Sears sank 14% to $49.83. The retailer reported a first-quarter loss of $2.63 a share as revenue fell 8.8% to $8.45 billion.
Gap slid 2.1% to $40.50. While first-quarter profit rose to 71 cents a share, exceeding the 69-cent top end of its forecast, the company maintained its projection that earnings this year will be $2.52 to $2.60. Analysts estimated $2.72, on average. The San Francisco-based company’s stock gained 33% this year through yesterday’s close.
Abercrombie & Fitch Co. tumbled 11% to $48.25 after the clothing retailer cut its earnings outlook. The company said its full-year profit may be $3.15 to $3.25 a share, down from a previous estimate for $3.35 to $3.45.
Salesforce plunged 6.1% to $42.90. Profit excluding some items for the fiscal second quarter will be 11 cents to 12 cents a share, Salesforce said. That compared with analysts’ average estimate for profit of 12 cents, according to data compiled by Bloomberg.
Marvell Technology Group Ltd., which makes chips for computers and mobile phones, jumped 5.4% to $11.92 after its sales forecast topped predictions. The company said it expects to have second-quarter revenue ranging between $770 million and $810 million. Analysts had estimated sales of $763 million, according to Bloomberg data.
Procter & Gamble Co. rose 3.9% to $81.80. The world’s largest consumer products maker is replacing Chief Executive Officer Bob McDonald with his predecessor, A.G. Lafley, as it struggles to rekindle growth at home and abroad. McDonald will retire June 30 after 33 years at the company, P&G said.
Pandora Media Inc. rallied 12% to $19.25. The biggest online radio service reported mobile revenue surged and the company controlled costs. Mobile revenue almost doubled to $83.9 million. Total sales climbed 55% to $125.5 million, beating the $123.8 million average of analysts’ estimates.
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