 

The yield on 2-year Treasury notes decreased to 4.45%, 10-year Treasury notes edged up to 3.79% and 30-year Treasury bonds rose 3.95%. 

GameStop Corp declined 21.6% to $20.46 after the company ousted chief executive Matthew Furlong and said Ryan Cohen will take over as executive chairman. 

Net sales in the first quarter ending in April declined to $1.237 billion from $1.378 billion and net loss shrank to $50.5 million from $157.9 million and diluted loss per share fell to 17 cents from 52 cents a year ago. 

Signet Jewelers Limited dropped 9% to $63.01 after the specialty retailer lowered its revenue and earnings estimate for the full-year and forecasted weaker-than-expected second quarter revenue and operating income. 

Sales in the fiscal first quarter ending in April declined 9.3% to $1.7 billion and same store sales declined 13.9% from a year ago. 

Sales in North America declined 8.4% to $1.6 billion and same store sales fell 14.2% from a year ago. 

The company swung net income attributable to shareholders to $88.8 million from a loss of $92.1 million and diluted earnings per share was $1.79 compared to ($1.89). 

The company declared quarterly dividend per share of 23 cents to shareholders on record July 28 and payable on August 25. 

The company repurchased $39.1 million of its shares in the first quarter.  

Lucid Group increased 3.1% to $6.60 after the electric vehicle maker's head of China operations Zhu Jiang said the company is preparing to launch its operations and enter the Chinese market. 

HashiCorp Inc plunged 21.4% to $27.40 after the cloud computing company reported weaker than expected earnings. 

Revenue in the first quarter ending in April increased 37% to $138.0 million and net loss shrank to $53.2 million from $82.2 million and diluted loss per share fell to 28 cents from 43 cents a year ago. 

The company estimated fiscal second quarter revenue between $137 million and $139 million and non-GAAP loss per share between 14 cents and 16 cents. 

The company estimated full-year revenue between $564 million and $570 million and non-GAPP loss per share between 24 cents and 27 cents. 

In addition, the company announced its plan to reduce its workforce by 8% citing macroeconomic headwinds.