The Yahoo Finance Live team breaks down what stocks are moving after hours, Ross Stores earnings report, Applied Materials stock movement, and Disney closing its Star Wars-themed hotel in Florida.
SEANA SMITH: Let's take a look at what's trending after hours. You got three names for you. Kicking it off with Ross Stores, the company, the off-price retailer just reporting its earnings results. You're looking at shares, under a bit of pressure here in after-hours trading. Now, for Q1, their sales did rise, but their outlook was muted. And that's what's really putting pressure on the stock in extended trading.
Some progress here on their inventory levels. Q1 same-store sales were up about 1%. But the company does expect its full year same-store sales to be flat also. Some commentary here from the CEO, Barbara Rentler, in this earnings release, saying that high level uncertainty of macroeconomic and geopolitical environments continuing to weigh on the company, also inflation impacting their lower-income consumer. We're looking at losses of just about half of a perecnt year-to-date. Take a look at the performance of the retailer, off nearly 10%.
Take a look at Applied Materials, the play within the chip space. That's off just over 1% right now. The company did beat on EPS. Sales coming in slightly better than expected. Demand for chips, though, is really causing some weakness here for the company. Looking forward, the company guiding that sales drop for the third quarter. Not as bad as the Street had initially feared. But still, they do expect to see a drop in their sales for the current quarter right now. We're looking at losses of just about 1 and 1/2%.
And rounding it out with the Disney. The company just releasing here right before the bell. They plan to close their very costly Star Wars hotel in September. Remember, that this just opened within a couple of years ago. It's very, very costly though experience. It can cost just around $1,200 per person per day. For a family package, it's around $6,000. The company said it does plan to close the Star Wars hotel.
Also news, earlier today that Disney is scrapping its $1 billion office complex plans there in Florida amid the ongoing feud between the Disney CEO Bob Iger and Florida Governor Ron DeSantis. So Disney, a name to keep your eye on in tomorrow's trading.