Shares in GameStop Corp (NYSE:GME) plunged Tuesday after it ended plans to sell itself after being in talks with prospective buyers for several months, prompting investors who had been betting on a deal to sell off shares.
The videogame retailer’s stock plunged 26.3% to $11.41 after the company said its board ended its strategic review. The company’s board and its advisers began the review in June to determine ways to enhance shareholder value.
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Sanmina Corp (NASDAQ:SANM) stock rocketed up after the manufacturing company beat earnings expectations and issued stronger-than-expect guidance. The company reported fiscal first-quarter net income of $38 million, or $0.54 cents a share, compared with losses of $154.9 million, or $2.16 cents a share, in the year-ago period.
Shares in the San Jose, California-based components manufacturer soared 20.6% to $32.88.
Brinker International Inc (NYSE:EAT) stock plunged Tuesday after the operator of Chili's and Maggiano's restaurant chains reported fiscal second-quarter earnings that matched expectations, but spooked investors by showing compressing restaurant margins due to high rent. Net income for the quarter to December rose to $32 million, or $0.83 a share, from $25.3 million, or $0.54 a share, in the same period a year ago. Meanwhile, restaurant-level operating margin came in at 12.4% of sales versus 14.9% a year ago as higher rent costs, elevated labor and rental expenses were factored in.
Brinker stock which was up in premarket trade, fell nearly 9.5% to $42.94.
Ethan Allen Interiors Inc (NYSE:ETH) stock fell after the Danbury retailer of home furnishings and accessories missed fiscal second-quarter revenue estimates. It reported fiscal second-quarter earnings of $0.46 per share on revenue of $197.2 million. The consensus earnings estimate was $0.46 per share on revenue of $201.8 million. Revenue fell 0.7% compared to the same quarter a year ago.
Ethan Allen stock fell nearly 6% to $17.61.
Contact Uttara Choudhury at uttara@proactiveinvestors.com
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