Stock Movers: Alibaba Group, AMC Entertainment, GameStop, Games Global, Home Depot

Scott Peters
14 May, 2024
New York City

Home Depot declined 0.9% to $338.0 after the home improvement retailer reported weaker-than-expected results in the first quarter. 

Comparable sales in the first quarter declined by 2.8%, and in the U.S. they fell by 3.2% from a year ago. 

Revenue in the first quarter ending in April declined 2.3% to $36.4 billion from $37.3 billion, net income dropped 7% to $3.6 billion from $3.87 billion, and diluted earnings per share fell to $3.63 from $3.82 a year ago. 

The specialty retailer said fiscal 2024 sales are likely to decrease 1.0%, including the 53rd week, but excluding the recent acquisition of SRS Distribution Inc. 

Home Depot anticipated comparable same-store sales to fall 1% for the 52-week period, but 53-week diluted earnings per share to increase 1.0%. The 53rd week is expected to contribute 30 cents of diluted earnings per share. 

Games Global Limited said it plans to postpone its initial public offering, citing uncertain market conditions, which was previously scheduled for May 14. 

The online casino game supplier was looking to sell 14.5 million shares at a price between $16 and $19 per share. 

Shares of AMC and GameStop shot up in early trading following the resumption of social media postings by "Roaring Kitty." 

GameStop catapulted 130% to $69.67, and AMC Entertainment Holdings soared 123% to $11.81. 

Alibaba Group declined 5% to $80.39 after the China-based online e-commerce platform operator reported higher-than-expected revenue and said net income plunged 86%, reflecting the investment in publicly listed companies. 

For the full-year 2023, revenue rose 8% to 941.2 billion yuan or $130.7 billion and net income advanced 10% to 79.7 billion yuan or $11 billion. 

The company's board also approved the plan to payout $4 billion in dividends to shareholders.