In extended trading, Gap's shares rose approximately 14% following the announcement that Michael Francis will become the new CEO of Old Navy on November 2, succeeding Haio Barbeito. This leadership change comes as Gap reported adjusted earnings of 52 cents per share for the second quarter, exceeding the LSEG consensus estimate of 48 cents.
Conversely, Marvell Technology's stock dropped about 6% after the company projected adjusted earnings of $1.10 per share for the current quarter, slightly above the $1.07 expected by analysts. Additionally, Marvell's anticipated non-GAAP gross margin of 57.5% to 58.5% fell short of the consensus estimate of 58.5%.
Autodesk also saw a 5% decline in its stock price after its earnings guidance disappointed investors, with projected adjusted earnings for the third quarter ranging from $3.04 to $3.09 per share, below the $3.14 expected by analysts. The full-year guidance of $12.52 to $12.60 per share also matched but did not exceed expectations.
These developments reflect the ongoing challenges and adjustments within the retail and technology sectors, impacting investor sentiment and stock performance