Applied Materials, Gap, ChargePoint, Alibaba, Ross Stores, and More Market Movers

Applied Materials
(AMAT) reported fiscal fourth-quarter earnings and revenue that topped analysts’ estimates but the stock was falling after a report detailed a U.S. Justice Department probe into the semiconductor maker. Reuters reported that
Applied Materials
was under criminal investigation by the Justice Department for sending its equipment to a Chinese company without the required licenses. The company said it was “cooperating with the government and remains committed to compliance and global laws, including export controls and trade regulations.” The stock declined 7.2%.

Gap
‘s (GPS) third-quarter adjusted earnings beat analysts’ estimates and same-store sales in the period fell less than expected. The retailer confirmed its full-year revenue outlook, which Chief Financial Officer Katrina O’Connell said “balances the progress we are seeing with a prudent view of the economic and consumer environment in which we are operating.”
Gap
shares jumped 19%.

ChargePoint Holdings
(CHPT) was falling 29% after the electric-vehicle charging company said it expected third-quarter revenue of between $108 million and $113 million, well below previous expectations of between $150 million and $165 million, and replaced its chief executive and chief financial officer.

U.S.-listed shares of
Alibaba
(BABA) were down 3.3%, extending sharp losses from Thursday after the Chinese tech company said it wouldn’t proceed with spinning off its cloud computing arm, citing risks to the business from recently expanded U.S. export controls on advanced computer chips. 

Third-quarter earnings at
Ross Stores
(ROST) were better than expected and the discount retailer forecast fiscal-year profit of between $5.30 and $5.36 a share, compared with a previous guidance of between $5.15 and $5.26. The stock rose 7%.

Expedia
(EXPE) rose 3.4% to $134.24 after shares of the online travel agency were upgraded to Outperform from In Line at Evercore ISI and the price target was raised to $200 from $135.
Airbnb
(ABNB) was downgraded to In Line from Outperform at Evercore and the stock fell 0.7%.

BJ’s Wholesale Club
(BJ) was down 4.8% after the warehouse retailer missed third-quarter same-store sales estimates and reduced same-store sales growth guidance for the fiscal year.

Write to Joe Woelfel at [email protected]