Welcome to Extreme Investor Network, your go-to source for the latest updates and insights in the world of finance. Today, we’re diving into the companies that are making headlines after the bell.
GameStop, the gaming retailer, saw a 7% drop in its stock after releasing mixed second-quarter results. While revenue decreased to $798 million from $1.16 billion compared to a year ago, GameStop reported a rise in net income to 4 cents per share from a loss of 1 cent per share in the previous year. The company also announced plans to sell up to 20 million shares of its class A common stock through Jefferies.
Petco Health and Wellness, on the other hand, saw a 4% increase in its shares after posting second-quarter earnings that met expectations. Despite slightly lower revenue of $1.52 billion compared to analysts’ anticipated $1.53 billion, the company expects to post an adjusted loss of 3 to 4 cents per share for the third quarter, better than analysts’ estimated loss of 4 cents per share.
Dave & Buster’s Entertainment saw an 8% increase in its stock as the arcade chain reported earnings per share of 99 cents, surpassing analysts’ expectations of 84 cents. However, the company’s revenue of $557 million fell short of the predicted $561 million.
In other news, Morgan Stanley’s stock fell 1% after a downgrade to neutral from buy at Goldman Sachs. Analyst Richard Ramsden cited near-term challenges for the bank as the reason for the downgrade.
Stay tuned to Extreme Investor Network for more updates on these companies and other market movers. Our unique insights and expert analysis will keep you informed and ahead of the game in the world of finance. Happy investing!