The Gap Inc (GPS) dropped -19.61 percent on Wednesday as rise in e-commerce revenue resulted in posting of a lower-than-expected quarterly profit due to higher marketing and logistics spending. Moreover the group warns that in some U.S. states, the recent rise in coronavirus cases could weigh on traffic. In comparison with $140 million a year earlier, the company posted earnings of $95 million, or 25 cents per share.
VMware Inc (VMW) down -5.86 percent despite posting of quarterly results that were better than anticipated and increased its annual goals. Net quarterly income was $704 million or $1.66 per share compared to $602 million in the year ago quarter. There was $2.86 billion in sales up 8 percent. Annual sales of $11.7 billion are anticipated, and EPS is projected to be between $4.17 and $4.27.
Deere & Company (DE) fell -1.94% even after reporting better-than-expected fourth-quarter results for fiscal 2020. Earnings per share were $2.39 for the three months ended October 31, up 5 percent year-on-year and well above the $1.49 consensus. Global revenue for the company dropped 2 percent to $9.73 billion. By 2021, the company expects sales of equipment to rise by 10-15 percent. It is estimated that net income will be between $3.6 billion and $4 billion.
Dell Technologies Inc (DELL) fell -1.39% despite reporting an unexpected sales rise in the third quarter and expects revenue to surpass forecast for the current quarter, with an increase in remote working. Revenues rose 3 percent to $23.5 billion in the three months.
MasterCard Incorporated (MA) was down -0.31% as the digital firm updated its fourth quarter operating metrics. The group continues to track the effects of the pandemic and government decisions, but cites reasonably stable levels of investment and claims that most markets remain in a normalization process domestically.
International Business Machines Corporation (IBM) was down -0.18 percent on Wednesday. According to Bloomberg, the IT services giant is exploring ways to reduce nearly 10,000 jobs in Europe, or 20 percent of its workforce in the region.