Apple suppliers slash sales outlook; Gap sales keep falling; Container Store hits 52-week low
Here are some of the stocks the Yahoo Finance team will be watching for you today.
Apple (AAPL) chip suppliers Cirrus Logic (CRUS) and Qorvo (QRVO) lowered their sales outlook for the third quarter citing weak demand for mobile devices during the holiday season. This comes amid growing worries that Apple would scale back iPhone production due to weak sales.
Bed Bath & Beyond (BBBY) posted earnings per share that matched Wall Street views. But revenue missed forecasts and profit fell 21% in the third quarter due to a decline in same-store sales.
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Gap (GPS) continues to struggle to turn things around. The retailer reported same-store sales fell 5% in December. Gap saw weaker-than-expected sales across all its brands, even Old Navy, which was once a bright spot for the company.
The Container Store (TCS) shares were down sharply in early trading. The storage products retailer swung to a loss in the third quarter and revenue also came in short of estimates. The company also slashed its guidance for its current fiscal year citing increased spending aimed at lifting sales.
