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Strategizing for 2022

  • Strategizing for 2022 Strategizing for 2022 9:52
    Infrastructure, Jobs & Covid Relief Infrastructure, Jobs & Covid Relief 10:52
    Supply Shortages & Rising Demand Supply Shortages & Rising Demand 8:58
    A September to Forget A September to Forget 9:07
8:33 a.m. Dec. 8, 2021 - By Tomi Kilgore
GameStop stock options imply tamer than usual price reaction to earningsShares of GameStop Corp. fell 1.3% in afternoon trading Wednesday, as investors braced for the videogame and consumer electronics retailer's fiscal third-quarter results due out after the closing bell. The FactSet consensus is for a per-share loss of 52 cents and sales of $1.19 billion. The stock edged 0.2% higher on the day after the previous quarterly report, but fell the day after 11 of the 12 reports before that. An options strategy known as a straddle is priced for a one-day post-earnings move of $21.01 in either direction on Thursday, or nearly 19% narrower than the average move after the past 12 quarters, according to data provided by Option Research & Technology Services (ORATS) Principal Matt Amberson. A straddle is a pure volatility play that involves the simultaneous purchase bullish (calls) and bearish (puts) at-the-money options expiring at the the end of the week. Based on the current stock price of $175.50, options pricing suggest straddle buyers won't make money unless the stock moves above $$196.51 or below $154.49 on Thursday. The stock has dropped 11.7% over the past three months, while the S&P 500 has gained 3.9%.
5:23 a.m. Dec. 8, 2021 - By Tonya Garcia
Vera Bradley raises prices due to inflation and supply chain disruptionsVera Bradley Inc. stock sank nearly 16% in early Wednesday trading after the accessories company reported a third-quarter earnings and revenue miss and gave a profit warning. Net income totaled $5.8 million, or 17 cents per share, down from $8.9 million, or 26 cents per share, last year. Adjusted EPS of 18 cents missed the FactSet consensus for 26 cents. Revenue of $134.7 million was up from $124.8 million last year and below the FactSet consensus for $138.0 million. The company's gross margins were under pressure during the quarter due to supply chain challenges and the "significantly increased" freight costs to manage them. Gross margins were 53.6% for the quarter. The disruptions hurt EPS by 5 cents, according to a statement from Chief Executive Rob Wallstrom. "We have begun to take strategic retail price increases across both of our brands to mitigate some of these inflationary and supply chain pressures. Those increases began in the fourth quarter of this year and will continue over the next few quarters," Wallstrom said. Vera Bradley's lineup includes the namesake label and the Pura Vida jewelry brand. EPS was further hurt by 3 cents due to tariffs. For the fourth quarter, Vera Bradley is guiding for revenue of $155 million to $160 million and EPS of 24 cents to 29 cents. The FactSet consensus is for revenue of $165.6 million and EPS of 40 cents. For the year, Vera Bradley is guiding for revenue of of $546 million to $551 million, EPS of 65 cents to 70 cents. EPS could get a boost of 9 cents to 11 cents if there's a retroactive tariff reinstatement. The FactSet consensus is for revenue of $559.4 million and EPS of 90 cents. Vera Bradley stock has gained 6.5% for 2021 while the S&P 500 index is up 24.8% for the period.
3:46 a.m. Dec. 8, 2021 - By Tonya Garcia
Lovesac stock rises after earnings beatLovesac Co. stock jumped 7.7% in Wednesday premarket trading after the furniture maker reported third-quarter earnings and sales that beat expectations. Net income totaled $2.8 million, or 17 cents per share, up from $2.5 million, or 16 cents per share, last year. Sales totaled $116.7 million, up from $74.7 million last year. The FactSet consensus was for EPS of 2 cents and sales of $112.2 million. Comparable sales rose 47.1%, ahead of the FactSet consensus for 36.9% growth. Lovesac has 135 showrooms. Lovesac shares have run up nearly 50% for the year while the S&P 500 index has gained 24.8% for the period.
