Diamonds and Dogs
Autodesk (ADSK) is on autopilot. The San Rafael, CA-based software firm jumped 8% to a new 52 week high after better than expected earnings. The company added 109,000 new subscribers during the second quarter vs. analyst estimates of 92,000 new subscribers. The firm said it was happy to see a third of subscription growth coming from new customers. Additionally, the analyst at Barclays said Autodesk is on pace with its third-quarter transition to a subscription-only business model. The same analyst upgraded the stock with a $75 price target.
GameStop (GME) has stopped going up. The video game retailer saw its stock drop 10% today after reporting in-line earnings as sales missed estimates. The company guided third quarter earnings in-line and reaffirmed 2017 earnings, but Wall Street was not pleased. The company did say same-store sales plummeted 11%, while global sales fell 7.4%, to $1.63-billion, continuing a contraction intensified by a slow console-upgrade cycle. Can you sa,y Blockbuster.