Stocks were rising Thursday as investors assessed the outlook for higher interest rates.
These stocks were making moves Thursday:
GameStop
(ticker: GME), the videogame retailer, said its board terminated CEO Matt Furlong, and named activist investor Ryan Cohen as executive chairman.
GameStop
also reported a loss in its fiscal first quarter of $50.5 million, or 17 cents a share. Sales declined 11% to $1.24 billion. The stock slumped 17%.
Carvana
(CNVA) soared 43% after the used-car dealer issued an improved second-quarter outlook, saying it expects adjusted Ebitda, or earnings before interest, taxes, depreciation and amortization, of above $50 million.
HashiCorp
(
HCP
) dropped 25% after the cloud adoption software company reported a first-quarter revenue jump of 37% but said it was making targeted cuts in discretionary spending and reducing its workforce by about 8%. “We are responding to the current customer and economic environment with proactive actions to lower our ongoing costs,”
HashiCorp
CEO Dave McJannet said in a statement.
Smartsheet
(SMAR), the work-management enterprise software company, fell 19% as its outlook for fiscal second-quarter earnings and revenue disappointed, and billings of $215.5 million in the first quarter missed expectations.
Tesla
(TSLA) shares gained 3.1% following a report that said Tesla was planning to produce 375,000 Cybertrucks a year, much higher than what Wall Street expects. The stock has risen for 10 consecutive trading sessions.
Rent the Runway
(RENT), the online clothes rental company, declined 12% after issuing a forecast for fiscal-year sales that missed Wall Street expectations. The company also announced the departure of its long-time chief financial officer, Scarlett O’Sullivan.
Signet Jewelers
(SIG) fell 9.1% after the jewelry company reported earnings that beat expectations in its fiscal first quarter but slashed guidance for the year.
Fisker
(FSR) dropped 9.1% after shares of the electric-vehicle start-up were downgraded to Underperform from Peer Perform at Wolfe Research.
Oxford Industries (OXM), the clothing company that owns brands Tommy Bahama and Lilly Pulitzer, reduced its guidance for the fiscal year. The stock declined 8.2%. The company was a Barron’s stock pick this month.
Semtech
(SMTC) was up 8.1% after the semiconductor supplier posted a surprise profit on an adjusted basis in its fiscal first quarter.
Adobe
(ADBE) gained 4.4% after the digital marketing and media solutions company announced Firefly for Enterprise—a subscription-based version of its AI software tools website —that it is offering to commercial customers.
Write to Joe Woelfel at [email protected]
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