Ross Stores [ROST] - Last Close: $120.15
An earnings beat is boosting shares of Ross Stores.
The discount retailer reported stronger-than-expected Q3 results after and raised its full-year guidance after Thursday’s closing bell.
Ross generated EPS of $1.33 per share, up 33% from last year, on $4.92 billion, marking a 7.6% growth rate compared to the year-ago quarter.
Both figures beat Wall Street’s consensus estimates of $1.22 EPS on $4.84 billion in revenues.
Ross also hiked its fiscal Q4 and 2024 EPS guidance to levels that surpassed analysts’ expectations.
ROST is leading the S&P 500 with a 5.9% gain.
My Take: ROST has had a surprisingly strong year, and it could find new support at the $125 mark if it can hold above that level.
Gap [GPS] - Last Close: $13.67
Gap is also getting a boost from its latest quarterly report.
The apparel retailer published its Q3 results early this morning, and the market likes what it sees.
Gap’s EPS grew to $0.59 per share in Q3, but sales fell 6.6% YoY to $3.77 billion. However, both figures beat Wall Street’s consensus by a sizeable margin.
Gap subsidiary Old Navy was the star of the show, as efforts to improve inventory control and bring trendier clothing to the brand began to pay off.
GPS is one of this morning’s top movers with a 19.6% gain on strong premarket trading volume.
My Take: GPS has been on a quiet tear over the past 6 months. It’s currently on pace to close at a new 52-week high, and it could find new support at the $15 mark if it can hold on. However, the stock is richly valued with a P/E of 46.67, so share prices could plummet if sentiment suddenly shifts.
Syntec Optics [OPTX] - Last Close: $5.15
A promising unit of Syntec Optics just landed its first big deal.
The advanced optics company just landed its first contract for ultra-precision biomedical optics.
It’s the second big win for the company since its SPAC merger in late October. Syntec also landed a big deal for nightvision optic lenses earlier this month.
Under the new purchase order, Syntec will supply 20 ultra-precision biomedical optics to be delivered in 2023, plus 2,400 more in early 2024.
"This order that is expected to lead to follow-on orders shows the excellent work performed by our engineers and operations team," said a company rep.
OPTX is up 21.3% in early premarket trading with decent trading volume.
My Take: OPTX seems to have the right stuff. Shares are still down substantially from the pre-merger price, but this company is winning. I am starting to become bullish on this stock.
Safe and Green Development [SGD] - Last Close: $3.03
Safe and Green Development is on an absolute tear.
Shares began to soar on Thursday, after the company requested the SEC’s consent to withdraw from a previously issues S-1 registration statement.
Safe and Green says it will not issue or sell any shares of common stock as described in the registration statement.
Shares soared 531% on Thursday after this announcement hit the market, but SGD’s epic rally didn’t stop at the closing bell.
SGD is this morning’s top-performing stock’s with a 154.1% gain, and it’s one of the highest-volume movers in today’s premarket.
My Take: SGD’s rally doesn’t seem to fit the catalyst. Maybe there’s something else going on here, but, from what I can tell, this move is suspect. Don’t get caught holding the bag.
