Market Updates

U.S. Movers: CNH, Gap, Inuit, Ross Stores, Texas Pacific Land

Scott Peters
22 Nov, 2024
New York City

    Intuit Inc. declined 5.4% to $642.0 despite the financial software developer reporting better-than-expected quarterly results. 

    Revenue in the fiscal first quarter ending in October increased 10% to $3.3 billion from $3.0 billion, net income declined 12% to $271 million from $307 million, and diluted earnings per share fell to 70 cents from 85 cents a year ago. 

    Ross Stores rose 7.1% to $153.05 after the discount retailer reported better-than-expected quarterly results. 

    Revenue in the third quarter ending on November 2 increased to $5.07 billion from $4.92 billion, net income advanced to $488 million from $447 million, and diluted earnings per share rose to $1.48 from $1.33 a year earlier. 

    The company estimated comparable store sales in the fiscal fourth quarter to  increase between 2% and 3%, and earnings per share in the range of $1.57 and $1.64, a decrease from $1.82 a year ago. 

    Gap Inc. rose 15.2% to $25.38 after the specialty apparel retailer reported better-than-expected revenue and earnings in the latest quarter, and the company revised its full-year sales outlook. 

    Net sales in the fiscal third quarter ending on November 2 rose 2% to $3.82 billion from $3.67 billion, net income increased to $274 million from $214 million, and diluted earnings per share rose to 72 cents from 58 cents a year ago. 

    Company tightened its fiscal year 2024 sales growth outlook to an increase between 1.5% and 2.0%, compared to the previous estimate of "slight increase."

    Texas Pacific Land increased 3.4% to $1,562.50, and the company was selected to join the S&P 500 index, replacing Marathon Oil, which is being acquired by ConocoPhillips. 

    CNH Industries declined 3.8% to $11.47, reflecting the market weakness in the eurozone after business activities contracted in the currency union in November. 

    Earlier in the month, the construction and agriculture equipment maker said third quarter revenue declined to $4.6 billion from $5.98 billion, net income attributable to shareholders fell to $310 million from $540 million, and diluted earnings per share decreased to 24 cents from 40 cents a year earlier. 

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