3:24 a.m. Dec. 8, 2021 - By Tomi Kilgore
McKesson stock jumps after profit outlook raised, $4 billion boost to buyback programShares of McKesson Corp. hiked up 1.1% in premarket trading Wednesday, after the health care supply and retail pharmacy company raised its full-year profit outlook and announced a $4 billion boost to its share repurchase program. The company now expects fiscal 2022 adjusted earnings per share of $22.35 to $22.95, up from previous guidance of $21.95 to $22.55, to reflect an additional 40 cents per share related to the U.S. government's COVID-19 vaccine distribution program. That compares with the current FactSet EPS consensus for fiscal 2022 of $22.32. The company also announced a new $4.0 billion increase to its stock buyback program. The increase alone represents nearly 12% of the company's market capitalization of $34.29 billion as of Tuesday's close. The stock has rallied 8.9% over the past three months, while the SPDR Health Care Select Sector ETF has slipped 2.4% and the S&P 500 has tacked on 3.8%.
2:49 a.m. Dec. 8, 2021 - By Tonya Garcia
United Natural Foods stock rises after earnings and sales beatUnited Natural Foods Inc. shares rose nearly 7% in Wednesday premarket trading after the food wholesaler reported fiscal first-quarter earnings and sales that beat expectations. Net income totaled $76 million, or $1.25 per share, after a loss of $1 million, or 2 cents per share, last year. Adjusted EPS of 97 cents blew past the FactSet consensus for 58 cents. Sales of $6.997 billion were up from $6.684 billion last year. The FactSet consensus was for $6.792 billion. For fiscal 2022, United Natural Foods is guiding for sales of $27.8 billion to $28.3 billion, EPS of $3.60 to $3.90, and adjusted EPS of $3.90 to $4.20. The FactSet consensus is for sales of $27.948 billion and EPS of $4.09. United Natural stock has soared more than 207% in 2021 while the S&P 500 index is up 24.8% for the period.
2:48 a.m. Dec. 8, 2021 - By Tomi Kilgore
Jack Daniel's parent Brown-Forman stock set to fall after profit, sales miss expectations but full-year growth outlook raisedShares of Brown-Forman Corp. were indicated down about 1% in premarket trading Wednesday, after the spirits company, which brands include Jack Daniel's, Finlandia, El Jimador and Woodford Reserve, reported fiscal second-quarter profit and sales that missed expectations, but boosted its full-year growth outlook. Net income for the quarter to Oct. 31 slipped to $236 million, or 49 cents a share, from $240 million, or 50 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 53 cents. Sales grew 0.9% to $994 million, below the FactSet consensus of $1.05 billion. For the first half of the fiscal year, Jack Daniel's family of brands sales rose 8% from the same period a year ago, Woodford Reserve sales grew 10%, Tequila sales increased 16%, wine sales increased 9% and vodka sales rose 26%. For fiscal 2022, the company raised its sales growth guidance to a "high-single digit" percentage from "mid-single digit," while the current FactSet sales consensus of $3.75 billion implies 8.4% growth. The stock has lost 8.8% year to date through Tuesday, while the S&P 500 has gained 24.8%.
2:26 a.m. Dec. 8, 2021 - By Tomi Kilgore
Korn Ferry stock climbs after earnings beat and profit outlook that is well above expectationsShares of Korn Ferry rose 0.8% in premarket trading Wednesday, after the staffing services company reported fiscal second-quarter profit and revenue that rose above expectations, and provided guidance for the current quarter that was well above current forecasts. Net income for the quarter to Oct. 31 rose to a quarterly record $75.8 million, or $1.38 a share, from $27.8 million, or 51 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $1.53, above the FactSet EPS consensus of $1.37. Revenue grew 47.0% to $643.4 million, beating the FactSet consensus of $604.7 million, with fee revenue reaching a quarterly record of $639.4 million due to record levels of new business. For the fiscal third quarter, the company expects EPS of $1.38 to $1.56, compared with the FactSet consensus of $1.10, and expects fee revenue to reach another record of $640 million to $660 million. The stock has soared 73.0% year to date through Tuesday, while the S&P 500 has gained 24.8%.
2:16 a.m. Dec. 8, 2021 - By Tonya Garcia
Solo Stove parent sees full-year revenue well ahead of expectationsSolo Brands Inc. stock rose 2.4% in Wednesday premarket trading after the Solo Stove parent reported third-quarter revenue that beat expectations and gave full-year guidance that beat the Street. Net income totaled $1.2 million, or $0 per share, down from $10.3 million, or 13 cents per share, last year. Sales of $69.4 million were up from $29.2 million. The FactSet consensus was for EPS of 14 cents and sales of $68.1 million. Results include the acquisitions of the Chubbies brand of clothing and Isle paddleboards, which weren't included last year, as well as Oru Kayak, the company's brand of folding kayaks. For the full year, revenue is expected to be between $344 million and $352 million. The FactSet consensus is for $323.8 million. Solo Brands began trading on with shares priced at $17. The stock ended Tuesday at $17.43. The Renaissance IPO ETF has gained 47.2% for the year to date while the S&P 500 index is up 24.8% for the period.
