On this episode of Stock Movers:
- Lowes (LOW) shares slipped even though comparable sales beat expectations during the latest quarter, as shoppers maintained home spending despite weakening consumer sentiment and economic turbulence. The home-improvement retailer said its comparable sales dipped 1.7% in the quarter that ended May 2, but it still expects the key sales metric to be flat to up to 1% in the current year. The comparable sales decrease came amid poor weather in February, along with continued pressure on the retailer’s higher-cost discretionary sales and do-it-yourself business, Chief Executive Officer Marvin Ellison said on the company’s earnings call. The decrease was offset in part by growth in online sales and the firm’s Pro business, which caters to home-improvement contractors.
- Moderna (MRNA) slumped after the biotechnology company said it has “voluntarily” withdrawn its application for regulatory approval for its combination Covid and flu shot for people 50 and over, a setback for the company. Moderna said it made the decision after consulting with the Food and Drug Administration. It plans to resubmit the application later this year after getting more data from a late-stage trial of its standalone flu vaccine, it said in a statement Wednesday. The move is a disruption to Moderna’s broader strategy to boost vaccine demand. It developed the combination shot because it believes that packaging two immunizations together will lead to higher uptake of Covid shots, which are far less popular than flu shots.
- VF Corp. (VFC) shares fell after forecasting a bigger-than-expected loss and warning investors it’s been rushing products to the US to beat the 90-day window of tariff pauses from the Trump administration. The owner of brands such as Timberland and Vans sees an operating loss of as much as $125 million for this quarter. Analysts on average expected a loss of $73.1 million. The company said it’s been accelerating production and shipments to the US during the pause on tariffs, which ends in July. That could increase costs even more for VF and the retailers that buy its products.
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