On Tuesday, stock futures showed a decline after a mixed performance in the market on Monday. While tech stocks provided a boost to the S&P 500 and Nasdaq, some individual stocks were poised for notable movements.
GitLab (GIT), a software-development platform, experienced a 2.2% decline despite reporting adjusted earnings and revenue for the first quarter that surpassed Wall Street’s expectations. Analysts noted that the adoption of its new AI features was slower than anticipated, affecting revenue growth.
Bath & Body Works saw a significant drop of 5.3% in its stock price after announcing an adjusted earnings forecast for the second quarter that fell below the estimates of Wall Street analysts.
Designer Brands (DBI), the parent company of shoe store DSW, reported first-quarter adjusted earnings that missed expectations, causing its stock to plummet by 14%. However, sales for the quarter exceeded analysts’ expectations.
Intel (INTC) witnessed a 1.5% increase in its stock price after CEO Pat Gelsinger made announcements about new chips at the Computex trade show. Meanwhile, Nvidia’s stock surged by 4.9% on Monday following the unveiling of its next-generation AI hardware.
The American depositary receipts of oil company BP fell by 2.3% after S&P Global downgraded its outlook. Concerns were raised about the impact of increased buybacks and dividend hikes on the company’s ability to repay debt.
Carnival’s stock rose by 1% after the cruise line operator announced plans to retire the P&O Cruises Australia brand and integrate Australia operations into Carnival in March 2025.
GameStop (GME) and AMC Entertainment Holdings saw declines of 5.9% and 3.3%, respectively, after significant gains on Monday. The drops followed a Reddit post by Keith Gill, also known as Roaring Kitty, revealing a substantial position in GameStop.
Later in the week, investors awaited earnings reports from companies such as Lululemon Athletica, Dollar Tree, Campbell Soup, Five Below, Smartsheet, DocuSign, Samsara, NIO, and J.M. Smucker.