1:52 a.m. Dec. 8, 2021 - By Tomi Kilgore
Southwest Airlines stock rallies after revenue outlook raised, fuel cost estimate cutShares of Southwest Airlines Co. surged 1.3% in premarket trading Wednesday, after the air carrier raised its outlook for fourth-quarter revenue and cut its estimate for fuel costs. The company now expects revenue for the current quarter to be down 10% to 15% from the same period in pre-pandemic 2019, compared with previous guidance for a decline of 15% to 25%. Guidance for fuel costs per gallon was lowered $2.15 to $2.25 from $2.25 to $2.35. The company kept its outlook for load factor unchanged at 80% to 85% and for capacity to be down about 8% from 2019. "Leisure travel demand was strong for the Thanksgiving holiday," the company said in an investor presentation. "Based on current trends, leisure bookings continue to come in above expectations for December travel, and managed business revenues are expected to recover to down 55% to down 60% in December versus 2019 levels." The stock, which has bounced 6.3% since closing at a 13-month low on Dec. 1 through Tuesday, has shed 6.1% over the past three months while the U.S. Global Jets ETF has lost 5.9% and the S&P 500 has gained 3.8%.
1:22 a.m. Dec. 8, 2021 - By Tomi Kilgore
Photronics stock surges after profit and revenue top forecasts, and upbeat outlookShares of Photronics Inc. surged 5.5% in premarket trading Wednesday, after the semiconductor and flat panel display company reported fiscal fourth-quarter profit and revenue that rose above expectations and provided an upbeat outlook for the current quarter. Net income for the quarter to Oct. 31 rose to $19.8 million, or 33 cents a share, from $6.5 million, or 10 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 25 cents. Revenue grew 21.4% to $181.3 million, above the FactSet consensus of $175.0 million. Gross margin improved to 28.7% from 26.6% as cost of goods sold rose less than sales at 10.2%. For the fiscal first quarter, the company expects EPS of between 27 cents and 34 cents, while the FactSet consensus was 22 cents, and expects revenue of between $178 million and $186 million, compared with expectations of $170.7 million. "We made strategic investments in 2021 that have positioned us to achieve organic growth as market trends such as the increase in demand from Asia foundries and the adoption of advanced display technologies in mobile applications have driven the market higher," said Chief Executive Peter Kirlin. The stock has slipped 0.1% over the past three months, while the S&P 500 has gained 3.8%.
8:54 a.m. Dec. 7, 2021 - By Tomi Kilgore
AeroVironment stock set for biggest selloff in more than 12 years after slashing full-year profit, revenue outlookShares of AeroVironment Inc. plummeted 28.3% toward a more-than 19-month low in afternoon trading Tuesday, putting them on track to suffer the biggest one-day selloff in more than 12 years, after the unmanned aircraft systems company reported a fiscal second-quarter profit that beat expectations, but revenue that came up short and slashed its full-year outlook. Net income for the quarter to Oct. 30 rose 20.6% from a year ago to $2.5 million, or 10 cents a share, while adjusted earnings per share grew 62.5% to 78 cents to beat the FactSet consensus of 62 cents, even as gross margin fell to 35% from 44%. Revenue increased 31.7% to $122.0 million but missed the FactSet consensus of $130.8 million. The company cut its fiscal 2022 financial guidance, citing "supply chain delays, extended procurement cycles, slower decision making in Washington and staffing shortages." The company roughly halved its adjusted EPS guidance range to between $1.23 and $1.37 from between $2.50 and $2.70, and dropped its revenue outlook to between $440 million and $460 million from between $560 million and $580 million. The stock, on track for the lowest close since April 27, 2020 and the biggest selloff since the record 33.6% plunge on March 10, 2009, has shed 34.0% year to date, while the S&P 500 has rallied 24.9%.
