Movers: ChargePoint, Dave & Buster's, Dutch Bros, WestRock

Scott Peters
07 Sep, 2023
New York City

Stocks turned lower after jobless claims dropped to multi-month lows, indicating persistent strong labor market and also supported the case for higher rates for longer. 

The S&P 500 index traded down 0.6% to 4,438.03 and the Nasdaq Composite fell 1.3% to 13,697.33. 

Dutch Bros Inc declined 6.9% to $26.12 after the company announced its plan to raise $300 million through the public offering of Class A common stock. 

WestRock Company increased 5.8% to $26.12 on a report that the company is nearing a merger with the UK-based paper and packaging company Smurfit Kappa. 

The expected merger news was reported by The Wall Street Journal.  

ChargePoint Holdings Inc plunged 27.5% to $5.08 after the company reported second quarter revenue jumped 39% to $150.5 million from $108.3 million and gross margin plunged to 1% from 17% a year ago. 

Net loss in the quarter increased to $125.3 million from $92.7 million and diluted loss per share rose to 35 cents from 28 cents a year ago. 

Dave & Buster's Inc dropped 3.9% to $36.0 after the restaurant and entertainment company reported quarterly results that missed some investors expectations. 

Second quarter revenue increased 15.7% to $542.1 million and net income declined to $25.9 million from $29.1 million and diluted earnings per share was 60 cents compared to 59 cents a year ago.  

Comparable same store sales from a year ago declined 6.3% but rose 5.8% from the same period in 2019. 

The Company purchased 2.1 million shares at a total cost of $74.5 million in the second quarter. 

Total share repurchases to date in fiscal 2023 are 5.7 million shares totaling $200 million and representing 11.8% of the outstanding shares as of the end of fiscal 2022.    

The company Board also expanded share repurchase authorization by $100 million to a total of $200 million.