Gap and GameStop warn of tough holiday season; Foot Locker gets pumped up
Earnings continue to drive some stocks this morning.
Gap (GPS) shares are lower ahead of the bell. The apparel retailer that operates Gap, Old Navy and Banana Republic stores cut its 2014 profit forecast and warning of a tough holiday season ahead. The company also reported third quarter earnings and revenue that missed analysts' estimates, hurt by a 5% decline in Gap store sales. And it’s shaking up the leadership of those struggling namesake stores.
Foot Locker (FL) shares rose in early trading. The sportswear retailer reported earnings and revenue that topped Wall Street views as it continues to benefit from strong demand for basketball and running shoes.
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GameStop (GME) shares took a big hit in early trading. The video-game retailer predicted a not so rosy holiday season after third quarter earnings and revenue missed estimates due to the delayed release of “Assassin's Creed Unity.”
Sotheby's (BID) shares jumped ahead of the bell. The company’s CEO for the last 14-years, William Ruprecht, is stepping down. The auction house says the resignation was by "mutual agreement." His departure comes after activist investor Dan Loeb and others joined Sotheby's board.
Splunk (SPLK) stock rose in early trading. The maker of software that helps companies collect and analyze data reported earnings and revenue that beat estimates. Sales jumped nearly 48% from a year earlier as it added more corporate customers. The company also issued strong guidance for its current quarter.
