Market Updates
U.S. Movers: Chipotle Mexican Grill, Home Depot, On Holdings, Starbucks, Super Micro Computer
Scott Peters
13 Aug, 2024
New York City
Starbucks surged 16% to $89.47 after the coffee chain announced a surprise CEO change, replacing Laxman Narasimhan with Brian Niccol, the current CEO of Chipotle Mexican Grill.
Laxman was forced out by the company under mounting pressure from activist investors Starboard Value and Elliott Investment.
Chipotle Mexican Grill dropped 8.6% to $51.06.
Home Depot dropped 1.5% to $340.43, and the home improvement retailer estimated a larger comparable same-store sales decline in 2024.
The retailer estimated comparable sales to fall between 3% and 4% from the previous estimate of a 1% decline.
Total revenue is expected to rise between 2.5% and 3.5%, higher than the previous estimate of a 1% increase.
Super Micro Computer increased 2.9% to $555.91 and extended its two-day gains to 10%.
The server and data storage company plunged 20% after reporting weaker-than-expected quarterly earnings, but sales were ahead of market expectations.
On Holding AG decreased 0.5% to $39.35, and the Swiss athletic apparel and accessories company reported better-than-expected revenue in the second quarter, but earnings per share missed analyst expectations.
Revenue increased 28% to CHF 567.7 million, income increased eightfold to CHF 30.8 million from CHF 3.3 million, and basic earnings per share soared to 10 Swiss cents from 1 cent a year ago.
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