Stock Movers Ross Drops, Nike Falls, Seagate Rises After Upbeat Investor Event
May 23, 2025
Ross Stores faces a significant stock drop after missing earnings forecasts and withdrawing guidance due to economic uncertainty. Meanwhile, Nike's shares take a hit from rising tariffs impacting their production in Asia, contrasting with a recent stock boost from a return to Amazon. On the bright side, Seagate experiences a rise in shares after an upbeat investor day, setting ambitious targets and planning a substantial share buyback. The rollercoaster of market reactions keeps investors on their toes!
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Ross Stores Faces Margin Pressure
- Ross Stores' shares dropped over 14% after missing Q2 earnings per share estimates.
- The company faces margin pressure and has withdrawn full-year guidance due to macroeconomic uncertainty.
Nike Hit by Tariff Risks
- Nike shares dropped over 2% due to global trade tensions affecting its supply chain.
- In 2024, 50% of Nike shoes were made in Vietnam, with significant production also in China and Cambodia, which face tariff risks.
Seagate's Strong Outlook and Buyback Plan
- Seagate had a positive investor day, setting targets including a 40% adjusted gross margin through fiscal 2028.
- The company plans to repurchase up to $5 billion in shares, prompting a Morgan Stanley price target raise from $99 to $140.