GPS - 4 stocks to watch on Friday: Marvell Technology Intuit and more

2023-05-26 08:14:23 ET

The futures pointed to mild upswing at the start of Friday's trading. Debt ceiling negotiations remained top-of-mind, amid reports that a deal could be close. Here are some stocks to watch on Friday:

• Marvell Technology ( NASDAQ: MRVL ) rallied in premarket trading following the release of its quarterly results. The semiconductor company exceeded expectations with its Q1 earnings. The firm added that AI-related revenue will at least double in fiscal 2024. Shares surged almost 19% on the news.
• Intuit ( INTU ) reported mixed Q3 results , with an earnings figure that beat expectations. Revenue came in just below projections, although the total rose 9% from last year to top $6B. For Q4, the provider of the TurboTax tax preparation software said it sees revenue growth of around 9% to 10%.
• The release of quarterly results sparked premarket buying in Gap ( GPS ). The clothing retailer announced a profit for Q1, surprising analysts, who had generally predicted a loss. Revenue slipped about 6% from last year to reach $3.28B, with comparable sales declining 3%.
• Big Lots ( BIG ) dropped nearly 9% in premarket trading after the low-price retailer announced a wider-than-expected Q1 loss . The company also disclosed revenue that dropped 18% from last year to reach $1.12B. Looking ahead, BIG projected Q2 comparable sales that will decline in the high-teens range.

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