FL, PANW, W, BITF, ROST: Trending Stocks Today 20 May

By Kirsteen Mackay


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Stocks trending today include Foot Locker (FL), Palo Alto Networks (PANW), Wayfair (W), Bitfarms (BITF), and Ross Stores (ROST).

FL, PANW, W, BITF, ROST: Trending Stocks Today 20 May

S&P futures are up 1% in Friday morning trading though US equities still on track for a seventh straight weekly decline.  

Oil down, gold up and Bitcoin (BTC) up.

Here are some of today's trending stocks:

Foot Locker (NYSE: FL)

Foot Locker (NYSE: FL) is up 4.8% in pre-market trading after declining 2% in yesterday's session.

Foot Locker leads the celebration of sneaker and youth culture around the globe. Over the past year, Foot Locker, Inc. (FL) has traded between $26.36 and $66.71. Today it sits at $31.55.

The New York-based retailer announced a quarterly cash dividend of $0.40 per share, which will be payable on July 29, 2022 to shareholders of record on July 15, 2022.

Q1 2022 Highlights

  • Total Sales up 1%

  • Comparable-Store Sales down 1.9%

  • EPS of $1.37

  • Non-GAAP EPS $1.60

  • Repurchased $89m of stock

  • Expect to Reach Upper End of 2022 Sales and Earnings Range 

Palo Alto Networks (NASDAQ: PANW)

Cybersecurity company Palo Alto Networks (NASDAQ: PANW) beat Wall Street estimates in its Q3 earnings update. The company reported strong top-line metrics, with both billings and RPO growing 40% Y/Y. It said this was driven by strong demand for its Next-Generation Security offerings and strong customer commitments to its network security business.

Since December, Palo Alto Networks has deployed protection for over 3,400 new indicators of attack that defend organizations from disruptive and destructive Russian cyberattacks.

PANW stock is up 12.2% in pre-market trading in response to these positive results. This is welcome news after the share price fell 30% in the past month.

Wayfair Inc (NYSE: W)

Wayfair Inc (NYSE: W) is up 9.5% in pre-market trading after a 4.45% rise yesterday. Nevertheless, W stock remains down 72% year-to-date.

Investor feelings on the stock are mixed. Piper Sandler recently downgraded Wayfair stock, and several analysts reduced their share price targets.

Some investors see growth potential for Wayfair as a preferred partner for suppliers shipping internationally. That's because Wayfair has invested heavily in logistics that can lower international shipping costs.

The company believes an increasing portion of the dollars spent on home goods will be spent online, providing an opportunity for Wayfair to acquire more market share.

Bitfarms (NASDAQ: BITF)

Bitcoin miner Bitfarms (NASDAQ: BITF | TSE: BITF) reported a net income of $5m in Q1 2022.

Q1 2022 Highlights

  • Bitfarms mined 961 Bitcoin (BTC) at an average cost of production of $8,700/BTC.

  • Revenues improved to $40m, up 42% from $28m Y/Y

  • Adjusted EBITDA increased to $32m, up from $20m Y/Y

Yesterday, Bitfarms stock closed at CAD 2.43, down -78.0% off its 52-week high vs. the subsector average change of -36.1%. 

Geoff Morphy, Bitfarms' President and COO, said:

We delivered another profitable quarter in Q1 2022, even with the decline in the price of BTC, and revenues were up 42% compared to Q1 2021,

Ross Stores, Inc. (NASDAQ: ROST)

Ross Stores, Inc (NASDAQ: ROST) share price is down over 27% in pre-market trading after posting disappointing earnings results for Q1.

The company reported EPS for the 13 weeks ended April 30, 2022, of $0.97 on net earnings of $338m.

  • Sales were $4.3bn versus $4.5bn Y/Y

  • Comparable store sales declined 7%

Barbara Rentler, the CEO, commented,

We are disappointed with our lower-than-expected first quarter results. Following a stronger-than-planned start early in the period, sales underperformed over the balance of the quarter.

Ross Stores operates off-price retail apparel and home accessories stores. The company blamed its poor performance on a combination of external issues, such as the war in Ukraine driving inflation, and that results are comparable to a particularly strong period boosted by government stimulus and the easing of COVID restrictions.


In this article:

Author: Kirsteen Mackay

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Kirsteen Mackay does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the above article.

Kirsteen Mackay has not been paid to produce this piece by the company or companies mentioned above.

Digitonic Ltd, the owner of ValueTheMarkets.com, does not hold a position or positions in the stock(s) and/or financial instrument(s) mentioned in the above article.

Digitonic Ltd, the owner of ValueTheMarkets.com, has not been paid for the production of this piece by the company or companies mentioned above.

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