Stocks moving in after hours: GameStop, Nike

These are the stocks moving after the bell on Tuesday, March 21.

GameStop (GME)

GameStop shares soared more than 30% in after hours. The video game retailer posted a surprise fourth quarter adjusted profit of 16 cents per share. Wall Street analysts had been expecting a loss of 15 cents per share.

Revenue for the company’s latest quarter came in at $2.226 billion, exceeding analyst estimates.

Short interest in the flagship meme stock is about 21% of the float.

“This is really a momentum stock,” Ihor Dusankiwsky, managing director at S3 Partners, told Yahoo Finance Live on Tuesday. “We should see some big short covering tomorrow.”

Only three analysts cover the stock, with one Hold, and two Sell ratings.

Nike (NKE)

Nike shares rose after posting better than expected quarterly results. The sports apparel maker’s fiscal third quarter earnings per share came in at 79 cents, versus expectations of 54 cents. Revenue totaled $12.39 billion, versus estimates of $11.52 billion. Excess inventory had been a problem for the company in previous quarters. The trend appears to be reversing.

Minnesota Timberwolves guard Wendell Moore Jr. (7) wears a pair of Nike basketball shoes from the Kyrie Irving line in the second half of an NBA basketball game Tuesday, Feb. 7, 2023, in Denver. (AP Photo/David Zalubowski)

“We have made tremendous progress on inventory as we position Nike for sustainable and more profitable growth,” Matthew Friend, chief financial officer of Nike said in the company’s earnings release.

Nike’s direct sales increased 17% last quarter, while wholesale grew 12%.

“This is an extremely good report,” Barclays consumer discretionary analyst Adrienne Yih told Yahoo Finance Live on Tuesday. “They hit on all the areas where people were somewhat concerned about.”

Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre

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