Market Updates
U.S. Movers Five Below, Semiconductor Stocks, U.S. Bancorp
Scott Peters
17 Jul, 2024
New York City
Semiconductor shares plunged after a Bloomberg report suggested that President Joe Biden's administration is looking to impose a tougher penalty on companies sharing advanced technologies with China.
Nvidia declined 5.4% to $119.53, AMD dropped 7.1% to $165.03, ASML Holding plunged 10.9% to $953.52, and BE Semiconductor fell 5.7% to $174.45.
Taiwan Semiconductor decreased 7.2% to $172.66 after Republican Party U.S. President candidate and convicted felon said that Taiwan should pay the U.S. for defending the nation.
Five Below plunged 17.5% to $84.33 after the deep discount retailer lowered its second quarter outlook and announced the departure of chief executive Joel Anderson.
Net sales in the fiscal first quarter ending on May 4 increased 11.8% to $811.9 million from $726.2 million, net income decreased to $31.5 million from $37.5 million, and diluted earnings per share fell to 57 cents from 67 cents a year ago.
Comparable same-store sales decreased by 2.3% compared to the quarter in 2023.
The company estimated fiscal second quarter sales between $830 million and $850 million, net income between $32 million and $38 million, and diluted earnings per share between 57 cents and 69 cents.
U.S. Bancorp rose 4.3% to $45.15 after the bank reported better-than-expected quarterly results.
Total revenue in the second quarter declined 4.3% to $6.9 billion from $7.2 billion, net income increased $1.6 billion from $1.4 billion, and diluted earnings per share increased to 97 cents from 84 cents.
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