5 Stocks on the Move After Employment Report
After a weaker than expected Employment Situation report, the broad markets have taken a downturn across the board in Friday’s trading session. Traders expected increased volatility in this session, given that this is the Friday after a holiday weekend and the day of the employment report. Not to mention, this adds more complications to the discussion of whether a Federal Reserve rate hike is on the horizon for June.
24/7 Wall St. has put together a few stocks that are on the move in the market and provided some color and background information on each, including the consensus price target and range.
Ambarella Inc. (NASDAQ: AMBA) reported quarterly results after the close on Thursday. The company said it had $0.34 in earnings per share (EPS) on $57.2 million in revenue, compared to consensus estimates from Thomson Reuters that called for $0.28 in EPS on $57.01 million in revenue. Shares of Ambarella were trading up over 6% at $45.22. The stock has a consensus analyst price target of $57.00 and a 52-week trading range of $33.39 to $129.19.
Broadcom Ltd. (NASDAQ: AVGO) reported its fiscal second-quarter financial results after the markets closed on Thursday. The company posted a $2.53 in EPS on $3.54 billion in revenue. Consensus estimates had called for EPS of $2.38 and $3.55 billion in revenue. Shares were trading up about 6% at $164.40, with a consensus price target of $178.37 and a 52-week range of $100.00 to $159.65.
Chemours Co. (NYSE: CC) sank only slightly after replying to infamous short-selling firm Citron, refuting the firm’s statements that it is “toxic from the balance sheet to the courtroom” as well as that the stock is “going to zero.” Shares of Chemours were last seen down 5% at $8.41, with a consensus price target of $10.36 and a 52-week range of $3.06 to $22.25.
Citigroup Inc. (NYSE: C) saw its shares take a tick down after its CEO Michael Corbat addressed a New York investor conference. He noted that the bank’s second-quarter net income will be roughly 25% lower than last year’s levels and relatively flat versus the first quarter. Shares of Citigroup traded down over 4% at $45.06. The consensus price target is $56.11, and the 52-week range of $34.52 to $60.95.
Gap Inc. (NYSE: GPS) was dealing with some weakness in this session after the company reported that it had a 6% drop in comparable sales at its Gap, Banana Republic and Old Navy stores. Believe it or not, this is actually good news, as analysts had this drop in comparable sales pegged at 8%. Shares of Gap were trading up about 2% at $18.72, with a consensus price target of $19.63 and a 52-week range of $17.00 to $39.59.