AFTERMARKET MOVES | Gap Jumps 14% on Old Navy Leadership Change; Marvell, Autodesk Slide on Guidance

According to CNBC, Gap shares jumped about 14% in extended trading after the retailer said Michael Francis will lead Old Navy starting Nov. 2, succeeding Haio Barbeito, who had served as CEO since 2022. Gap posted second-quarter adjusted earnings of 52 cents per share, topping the LSEG consensus of 48 cents. Marvell Technology fell 6% after guiding to current-quarter adjusted earnings of $1.10 per share, plus or minus 5 cents, against the $1.07 analysts expected, with non-GAAP gross margin seen at 57.5% to 58.5% versus the StreetAccount call of 58.5%. Workday added almost 1% after beating LSEG estimates on both the top and bottom lines in the second quarter. Rubrik tumbled 7% as non-GAAP gross margin came in at 81% against an 81.7% StreetAccount estimate, though it beat on revenue and earnings, reporting 20 cents in adjusted earnings per share and $427 million in revenue versus the 4 cents and $396 million analysts penciled in. Autodesk slid 5% after third-quarter adjusted earnings guidance of $3.04 to $3.09 per share fell short of the $3.14 expected, with full-year guidance of $12.52 to $12.60 versus $12.60. Elastic N.V. surged 20% after full-year adjusted earnings guidance of $3.29 to $3.37 per share on revenue of $1.998 billion to $2.010 billion topped the $3.24 and $1.99 billion analysts expected. SentinelOne shed almost 4% after issuing a weak current-quarter and full-year earnings outlook that overshadowed a stronger-than-expected second quarter.