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GameStop Climbs, USA Rare Earth Rises, Ulta Beauty Falls on Guidance
Description
- GameStop (GME) shares climb. The video-game retailer reported a record quarterly profit driven by its collectibles business. Sales overall climbed 14% to $835.3 million. Net income of $389.6 million was the highest ever for a quarter in the company’s history, GameStop said in a regulatory filing Tuesday.
- USAR (USA Rare Earth) shares rise. The company secured up to $277 million in federal funding and as much as $1.3 billion in senior secured loan capacity from finalized definitive agreements with the US Department of Commerce.
- Ulta Beauty (ULTA) shares slip as analysts note the retailer’s annual guidance implies the outlook for the back half of the year is weaker than expected. Analyst Michael Baker says that with Ulta stock down 18% year to date and trading 17% below its five year average on a relative P/E basis, it wasn’t priced to be a perfect quarter.
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