U.S. Movers: Dave & Buster's, GE Vernova, General Motors

Scott Peters
11 Dec, 2024
New York City

General Motors advanced 0.7% to $53.55 after the company canceled its plan to stop funding self-driving technology by car company Cruise. 

GE Vernova Inc. increased 2.7% to $336.37 after the company released its full-year outlook for 2024 and 2025. 

The company estimated revenue in 2024 closer to the upper end of its range between $34 billion and $35 billion and in 2025 to range between $36 billion and $37 billion. 

Free cash flow in 2024 is expected to trend closer to the range between $1.3 billion and $1.7 billion and in 2025 to range between $2.0 billion and $2.5 billion. 

Macy's declined 10.5% to $14.92 after the department store chain cut its full-year earnings estimate. 

The company lowered its adjusted earnings per share to range between $2.25 and $2.50 from the previous estimate between $2.55 and $2.90. 

However, the company revised its full-year sales to fall between $22.3 billion and $22.5 billion from the previous estimate between $22.1 billion and $22.4 billion. 

Dave & Buster's Entertainment plunged 16.7% to $30.77 after the arcade and dining venue operator reported a loss and announced the departure of the company's chief executive. 

Revenue in the third quarter decreased 3% to $453 million, driven by a 7% decline in comparable sales from a year ago. 

Net loss expanded to $32.7 million from $5.2 million, and diluted earnings per share rose to 84 cents from 12 cents a year ago, respectively. 

The company's chief executive, Chris Morris, has resigned, and the current chairman of the board, Kevin Sheehan, is acting as the interim chief executive until a permanent chief executive has been appointed. 

During the third quarter, the company repurchased $28 million of shares, bringing its total repurchases year to date to $88 million, representing 2 million shares or 5.1% of the outstanding shares as of the end of fiscal 2023. 

The company has $112 million remaining on its share repurchase authorization.