Business

Brands Newell, GitLab, Lowe’s, Twitter

Brand Newell (NWL): The company behind the Sharpie markers, Elmer glue and Yankee Candle has revised its outlook for the second half of the year by cutting its full-year forecast after Tuesday’s bell. The company lowered its full-year earnings forecast to $1.56-1.70 per share on net sales of $9.37-9.58 billion. Newell Brands CEO Ravi Saligram wrote in the release: “While we remain enthusiastic about the back-to-school season and continue to see solid growth in the Commerce business, we have experienced a significant-than-expected decline in retail orders and continued inflationary pressures for consumers. “

Shares fell about 3% in after-hours trading.

GitLab (GTLB): Shares fell about 2% despite the software developer boosting its full-year revenue forecast and beating Wall Street estimates for the second quarter. The company recorded an adjusted net loss of 15 cents per share in the most recent quarter, compared with 49 cents a year ago.

Revenue rose to $101 million, up 74% year over year. GitLab CEO Sid Sijbrandij said in a statement: “We continue to see strong momentum in our business, and our second quarter results show the market is taking its place. leading our One DevOps Platform.”

Lowe’s (SHORT): Lowe’s chief marketing officer Marisa Thalberg has left the company as part of the retailer’s broader reorganization effort, according to CNBC. Shares initially rose 4% in after-hours trading following the news, but were then traded little changed.

Twitter (TWTR): Lawyers for Elon Musk and Twitter commented during a hearing in Delaware Chancellor’s Court before Prime Minister Kathaleen McCormick on the future of Musk’s $44 billion deal to buy the social media company.

Photo of Elon Musk, Twitter logo, and US dollar banknotes seen in this illustration, August 10, 2022. REUTERS / Dado Ruvic / Illustration

Photo of Elon Musk, Twitter logo, and US dollar banknotes seen in this illustration, August 10, 2022. REUTERS / Dado Ruvic / Illustration

One of the items considered by the Judge was Musk’s attorney’s request to adjourn the trial to allow time to investigate whistleblower Peiter Zatko’s claims about Twitter’s “serious” security flaws. McCormick ended Tuesday’s hearing without setting a date for his ruling.

Twitter shares were up about 1.5% in extended trading on Tuesday.

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