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Why Cracker Barrel (CBRL) Shares Are Trading Lower Today
Shares of restaurant company Cracker Barrel (NASDAQ:CBRL) fell 14.7% in the morning session after the company announced updates related to its strategic transformation plan and capital allocation strategy. Specifically, the Board of Directors declared a quarterly dividend of $0.25 per share of the company's common stock, down more than 80% from the previous dividend of $1.30. In addition, the company expects Q3 and Q4 2024 financial results to be below its previous expectations, mainly due to weaker-than-anticipated traffic.
Why GameStop (GME) Shares Are Trading Lower Today
Shares of video game retailer GameStop (NYSE:GME) fell 23.8% in the morning session after the company announced preliminary financial results which revealed a sharp decline in sales. The results indicated Q1'24 net sales are expected to come in between $872 million to $892 million (vs. $1.237 billion in the same period last year). The sales guidance also fell significantly below analysts' expectations for Q1'24 sales of $1 billion.
Why Is Robinhood (HOOD) Stock Soaring Today
Shares of financial services company Robinhood (NASDAQ:HOOD) jumped 7.5% in the morning session after it received a double rating upgrade from Bank of America analyst. The analyst upgraded the stock's rating from Underperform (Sell) to Buy and raised the price target from $14 to $24. The new price target represents more than a 25% upside from where shares traded when the upgrade was announced. The analyst added, citing the reasons for the upgrade, "We view the current entry point as the opposite of 2021 when we initiated at Underperform after its IPO given: (1) rising retail engagement and accelerating organic growth; (2) positive operating leverage after large expense reductions; (3) attractive valuation following increases in EBITDA/EPS."