The stock market slid ahead of Friday’s action as the yen got stronger and U.S. government bonds increased. The S&P 500 was 1.2% lower at Thursday’s closing, while the Dow Jones Industrial Average tumbled nearly 1%.
As we approach the week’s end, there are three stocks worth keeping an eye on: Ruby Tuesday, Inc. (NYSE:RT), Gap Inc (NYSE:GPS) and Abiomed, Inc. (NASDAQ:ABMD).
Here’s what you need to know.
Ruby Tuesday, Inc. (RT)
Ruby Tuesday shares took a hit Thursday as the company revealed that its sales decline continued in its most recent quarter.
The restaurant chain’s third quarter was negatively affected by cold weather, a weak period for the casual dining industry and increased efforts by competitors to promote their products. Same-store sales were down 3.1% year-over-year.
Ruby Tuesday added that earnings expectations for the full-year now lie between 5 cents and 8 cents, down from the previous estimate of 12 cents to 17 cents. The company foresees a sales decline of 1% in 2016 — down from its original forecast of no growth to a 1% pop.
The fast-casual operator also announced the departure of chief financial officer Jill Golder, who will no longer be with Ruby Tuesday as of April 11.
RT shares were prepared to plunge some 17% in premarket trading.
Gap Inc (GPS)
The apparel retailer’s stock was down yesterday after Gap Inc reported a decline in sales for the previous month.
Gap announced that its March same-store sales were 6% compared to the 2% increase it posted in the same period a year ago. GPS has posted a decline in this area for 12 consecutive months now.
Its Gap and Old Navy brands were better year-over-year, but its Banana Republic products dropped 14% in same-store sales, compared to a 3% decrease last year.
Additionally, the retailer said it has more inventory than planned heading into April, adding pressure to its gross margins for the first quarter.
GPS was set to open 9% lower Friday after a 4% decline on Thursday.
Abiomed, Inc (ABMD)
Abiomed shares popped after Thursday’s close as the company received some good news from the U.S. Food and Drug Administration.
The medical implant devices manufacturer announced that the agency had given premarket approval to its Impella heart pumps, designed to treat ongoing cardiogenic shock after heart attacks or heart surgery.
The device was first approved in 2008 to help maintain blood flow through the body during heart surgeries.
ABMD stock was up 5% in Friday’s premarket trading.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.
