Costco Reverses Drop, Gap Slips, Day One Soars
Stock Movers6 Mar

Costco Reverses Drop, Gap Slips, Day One Soars

Today's biggest winners and losers in the stock market.

On this episode of Stock Movers:

- Costco (COST) shares are up, erasing an earlier decline, after the club chain reported strong second-quarter results. While bears point out that paid membership growth rates slowed during the quarter, Morgan Stanley attributes the deceleration to fewer new warehouse openings. Costco’s premium valuation is also a point of contention, as it trades at about 47 times forward earnings, which is ahead of Walmart and well above peer BJ’s Wholesale. Shares are up 16% year-to-date while the S&P 500 Index has slid 1.1%.

- Gap (GAP) reported fourth-quarter sales and profit that came in slightly below expectations, as two of its apparel chains underperformed. Old Navy, the company’s biggest brand, and Athleta, its smallest, missed comparable-sales estimates, while Gap and Banana Republic beat. Shares of Gap fell as much as 11% on Friday. That erased the stock’s gain for the year and was the biggest intraday drop since May.

- Day One Biopharmaceuticals (DAWN) saw its shares leap as much as 66%, the most intraday since June 2022, after Servier agreed to acquire the biotech company for $21.50 per share in cash, representing a total equity value of approximately $2.5 billion. Servier agreed to pay $21.50 a share for Day One in a deal that’s expected to close in the second quarter, the companies said on Friday. That’s a 68% premium to Day One’s closing price on Thursday.

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