2:10 a.m. Dec. 7, 2021 - By Tomi Kilgore
AutoZone stock jumps after big profit beat and sales that rose above forecasts, while gross margins declineShares of AutoZone Inc. rallied 2.6% in premarket trading Tuesday, after the auto parts retailer reported a big fiscal first-quarter profit beat and sales that rose above expectations, amid continued strength in its commercial business. Net income for the quarter to Nov. 20 rose to $555.2 million, or $25.69 a share, from $442.4 million, or $18.61 a share, in the year-ago period. The FactSet consensus for earnings per share was $20.98. Sales increased 16.3% to $3.67 billion, above the FactSet consensus of $3.37 billion, as the commercial business grew 29.4%. Cost of sales rose 17.9% to $1.74 billion, as gross margin fell 65 basis points to 52.5%, primarily because of initiatives to accelerate commercial business growth. The company said it spent $900 million to repurchase its shares during the quarter, paying at average price of $1,749. "We are optimistic about our growth prospects for the balance of the fiscal year," said Chief Executive Bill Rhodes. The stock has run up 23.2% over the past three months while the S&P 500 has gained 1.6%.
9:54 a.m. Dec. 6, 2021 - By Tomi Kilgore
Home Depot stock surges toward a record after Oppenheimer's Nagel becomes the Street's most bullish analystShares of Home Depot Inc. hiked up 1.8% toward a record close in afternoon trading Monday, after Oppenheimer analyst Brian Nagel turned bullish on the home improvement retailer, citing less near-term risks for of cyclical pullback of the home improvement sector. Nagel raised his rating to outperform, after being at perform for the past 15 months. He set a $470 price target for the stock, which makes him the most bullish of the 34 analysts surveyed by FactSet. Nagel said after carefully reevaluating near-term prospects for Home Depot, as well as peer Lowe's Companies , he said that while challenges remain, he is now "more confident" that "risks of a significant, transitional-type setback" for home improvement retail have diminished. He also believes underlying demand growth is likely to persist even as COVID-19 pandemic-related tailwinds abate, which should help provide continued "solid, if not outsized" sales and profit growth for both retailers. Home Depot's stock has soared 25.7% over the past three months, while Lowe's shares have climbed 21.9% and the Dow Jones Industrial Average has slipped 0.4%.
5:57 a.m. Dec. 6, 2021 - By Tomi Kilgore
Samsara sets IPO terms, which could value the Internet-of-Things company at over $11 billionSamsara Inc. has set terms for its initial public offering, in which the California-based Internet-of-Things data company is looking to raise up to $805.0 million. The company is offering 35.0 million Class A shares in the IPO, which is expected to price between $20 and $23 a share. With a total of about 500.35 million Class A and Class B shares expected to be outstanding after the IPO, the expected pricing would value the company at up to about $11.5 billion. The stock is expected to list on the NYSE under the ticker symbol "IOT." Morgan Stanley, Goldman Sachs, J.P. Morgan and Allen & Co. are the lead underwriters. The company recorded a net loss of $102.3 million on revenue of $302.6 million during the nine months ended Oct. 30, compared with a loss of $174.0 million on revenue of $174.0 million in the same period a year ago. The company is looking to go public during a rough market environment for IPOs, as the Renaissance IPO ETF has tumbled 18.0% over the past three months while the S&P 500 has gained 1.1%.
8:51 a.m. Dec. 3, 2021 - By Tomi Kilgore
Smith & Wesson's stock plunges toward biggest 1-day selloff since March 2020Shares of Smith & Wesson Brands Inc. plummeted 29.9% in afternoon trading Friday, putting them on track for their biggest one-day selloff since March 2020. The gun maker reported after Thursday's closing bell , demand levels declined from pandemic-related highs, and the stock ended Thursday's after-hours session with a decline of about 15%. The stock fell even further after Friday's open, after the parents who bought the gun used by their son to kill four students at Michigan school . The stock, which was on track for the lowest close since March 5, has now plunged 54.7% since closing at a record $35.40 on July 1. Shares of fellow firearms maker Strum Ruger & Co. tumbled 11.1% toward the lowest close since Jan. 29, and have now lost 29.3% since closing at a record $89.98 on June 30. Year to date, Smith & Wesson shares have lost 9.6% and Sturm Ruger's stock has slipped 2.3%, while the S&P 500 has gained 20.1%.
