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Clothes retailers Ross Stores and Gap in demand - AFTER HOURS

At different ends of the price spectrum, Ross and Gap both had a good quarter

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Gap's shares were 5.8% higher in screen-based trading.

Shares in cut-price clothing seller Ross Stores Inc (NASDAQ:ROST) were flying off the pegs in after-hours trading after the company's second quarter trading statement.

The shares were almost 11% higher at US$59.11, after the company posted earnings per share of 82 cents, up 11 cents year-on-year and five cents better than the market had expected.

Revenue rose 7.9% to US$3.43bn from US$3.18bn the year before.

It's more upmarket rival Gap Inc (NYSE:GAP) also cheered the market with its numbers.

Adjusted earnings per share in the second quarter were 58 cents, while the company raised its full-year earnings guidance to a range spanning from US$2.02 to US$2.10.

Gap's shares were 5.8% higher in screen-based trading.

Semiconductor industry services provider Applied Materials Inc (NASDAQ:AMAT) grew net sales by 33% in the third quarter of its fiscal year to US$3.74bn, and generated a record US$1.37bn in cash from operations.

“With revenue and profits at all-time highs, Applied has tremendous momentum and a very positive outlook for the future,” said Gary Dickerson, president and chief executive officer.

“Our markets are growing with a broader set of demand drivers, and the breadth of Applied’s technology enables us to play a larger and more valuable role advancing the innovation roadmap in semiconductor and display,” he added.

Net income rose to US$925m from US$505mln.

The shares edged up 3.5% to US$44.63 on the results.

Going the other ways was computer games publisher Electronic Arts Inc (NASDAQ:EA) after Zacks Investment Research downgraded the stock to 'hold' from 'buy'.

Quick facts: Gap Inc

Price: 10.13 USD

NYSE:GPS
Market: NYSE
Market Cap: $3.77 billion
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