GameStop – Shares of the video game retailer dropped 11.9% after the company posted disappointing results for its fourth quarter. GameStop logged earnings per share of $1.34 on revenue of $2.12 billion. Analysts surveyed by Refinitiv predicted earnings per share of $1.35 on revenue of $2.21 billion. The company added it is considering selling stock to fund its transformation.
Intel – Shares of the chipmaker rose 4.1% after the company announced it is spending $20 billion to build two major chip plants in Arizona. Intel also said it will act as a manufacturing partner for chip companies that focus on semiconductor design but can’t make the chips themselves.
Steelcase – The furniture company’s stock slid 3.9% after the company gave weaker-than-expected guidance for the first quarter. Steelcase expects first-quarter revenue to range between $540 million and $570 million. That’s below a FactSet estimate of $579.9 million. The company also expects losses to range between 34 cents per share and 27 cents per share. Analysts had forecast a loss of 10 cents per share. The disappointing forecast overshadowed the release of better-than-expected results for the fourth quarter. Read more…..
Chart of the Day
Since the last market crash in 2008, the stock market has been booming. The next decade we may not see the same returns, Charlie Munger certainly doesn’t think so. Let’s dig deeper into his stock market predictions for the next decade (2021-2031).