Nasdaq Surges Over 100 Points; Signet Jewelers Shares Tumble After Q1 Results
Portfolio Pulse from Lisa Levin
The Nasdaq Composite gained over 100 points on Thursday, with consumer discretionary shares jumping by 1.5%. Signet Jewelers' shares dropped around 10% after posting upbeat Q1 results but lowering guidance. Carvana Co. and Designer Brands Inc. saw significant gains, while energy shares fell by 1.2%.
June 08, 2023 | 4:24 pm
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POSITIVE IMPACT
Carvana Co. shares shot up 41% after the company said it expects to achieve adjusted EBITDA over $50 million and total gross profit per unit above $6,000 in the second quarter.
Carvana's announcement of expected strong Q2 financial performance led to a significant increase in its share price. The positive outlook indicates that the company is performing well, which boosts investor confidence and drives the stock price up.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Designer Brands Inc. shares gained 18% on Thursday.
Designer Brands Inc. shares gained 18% on Thursday, indicating positive investor sentiment. The specific reason for the increase is not mentioned in the article, but the overall market trend and sector performance may have contributed to the stock's gain.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 100
NEGATIVE IMPACT
Signet Jewelers shares dropped around 10% after posting upbeat Q1 results but lowering guidance.
Signet Jewelers reported better-than-expected Q1 results but lowered its FY24 sales and adjusted EPS outlook, which led to a 10% drop in its share price. The lowered guidance indicates potential challenges for the company, negatively impacting investor sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100