Nutanix and Marvell stocks are higher after their quarterly reports
U.S. stocks are lower this morning, but are still boasting strong weekly gains. Among specific stocks on the move are video game retailer GameStop Corp. (NYSE:GME), cloud concern Nutanix Inc (NASDAQ:NTNX), and chip stock Marvell Technology Group Ltd. (NASDAQ:MRVL), all fresh out of the earnings confessional. Here's a quick look at what's moving shares of GME, NTNX, and MRVL.
Lackluster Forecast Drops GME Stock
GameStop stock is down 8.7% at $21.57 this morning, after the company's first-quarter earnings results. While the retailer posted solid earnings and sales, it's full-year forecast is disappointing investors. The shares have struggled since topping out near $33 back in August, with recent breakout attempts stopped cold by GME's 200-day moving average. Extended downside could bring downgrades from analysts, since half of the brokerages covering GME stock say it's a "strong buy."
Sales Beat, Outlook Send NTNX Stock Soaring
Better-than-expected fiscal
third-quarter revenue has Nutanix stock up 14.4% at $20.10. The company also gave an upbeat current-quarter forecast, putting the shares on pace for their highest close since March 20. It looks like a number of bears are getting burned by today's price action, since short interest on NTNX stock jumped by almost 24% over the past two reporting periods.
MRVL Stock Touches New High After 1Q Results
Marvell stock jumped to a six-year high of $17.73 out of the gate, and was last seen trading 1.6% higher at $17.22, thanks to better-than-expected first-quarter earnings. Oppenheimer reacted with an upgrade to "outperform" on top of a $23 price target, while Susquehanna, Jefferies, J.P. Morgan Securities, and Credit Suisse raised their respective price targets. MRVL stock has added 70% year-over-year, as it tries to live up to analysts' lofty expectations. Even before today, the shares had an average 12-month price target of $19.44.