Big Lots (BIG) – Shares of the discount retailer dropped 6.78% despite reporting a better-than-expected quarter. Big Lots earned $2.62 per share, beating analyst estimates of $1.69 a share. Revenue of $1.63 billion also beat estimates. Comparable-store sales rose 11.3%,
Salesforce Shares of the cloud company popped more than 6% in midday trading after beating on the top and bottom lines of its quarterly earnings. Salesforce earned $1.21 per share on revenue of $5.96 billion. Analysts expected earnings of 88 cents per share on revenue of $5.89, according to Refinitiv. Salesforce also raised its full year outlook.
Ulta Beauty Shares of the beauty store chain gained 5.6% midday after reaching a new 52 week high of $351.72 Friday morning. Ulta posted blowout first-quarter financial results after the bell Thursday, reporting earnings of $4.07 per share, more than twice analysts estimate of $1.95 per share, according to Refinitiv. The company s quarterly revenue also beat the St
With 450 million shares outstanding, the entire company changed hands nearly 1.5 times during Friday s trading.
The so-called short covering could be contributing to AMC s massive rally this week. The company has about 20% of its outstanding shares sold short, compared with an average of 5% short interest in a typical U.S. stock, S3 Partners said.
When a heavily shorted stock jumps higher in a rapid fashion, short sellers are forced to buy back borrowed shares to close out their short position and cut losses. The forced buying tends to fuel the rally even further.
AMC s new retail investors, who stand at 3.2 million strong, owned about 80% of the company s 450 million outstanding shares as of March 11, AMC reported earlier this month. Their efforts, which surged in January, pushed the stock to $20 a share, up from $5, and allowed AMC to lighten its debt load by around $600 million.
AMC was the most active stock on the New York Stock Exchange by far on Thursday with nearly 700 million shares changed hands. Its 30-day trading volume average is just above 100 million shares, according to FactSet.
The stock recorded its highest trading volume of 1.25 billion shares on Jan. 27, and AMC could set a fresh record on Friday with over 360 million shares already traded by midday. The retail trader is at it again, said Edward Moya, senior market analyst at Oanda. AMC500k and AMCSqueeze were trending on Twitter yesterday and that momentum took the stock price above the end of January high that we saw during the peak of meme stock mania.
With 450 million shares outstanding, the entire company changed hands nearly 1.5 times during Friday s trading.
The so-called short covering could be contributing to AMC s massive rally this week. The company has about 20% of its outstanding shares sold short, compared with an average of 5% short interest in a typical U.S. stock, S3 Partners said.
When a heavily shorted stock jumps higher in a rapid fashion, short sellers are forced to buy back borrowed shares to close out their short position and cut losses. The forced buying tends to fuel the rally even further.
AMC s new retail investors, who stand at 3.2 million strong, owned about 80% of the company s 450 million outstanding shares as of March 11, AMC reported earlier this month. Their efforts, which surged in January, pushed the stock to $20 a share, up from $5, and allowed AMC to lighten its debt load by around $600 million.