HomeNewsThursday’s market recap: Various stocks tank on q3 earnings releases, but Marvell Technology gains 20% with Apollo Capital acquiring Griffin Capital

Thursday’s market recap: Various stocks tank on q3 earnings releases, but Marvell Technology gains 20% with Apollo Capital acquiring Griffin Capital

Ruchi Gupta
  • Marvell technology up on solid Q3 results and upbeat Q4 forecast
  • Dollar General, DocuSign, and Kirkland's shares drop after the earnings release
  • Apollo Capital is acquiring a wealth distribution and asset management firm

Thursday was a busy day for various equities that reacted to quarterly results, with some surging while others tanked on disappointing results.

Marvell jumps 20% in solid Q3 results 

Marvell Technology Inc. (NASDAQ: MRVL) shares were up 20% after hours after the company announced strong Q3 earnings results and offered an upbeat forecast. The company lost $62.5 million or $0.08 per share in Q3 relative to a net loss of $22.9 million or $0.03 per share a year ago. Interestingly, the chipmaker had record revenue in Q3 2021 of $1.21 billion representing a YoY increase of 61%.  For Q4, the company expects adjusted EPS of $0.51 on revenue of between $1.28 billion and $1.36 billion.

Dollar General reports revenue of $8.5 billion inQ3

Dollar General Corp (NYSE: DG) shares dropped 3% on Thursday following the announcement of its quarterly results. The company topped earnings expectations, but revenue was in line with Wall Street projections. Q3 GAAP EPS was $2.08, beating estimates of $2.03, while revenue was up 3.7% YoY to $8.5 billion. The company also declared a $0.42 per share quarterly dividend, which reflects a 0.78% forward annual yield.  

DocuSign offers weaker guidance

Another company that reported earnings that topped Street estimates is DocuSign Inc. (NASDAQ: DOCU), but that didn't help shares from tanking 30% after a weak future outlook.   The digital document workflow company reported earnings of $0.58 per share on revenue of $545.5 million, representing YoY growth of 42%. For the current quarter, the company expects revenue of $563 million with billings of $647 to $659 million.

Kirkland’s Q3 saw softer than expected sales

Specialty home furnishings and décor retailers Kirkland’s Inc. (NASDAQ: KIRK) dropped 25% after the company announced its Q3 2021 financial results. The third quarter was marred with various challenges, according to the company's CEO, Steve Woodward. Woodward said they experienced softer than anticipated sales in the last weeks of the quarter but managed an 8.4% two-year comp sales increase. In addition, the company expanded gross margin because it did away with growing supply chain freight charges.

Apollo Global to acquire wealth distribution and assets management firm 

Apollo Global Management (NYSE: APO) has announced plans to buy asset management and wealth distribution firm Griffin Capital Co. as it expands its services for high net individuals. The company will acquire Griffin using stocks but didn't disclose how much it will spend to acquire it.