5 Market Movers to Watch on Wednesday

4. Academy Sports and Outdoors, Inc. (NASDAQ:ASO)

Number of Hedge Fund Holders: 30

Academy Sports and Outdoors, Inc. (NASDAQ:ASO) surpassed profit expectations for its fiscal second quarter and lifted its outlook for the full year. As a result, its shares rose over 6 percent before the opening bell on Wednesday.

The sporting goods store chain earned $2.30 on an adjusted basis, topping estimates of $2.08 per share. On the downside, Academy Sports and Outdoors, Inc. (NASDAQ:ASO) posted revenue of $1.69 billion, marginally below the consensus of $1.71 billion.

Among other updates, Academy Sports and Outdoors, Inc. (NASDAQ:ASO) reported that it opened one new store during the quarter, bringing the total store count to 261. Overall, it intends to open nine new stores in the current fiscal year.

For the full year, Academy Sports and Outdoors, Inc. (NASDAQ:ASO) now anticipates adjusted earnings of $6.75 – $7.50 per share, up from its previous guidance of $6.55 – $7.25 per share.