Macy’s improved outlook and GameStop’s all-time quarterly profit drove shares higher amid mixed results from Palo Alto Networks.
Macy’s raised its annual sales forecast after reporting stronger demand in its luxury segment and better product assortment. The retailer’s shares rose on the updated guidance, signaling confidence in its turnaround strategy.
GameStop reported a 14% sales increase to $835.3 million and a record quarterly net income of $389.6 million, its highest ever. The gains were driven by growth in its collectibles business, according to a regulatory filing.
Palo Alto Networks shares fell despite beating analyst expectations and raising its full-year forecast. The security software company’s results failed to meet elevated investor expectations following a 61% year-to-date rally.