Gap, Broadcom, Splunk Rise Premarket; Smith & Wesson Dives

  • Stock Market News
Gap, Broadcom, Splunk Rise Premarket; Smith & Wesson Dives
Credit: © Reuters.

By Peter Nurse -- Stocks in focus in premarket trade on Friday, March 4th. Please refresh for updates.

  • Gap (NYSE: GPS ) stock rose 7% after the clothes retailer overcame supply challenges to beat estimates for 2021 and projected sales will grow in the current year as it adapts to new clothing trends among people returning to work.

  • Broadcom (NASDAQ: AVGO ) stock rose 4% after the chipmaker forecast another strong quarter, banking on demand from enterprise, and cloud clients for its semiconductors and infrastructure software solutions.

  • Splunk (NASDAQ: SPLK ) stock rose 1.4% after the Wall Street Journal reported that Hellman & Friedman has taken a 7.5% stake worth about $1.4 billion in the software firm.

  • Smith & Wesson (NASDAQ: SWBI ) stock slumped 19.7% after the gun manufacturer’s holiday quarter results came in short of expectations, with sales falling more than 30%. CEO Mark Smith said the firearms market has “cooled significantly” from the levels seen during the pandemic.

  • Sweetgreen (NYSE: SG ) stock soared 16% after the salad chain reported strong fourth quarter sales in its first quarterly report since going public in November.

  • Costco (NASDAQ: COST ) stock fell 1.8% after the owner of discount stores warned of container delays, higher labor and freight costs, and chip shortages, all of which outweighed the better-than-expected results in its fiscal second quarter.

  • Best Buy (NYSE: BBY ) stock fell 2% after Raymond (NS: RYMD ) James downgraded its stance on the electronics retailer to ‘market perform’ from ‘outperform’ on valuation, citing the stock’s almost 15% gains this week.

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