Market Updates
U.S. Movers: AMD, Apple, GitLab, Target
Scott Peters
05 Mar, 2024
New York City
Apple decreased 2.2% to $171.25 after a research report from Counter Point estimated the company's iPhone sales in China dropped as much as 24% in the first six weeks of 2024, facing tougher competition from Huawei.
Target Corp. soared 8.2% to $162.99 after the retailer reported better-than-expected holiday-quarter sales and earnings.
Revenue in the fiscal fourth quarter ending on February 3 rose to $31.9 billion from $31.4 billion, net income soared 58% to $1.38 billion from $0.87 billion, and diluted earnings per share advanced to $2.98 from $1.89 a year ago.
Operating margin in the quarter improved to 5.8% from 3.7% a year ago after consumers returned to buy higher-margin items like apparel and beauty products.
For the first quarter of 2024, the company expects comparable sales to fall between 3% and 5%, and first quarter GAAP and adjusted EPS are both expected to range from $1.70 to $2.10.
For the full year, the company expects a modest increase in comparable sales in a range from flat to 2%, and GAAP EPS and adjusted EPS are both expected to range from $8.60 to $9.60.
GitLab plunged 23.8% to $56.75 after the database developer estimated weaker-than-expected sales in the current year.
AMD decreased 1.9% to $201.55 after a Bloomberg News report suggested that the company's sales in China hit the U.S. regulatory hurdles that will prevent the company from selling advanced semiconductors to process artificial intelligence applications.
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