May 19, 2022 (StockMarket.com via COMTEX) -- Stock Market Today Mid-Morning Updates
On Thursday, the Dow Jones Industrial Average is down by 250 points as investors receive another round of retail earnings. In the limelight today would include names like BJ's Wholesale ( NYSE: BJ ). The company is up by over 7% on today's opening bell after it reported upbeat earnings in its first-quarter financials. It also reported a total revenue growth of 16.2% year-over-year at $.49 billion. However, retailers like Target Corporation ( NYSE: TGT ) and Walmart ( NYSE: WMT ) continued their decline today after reporting worse-than-expected financials earlier in the week.
On the Russian-Ukraine war, U.S. Treasury Secretary Janet Yellen will be visiting Europe this week to press for more financial support for Ukraine and a deal on a global minimum tax for corporations. Furthermore, the U.K. government is also rolling out new sanctions that prevent Russian airlines from selling their unused landing slots at British airports. This would prevent Russian airlines like Aeroflot and Rossiya Airlines from selling their slots and cashing roughly $62 million. Cisco Systems ( NASDAQ: CSCO ) is also down by over 12% after cutting its full-year forecast.
Among the Dow Jones leaders, shares of Apple are down by 0.01% today while Microsoft ( NASDAQ: MSFT ) is up by 0.74%. Meanwhile, Disney ( NYSE: DIS ) and Nike ( NYSE: NKE ) are trading mixed on Thursday. Among the Dow financial leaders, Visa ( NYSE: V ) is down by 2.72% while JPMorgan Chase ( NYSE: JPM )is also down by 0.80%.
Shares of EV leader Tesla ( NASDAQ: TSLA ) are up by 0.01% on Thursday. Rival EV companies like Rivian ( NASDAQ: RIVN ) are up by 5.46%. Lucid Group ( NASDAQ: LCID ) is up by 5.08% today. Chinese EV leaders like Nio ( NYSE: NIO ) and Xpeng Motors ( NYSE: XPEV ) are trading higher today.
Dow Jones Today: U.S. Treasury Yields Dips After Topping 3% A Day Earlier; Gas Prices In The U.S. Hit New Highs
Following the stock market opening on Thursday, the S&P 500 and Dow are trading lower at 0.31% and 0.79%. The Nasdaq, however, is up by 0.35%. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ( NASDAQ: QQQ ) is up by 0.24% while the SPDR S&P 500 ETF ( NYSEARCA: SPY ) is down by 0.30%.
The benchmark 10-year U.S. Treasury yield dipped to 2.86% today as Kansas City Fed President Esther George made a set of remarks today. She says that the Fed is fighting inflation as its priority but is not focused on the impact of rates on stocks. Despite her concerns about inflation, she says that other parts of the economy are performing well and that she is confident that the Fed can bring prices down through rate hikes and also reduce the $9 trillion in asset holdings on its balance sheet.
Previously Owned Home Sales Fall In April To Lowest Levels Since The Pandemic Began
Today, the National Association of Retailers reported that sales of previously owned homes in April fell to its lowest since the pandemic started. It declined by 2.4% compared with March to a seasonally adjusted annualized rate of 5.61 million units. Furthermore, sales were 5.9% lower year-over-year. This comes as buyers were facing rising rates and also saw a shortage of homes for sale. Inventories of homes for sale at the end of April were at 1.03 million, decreasing by 10.4% year-over-year.
[Read More] Top Stock Market News For Today May 19, 2022
Kohl's Stock In Focus Following Earnings Miss And Outlook Reduction; Reports That Finalized Takeover Bids Will Begin Rolling In
Shares of Kohl's ( NYSE: KSS ) are coming into focus at today's stock market opening. By and large, the current attention on KSS stock is due to two key announcements from the company. For starters, the company released its first fiscal quarter earnings earlier today. According to the report, Kohl's earnings per share is $0.11 while the company's quarterly revenue is $3.72 billion. To put things into perspective, consensus figures on Wall Street are earnings of $0.70 per share on revenue of $3.68 billion. Despite the miss on the earnings per share side, KSS stock is currently up by 0.77%.
Commenting on the company's latest performance is CEO Michelle Gass. She notes, "Sales considerably weakened in April as we encountered macro headwinds related to lapping last year's stimulus and an inflationary consumer environment." While taking all of this into consideration, Kohl's is slashing its earnings outlook for the fiscal year. According to the press release, the company is now anticipating earnings of between $6.45 to $6.85. This would be from its previous earnings per share outlook of $7.00 to $7.50.
More importantly, despite Kohl's facing similar challenges as the likes of Target and Walmart, there is one thing setting it apart from the competition. Simply put, Gass states that final and fully financed bids to take over the company will begin rolling in. She says that these offers are expected in the coming weeks. Because of all this, it would not surprise me to see investors turning their radars towards KSS stock now.
Canada Goose Gains After Reporting Surprise Quarterly Profit And Better-Than-Anticipated Revenue
At the same time, Canada Goose ( NYSE: GOOS ) appears to be gaining attention today. Similar to Kohl's, its latest earnings release is likely to thank for this. In detail, the company reported a surprise profit in terms of earnings per share. Alongside this, Canada Goose's total revenue for the quarter is $174.3 million. For reference, the consensus on Wall Street is $174.0 million. Overall, the company seems to be firing on all cylinders now. This is apparent as, according to its press release, Canada Goose is closing its fiscal 2022 with record annual sales. Because of this, GOOS stock is now gaining by over 5% at today's opening bell.
Speaking on all this in further detail is CEO Dani Reiss. He highlights, "We are expanding to new markets with new partnerships and stores complemented by a laser focus on customer experience. At the same time, we are leveraging our successful playbook to continue to expand product categories and year-round product relevance. Our brand momentum, team and track record of execution gives us the ultimate conviction in the road ahead." After considering all of this, it is no wonder that GOOS stock is making waves in the stock market today.
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