Midday movers: Groupon, Home Depot, Avon
Stocks edge higher amid a raft of U.S. economic data and surprisingly strong economic growth in Germany.
Groupon (GRPN) shares rallied over 16% after its earnings and revenue beat expectations. The company also guided to revenues next quarter that were above consensus at the midpoint but some on Wall Street remain skeptical. Stifel Nicolaus said shares are likely to weaken into the June 1 lockup expiration and Susquehanna lowered its price target on the stock to $15 from $25.
Dow component Home Depot (HD) slid about 2% after its earnings beat expectations and it raised its full-year profit forecast. Sales, however, missed estimates and the company said that same-store sales growth next quarter would lag because of sales pulled into the early part of the year due to warm weather.
Among the notable gainers Tuesday were TJX (TJX), up about 7%, after its earnings and revenue beat expectations, and Dick's Sporting Goods (DKS), up 7% as well, after its sales, profits and guidance all came in above consensus. Noteworthy losers included Avon (AVP), down over 10%, after Coty withdrew its proposal to acquire the company, and Summer Infant (SUMR), down 25%, after the company's earning and revenue fell short of expectations.
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The solid report comes a month after the retailer closed all of its Canadian operations.
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