GameStop Corp.'s (GME, Financial) stock fell about 9% in Friday trading after the company reported second-quarter EPS of 15 cents on revenue of $1.68 billion, coming short of profit estimates by one cent per share but beating revenue expectations by $40 million.
Same-store sales were also lower than expected. Despite its sales and earnings declines, the company’s CEO is confident about the future. He reaffirmed a strong outlook for the entire year. The company expects more growth for the remainder of the year through sales of the Nintendo Switch, Xbox One X and a "solid slate of AAA titles."Â
Ulta Beauty Inc.'s (ULTA, Financial) shares fell more than 9% to $212.36 despite posting upbeat earnings for its second quarter yesterday. It posted EPS of $1.83, beating expectations of $1.78. Revenue of $1.29 billion was higher than the $1.28 billion expected, having increased 20.6% from the year-ago quarter. CEO Mary Dillon emphasized reducing promotional intensity and increasing personalized offers through its loyalty program. She said the company achieved another quarter of solid performance with strong growth and margin expansion. The comany believes marketing programs, rapid growth in e-commerce and solid operational execution will drive future growth.
In other news, Twitter Inc. (TWTR, Financial) shares were nearly 2% lower after analysts at Jefferies downgraded the stock to hold from buy. It also cut the price target to $16 Â a share. Shares closed trading at $16.65 on Friday.
Disclosure: The author holds no positions in any stocks mentioned.
