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Chewy and American Eagle shares fall, ChargePoint Holdings up after earnings

Yahoo Finance’s Emily McCormick reports on the day's trending tickers.

Video Transcript

ALEXIS CHRISTOFOROUS: Part of the positive momentum we're seeing today is thanks to a new report that showed initial filings for unemployment insurance fell last week to 340,000. That is their lowest level since the pandemic. And it's another sign that the labor market is gradually improving from the COVID-19 era. We'll see what tomorrow's monthly unemployment report brings. I want to check in with Emily McCormick now for a look at today's top trending tickers. Emily, what do you have your eye on?

EMILY MCCORMICK: Well, Alexis, I'll start off with Chewy because that is one of the companies that Yahoo Finance readers have been keeping a close eye on. We should note that those shares are moving to the downside today. They're off about 9% as we speak. And that's after the online pet supply company delivered disappointing earnings results and guidance last night.

Now, that really did point to that slowdown in online purchasing trends that we've been seeing among some other retailers as well, given that consumers have been shopping in person more often during the recovery. But breaking down some of these numbers here, Chewy suggested EBITDA came in at $23.3 million. That was more than $10 million below estimates, and also represented a drop of 70% on a quarter over quarter basis.

Now, net sales were also just slightly short of expectations at $2.16 billion. And for the current quarter, Chewy does see net sales coming in at between $2.2 and $2.22 billion or below estimates for the $2.23 billion, even on the high end that Wall Street was looking for. So, again, a little bit of a disappointment there. And that is what is driving this decrease we're seeing in the stock today, Alexis.

ALEXIS CHRISTOFOROUS: All right, speaking of decreases, I see in the retail space, you've got American Eagle on the downside. I guess revenue did not exactly live up to investor expectations.

EMILY MCCORMICK: That's right, Alexis, a mixed report here from American Eagle. The company did beat on the bottom line, but sales were what Wall Street was really focusing on. The fact that this company didn't miss expectations is really being punished by investors, considering that we've seen other retailers, like Macy's and Kohl's, actually top expectations and raise guidance for the same quarter.

But for American Eagle, we saw net revenues come in at $1.19 billion. And that grew by an impressive 35% compared to last year and by 14% compared to the same period in 2019, but still not enough to clear the $1.22 billion that consensus analysts were expecting. We also saw digital sales fall by 5% on a year over year basis.

So the company gave back some of those e-commerce gains from during the pandemic as well. And just highlighting the stock move here, we are seeing that stock down by about 8.7% and, again, moving to the downside in the wake of these results. Alexis.

ALEXIS CHRISTOFOROUS: All right, before we let you go, ChargePoint Holdings-- that's that company that makes charging systems for electric vehicles-- having a really nice day. I guess, their revenue story is a strong one.

EMILY MCCORMICK: That's right, Alexis. And we are seeing this company is actually the top trending ticker on the Yahoo Finance website right now. And this stock move is also an earnings related story. The company beat estimates for second quarter revenue, raised its full year guidance.

And all of this is pointing to upbeat prospects, again, for the electric vehicle and ancillary business space as a whole and for ChargePoint specifically. The company does see sales coming in between $225 million and $235 million for the full year, which is a pretty big increase from the as much as $205 million it saw previously. So this was a beat and a raise quarter here for ChargePoint. And we are seeing shares moving up about 8% as we speak, Alexis.

ALEXIS CHRISTOFOROUS: All right, thanks so much, Emily McCormick.