GameStop, Advance Auto Parts, Autodesk, Target and International Paper

Shares in GameStop (GME) slipped into correction territory during pre-market trading on Friday, following a 10% increase in the previous session. The volatility came amid a broader rally in digital asset-linked equities, spurred by bitcoin (BTC-USD) hitting a record high above $110,000.

The world’s largest cryptocurrency by market capitalisation has soared in recent weeks, as investors view digital currencies as a potential hedge against macroeconomic and geopolitical risks. Heightened tensions in global trade, concerns over US debt sustainability, and general market uncertainty have driven renewed interest in alternative assets.

GameStop (GME), the video game retailer at the centre of several retail trading frenzies in recent years, has been swept up in the latest wave of crypto enthusiasm. The company’s shares first jumped in February following a cryptic social media post by CEO Ryan Cohen.

The image, which showed Cohen alongside Strategy (MSTR) chairman Michael Saylor, was widely interpreted as a signal of the company’s growing interest in digital assets. Strategy is the largest corporate holder of bitcoin (BTC-USD).

In a statement accompanying its its fourth-quarter results, the company announced that its board had “unanimously approved bitcoin (BTC-USD) as a treasury reserve asset.” The move brought GameStop (GME) in line with a growing cohort of firms integrating crypto into their balance sheets.

The update was seen by investors as a signal of intent, positioning GameStop (GME) alongside other crypto-forward companies looking to diversify reserves and capitalise on the digital asset boom.

Shares in Advance Auto Parts (AAP) surged 57% in the previous session — the largest single-day gain on record, according to Morningstar — and continued to climb in pre-market trading on Friday, after the US auto parts retailer reaffirmed its full-year guidance and posted better-than-expected quarterly results.

The company reported net sales of $2.58bn (£1.91bn) for the first quarter, down 7% from the same period last year. The decline was largely attributed to the sale of its wholesale distributor unit, Worldpac, in November, as well as a number of store closures. Still, the figure topped analyst expectations of $2.51bn.

Advance posted an adjusted net loss of 22 cents per share, significantly narrower than Wall Street’s forecast of a 69 cent per share loss.

“The Advance team delivered better than expected sales and profitability in the first quarter and I want to thank them for their hard work and commitment to serving our customers. During the quarter, we also successfully completed our store footprint optimisation within an accelerated timeframe, while continuing to make progress on our other strategic initiatives,” Shane O’Kelly, president and CEO, said.

The reaffirmation of fiscal-year guidance and narrowing of losses helped ease investor concerns over the company’s recent restructuring moves.

Shares in Autodesk (ADSK) rose more than 3% in pre-market trading on Friday, after the computer-aided design software company posted better-than-expected first-quarter results and issued upbeat guidance for the second quarter and full fiscal year.

For the three months ended 30 April — the first quarter of its fiscal 2026 — Autodesk (ADSK) reported adjusted earnings of $2.29 per share, a sharp increase from 42 cents a year earlier. Revenue rose 15% year-over-year to $1.63bn, topping analysts’ expectations of $1.61bn.

A key driver of the strong performance was a 29% year-over-year increase in billings, which reached $1.43bn. By segment, Design revenue rose 14% to $1.35bn, Make revenue rose 23% to $179m, and Other revenue climbed 22% to $93m.

Looking ahead, Autodesk (ADSK) forecast second-quarter adjusted earnings per share of $2.44 to $2.48 on revenue of $1.72bn to $1.73bn, both ahead of analyst estimates of $2.43 and $1.7bn, respectively.

For the full fiscal year, the company expects adjusted earnings of $9.50 to $9.73 per share on revenue of $6.93bn to $7bn, signalling management’s confidence in continued growth amid steady demand across its core customer base in architecture, engineering, construction, and manufacturing.

Target (TGT) shares remained under pressure on Friday as the US retailer continued to grapple with a cut to its full-year sales outlook, following disappointing first-quarter results and mounting headwinds from consumer uncertainty and internal strategic shifts.

For the quarter ended May, earnings and revenue fell short of Wall Street expectations, with sales declining nearly 3% year-on-year. Transactions across stores and online fell 2.4%, while the average amount spent per visit dropped 1.4%.

Executives cited weaker discretionary spending, uncertainty over potential tariffs, and backlash to the company’s rollback of key diversity, equity and inclusion initiatives as factors impacting performance.

The results showcase Target’s (TGT) struggle to return to growth and revive the “cheap chic” identity that once earned it the nickname “Tarzhay”. The company is attempting to regain shopper and investor confidence amid a prolonged sales slump and a 30% drop in its share price year-to-date.

Target (TGT) now expects a low-single-digit decline in sales for the fiscal year, down from its previous forecast of approximately 1% growth. It also lowered its full-year adjusted earnings guidance to between $7 and $9 per share, excluding gains from litigation settlements, compared with a prior range of $8.80 to $9.80.

Shares in International Paper (IP) popped ahead of the US opening bell amid reports that hundreds of UK packaging jobs are under threat following its proposed restructuring of DS Smith operations, just months after the US firm acquired the British packaging group in a £5.8bn deal.

International Paper (IP) said on Friday it plans to close five packaging sites across the UK, relocate a sixth, and implement a “small headcount reduction” at two additional locations. The company said the proposals, which are currently under consultation with unions and employees, aim to “improve efficiencies” and better respond to customer needs amid what it described as “tough trading conditions for the industry.”

The restructuring could affect approximately 300 roles and is expected to be completed by the end of the year.

The move marks one of the first major changes under International Paper’s (IP) ownership of DS Smith, which it acquired in January in a deal aimed at expanding its European footprint and consolidating its position in sustainable packaging.

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