Ross Stores Soars on Earnings Beat as Crypto Names Rally
Ross Stores (ROST) led the charge on Friday's stock movers after reporting better-than-expected Q2 results, including a 14% increase in revenue and a same-store sales advance of 10%. The discount apparel chain also boosted its annual EPS projection to $8.61-$8.77, up from $7.50-$7.74.
The company's strong earnings report sent shares soaring as much as 9% before the opening bell. This comes on the heels of President Donald Trump's push for congressional approval of the Clarity Act, a bill aimed at establishing clearer crypto regulations.
Crypto-related equities such as Coinbase (up 5.6%), Robinhood (up 5.3%), and Strategy (up 10%) also rallied in premarket action. Strategy's price appreciation was further supported by Bitcoin's impressive performance, which reached approximately $78,500.