Applied Materials, Gap, ChargePoint, Ross Stores, Expedia, and more stock market drivers

Applied Materials (AMAT) reported fiscal fourth-quarter earnings and revenue that beat analyst estimates, but the stock fell after a report detailed a U.S. Department of Justice investigation into the semiconductor maker. Reuters reported that Applied Materials is under criminal investigation by the Department of Justice for sending its equipment to a Chinese company without the required licenses. The company said it “is cooperating with the government and remains committed to compliance and global laws, including export controls and trade regulations.” The stock fell by 4% and was the biggest loser on the stock market

Standard & Poor’s 500.

Gap (GPS) Third quarter adjusted earnings It beat analyst estimates and same-store sales in the period fell less than expected. The retailer confirmed its full-year revenue forecast, which CFO Katrina O’Connell said “balances the progress we are seeing with a prudent view of the economic and consumer environment in which we operate”. GAP shares jumped 31%.

ChargePoint Holdings (CHPT) stock fell 35% after the electric vehicle charging company said it expects third-quarter revenue to be between $108 million and $113 million, well below previous forecasts of $150 million to $165 million, and replaced its president. Executive Director and Chief Financial Officer. Officer.Officer.

Third-quarter earnings at Ross Stores ( ROST ) were better than expected and the discount retailer forecast fiscal year earnings in the range of $5.30 to $5.36 per share, compared to previous guidance of $5.15 to $5.26. The stock rose 7.2%.

US-listed shares of Alibaba (BABA) fell 1.9%, extending steep losses on Thursday after the Chinese technology company said it would not go ahead with a spin-off of its cloud computing arm, citing risks to the business from recently expanded US export controls. On advanced products. Computer chips.

Expedia (EXPE) rose 5.1% to $136.38 after shares of the online travel agency were upgraded to Outperform from In Line at Evercore ISI and the price target was raised to $200 from $135. Airbnb (ABNB) was downgraded to In Line from Outperform at Evercore. The stock rose 0.7%.

Wholesale BJ Club

(BJ) fell 4.9% after the warehouse retailer missed third-quarter same-store sales estimates and lowered same-store sales growth guidance for the fiscal year.

Pacific Biosciences of California (PACB) stock rose 11% after receiving an upgrade to Buy from Neutral at UBS.
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Copart (CPRT), the world’s largest auction company for salvaged vehicles, reported first-quarter earnings and sales that beat estimates. The stock rose 1.9%.

Hubbell (HUBB) was upgraded to Overweight from Neutral at JP Morgan

The price target was raised to $335 from $333. Shares of the electrical and utility products manufacturer rose 4% to $301.02.

Write to Joe Woelfel at [email protected]