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EARLY MOVERS: Gap Inc shares fall down a hole after earnings, but Splunk Inc shares zoom north

Last updated: 08:10 24 Aug 2018 EDT, First published: 03:10 24 Aug 2018 EDT

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US stocks are set for a higher open but going the other way is Ross Stores Inc (NASDAQ:ROST), which shed 5.55% to US$89.76 in pre-market deals.

It came as the retailer showed off better second-quarter results than expected but disappointed Wall Street with its guidance for the second half of the year.

Ross, the off price department store, unveiled net earnings of US$389.4mln, or US$1.04 per share, on sales of US$3.74bn, where as analysts were expecting earnings of US$1.01 per share on sales of US$3.66bn.

 

Meanwhile grocer Kroger Co (NYSE:KR) and plastic bags were in focus in pre-market and yesterday.

 

It's not happening overnight but the  supermarket chain, America's biggest has revealed it will phase out the use of plastic checkout bags by 2025.

Kroger shares are down 0.15% to US$32.26 in pre-market.

In other news, Splunk Inc (NASDAQ:SPLK) shares zoomed up almost 9%in pre-market deals to US$117.13 after the data-analytics software group smashed  Wall Street estimates for the quarter.

Adjusted earnings per share were US$0.08 per share. Analyts had estimated US$0.05 per share on revenue of  US$377.5mln.

Elsewhere, famous clothing brand Gap Inc (NYSE:GAP) shares slipped 7.52% to US$32.44  in pre-market deals after its results.

Gap stores posted same-store sales that fell 5% last quarter, which was more than double the decline projected by analysts.

Also, Gap reported net sales of US$4.09bn and earnings per share (EPS) of US$0.76.

Analysts were expecting US$4.01bn on the top line and US$0.72  for the bottom line.

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