Premarket movers: Gap surges after Old Navy split-off plan; Workday, 3D climb
Up and Up. Stocks were bouncing on Friday morning, with Dow Jones Industrial Average and S&P 500 futures up 0.6%, while the Nasdaq Composite was 0.7% higher ahead of the open. Investors are optimistic that with no new round of tariffs put in place today and recent commentary, some agreement between the U.S. and China on trade may be near. Details remain elusive.3D Systems gained 1.6% to $14.35 after reporting fourth-quarter earnings.
Autodesk was up 2.9% to $167.80 after reporting fourth-quarter earnings. The software maker earned 46 cents a share from revenue of $737.3 million. Analysts were looking for EPS of 42 cents and revenue of $710.18 million. For the full year, management expects EPS of $2.71 to $2.90, with revenue of $3.24 billion to $3.3 billion. The Wall Street consensus is for EPS of $3.14 and revenue of $3.27 billion.
Gap gained 19.4% to $30.33 after announcing it will spin off Old Navy into a separate company. The apparel retailer also reported fourth-quarter earnings of 72 cents a share, with revenue of $4.62 billion. Analysts were looking for EPS of 69 cents and revenue of $4.69 billion. Management’s forecasts for the full year were less optimistic than analysts had expected.
Nektar Therapeutics was down 1.3% to $40 after reporting fourth-quarter earnings. The drug maker lost 57 cents a share on revenue of $39.83 million. Analysts were looking for a 66 cent per-share loss and revenue of $24.25 million. Workday gained 1.6% to $201 after disclosing its fourth-quarter earnings. The enterprise cloud-services provider earned 41 cents a share, reporting revenue of $788.6 million. Analysts were looking for EPS of 32 cents and revenue of $777.61 million. For the full year, management expects subscription revenue of $3.03 billion to $3.045 billion, up from $2.375 billion to $2.377 billion previously.
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