Shares Making The Largest Strikes In The Pre-Market: Ulta, Ollie’s Cut price Outlet, Marvell & Extra
Check out the companies making headlines before the bell on Friday:
Ollie’s Bargain Outlet (OLLI) – The retailer’s shares fell more than 11% after comments on the company’s trends slowing in the fourth quarter. “Since the beginning of the year, our sales increases in comparable stores have been in the low single-digit range,” said CEO John Swygert in a statement. Goldman Sachs downgraded the company to a “neutral” rating. However, the company beat estimates for sales and profits during the period.
Marvell Technology (MRVL) – The semiconductor company’s shares were down more than 5% after Marvell’s results in the third quarter. The company made 25 cents a share, which was in line with Street estimates made by FactSet. The company’s revenue of $ 750.1 million was just below the expected $ 751 million. However, memory sales were down quarter over quarter and the company’s guidance for the fourth quarter disappointed the road.
Carvana (CVNA) – The online auto dealer’s shares rose more than 2% after Jefferies initiated coverage of the stock with a “buy” rating. In a statement to customers titled “A shiny new model that accelerates competition in the past,” the company said Carvana operates in “a massive addressable market ripe for disruption”. Jefferies has a target price of $ 300 on the stock, which is about 32% above where the stock closed on Thursday.
Dish Network (DISH) – The television company’s shares fell 1% after being downgraded to “neutral” by Guggenheim. The company also removed Dish from their list of best ideas. “While we had hoped the value of the assets would have been realized through either a spectrum sale or a partnership with a deeply-pocketed technology company, these scenarios appear to be much less likely,” the company said in a statement to the Customers.
Stitch Fix (SFIX) – The clothing subscription service provider’s shares were down more than 2% after MKM Partners downgraded the stock from “neutral” to “sell”. The company found that recent social media reviews highlighted shortages of inventory and late deliveries, among other things. Wells Fargo downgraded the company to an “underweight” rating Thursday.
Yext (YEXT) – The search technology company’s shares fell more than 10% after Yext issued a weaker-than-expected forecast for the current quarter. The company expects fourth quarter revenue to range between $ 87 million and $ 89 million, compared to $ 94.3 million expected by analysts surveyed by FactSet. However, the company beat estimates for sales and earnings in the third quarter.
Ulta Beauty (ULTA) – The beauty retailer’s shares were down more than 4% after the company posted an 8.9% decline in sales in the third quarter. The company earned $ 1.64 per share for the quarter, which was higher than what analysts surveyed by FactSet had expected $ 1.49. Revenue of $ 1.55 billion was slightly below the expected $ 1.56 billion. “We see more downward movements than upward movements for ULTA shares at the current level and are maintaining our hold rating,” said the research company Stifel after the results.
– CNNBC’s Michael Bloom contributed to the coverage.
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