Hot Stocks: PEP rises on earnings, COHU gains on anticipated revenues, GPS slides as CEO steps down, PSMT also falls
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In early market trading PepsiCo (NASDAQ:PEP) trends to the topside after the beverage giant delivered investors strong earnings for the second quarter. Also trading in the green are shares of Cohu (NASDAQ:COHU), as they anticipate strong second quarter revenues.
At the other end of the spectrum, Gap, Inc. (NYSE:GPS) sinks after its CEO abruptly stepped down. Also declining are shares of PriceSmart (NASDAQ:PSMT) after reporting weaker than anticipated profits.
Gainers
Shares of PepsiCo (PEP) track higher by 1.3% after the organization posted a strong earnings result for the second quarter and raised its full-year sales forecast. Pepsi posted $1.86 per share, $0.12 ahead of the analyst consensus and $20.23B in revenue, pushing past the $19.51B expected by Wall Street. 
Cohu (COHU) rose 1.2% after the stock announced it expects to report Q2 revenue of $216M-$218M, which would be higher than consensus estimate of $213.45M. COHU will report its Q2 results on Jul. 28.
Decliners
The Gap, Inc. (GPS) has dropped 7.4% in premarket trading after the apparel retailerâs chief executive officer Sonia Syngal stepped down in a surprise announcement. The companyâs search for a new CEO is currently underway, and current executive chairman Bob Martin will be the interim CEO.
PriceSmart (PSMT) shares have dipped 7.6% after reporting lighter than expected profits for its fiscal third quarter. PSMT delivered $0.62 in earnings per share, which was $0.20 below forecasted figures. Furthermore, the firm also reported $1.03B in revenue, which did exceed estimates by $78.13M.
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