1:46 a.m. Dec. 3, 2021 - By Tomi Kilgore
Recently IPO'd Dole reports profit and revenue growth, in face of inflation and supply chain headwindsShares of Dole PLC were indicated up nearly 1% in premarket trading Friday, after the fresh fruit and vegetables company, , reported a rise in third-quarter profit and revenue, in the face of inflationary pressures and supply chain congestion and labor shortages. Pro-forma net income rose to $29.9 million, or 31 cents a share, from $18.6 million, or 20 cents a share, in the year-ago period. Revenue rose 0.3% to $2.32 billion, while cost of sales grew 0.7% to $2.18 billion. FactSet did not have consensus estimates for earnings or revenue. Fresh fruit revenue rose 0.8% to $676.8 million, as lower volume of bananas in North American and lower pricing of bananas in Europe and pineapples in North America offset higher banana pricing in North American and volume growth in pineapples. Fresh vegetables revenue increased 1.0% to $323.8 million as higher pricing in its value-added salads business offset lower volumes. For 2021, the company is expecting revenue of $9.2 billion to $9.4 billion. The stock has tumbled 16.7% over the past three months while the S&P 500 has gained 0.9%.
1:20 a.m. Dec. 3, 2021 - By Tomi Kilgore
Big Lots stock sinks after results beat forecasts, but outlook was downbeat as supply chain challenges continueShares of Big Lots Inc. dropped 6.0% in premarket trading Friday, as the discount retailer swung to a narrower-than-expected fiscal third-quarter loss and sales that fell less than forecast, and provided a downbeat earnings outlook for the current quarter as supply chain issues weight on gross margin. The net loss for the quarter to Oct. 30 was $4.3 million, or 14 cents a share, after net income of $29.9 million, or 76 cents a share, in the year-ago period. The FactSet consensus for per-share losses was 16 cents. Sales fell 3.1% to $1.34 billion but was above the FactSet consensus of $1.32 billion, while gross margin declined to 38.9% to 40.5%. Same-store sales fell 4.7% but that beat expectations for a 5.2% decline. The company said that the fourth quarter is off to a "strong start," but said it expects supply chain challenges to continue in the near term. The company expects fourth-quarter EPS of $2.05 to $2.20, below the FactSet consensus of $2.39, as gross margin is expected to be down 150 basis points from a year ago, driven by freight headwinds. Separately, the company said it authorized a new $250 million stock repurchase program. The stock has declined 8.7% over the past three months through Thursday while the S&P 500 has gained 0.9%.
4:28 a.m. Dec. 2, 2021 - By Tomi Kilgore
Ford November U.S. vehicle sales rise 5.9%, as EV sales jump more than 150%Shares of Ford Motor Co. rose 0.2% in preamarket trading Thursday, after the automaker reported November total U.S. vehicle sales of 158,793 vehicles, up 5.9% from a year ago. Of the total U.S. sales, Ford sold 11,116 electrified vehicles during the month, up 153.6% from a year ago and making up 7.0% of total vehicles sold. "Ford's electrified vehicle sales in November grew at a rate more than three times faster than the overall electrified vehicle segment, taking Ford's electrified vehicle share to 10% compared to 5.4% last year," the company said in a statement. Elsewhere, truck sales rose 4.6% to 82,231 vehicles and SUV sales increased 20.8% to 72,795 vehicles. Among Ford's best-selling models, F-Series sales rose 14.6% to 60,418 trucks and Explorer sales slipped 3.1% to 18,268 SUVs. The stock has run up 50.5% over the past three months through Wednesday, while shares of rival General Motors Co. have advanced 18.6% and the S&P 500 has slipped 0.5%.
3:18 a.m. Dec. 2, 2021 - By Tonya Garcia
Kroger beat expectations as shoppers continue to dine at homeKroger Co. stock jumped 6.3% in Thursday premarket trading after the grocer reported third-quarter earnings that beat expectations. Net income totaled $483 million, or 64 cents per share, down from $631 million, or 80 cents per share, last year. Adjusted EPS of 78 cents beat the FactSet consensus for 67 cents. Sales of $31.86 billion rose from $29.72 billion the previous year, and also beat the FactSet consensus of $31.16 billion. Identical sales, excluding fuel, rose 3.1%, ahead of the FactSet consensus for a 0.7% increase. Chief Financial Officer Gary Millerchip said in a statement that the grocer is seeing sustained dine-at-home trends. Kroger expects full-year adjusted EPS of $3.40 to $3.50, ahead of the FactSet consensus for EPS of $3.36. Kroger stock has rallied 26.6% for the year to date outpacing the S&P 500 index , which is up 20.2% for the period.
2:20 a.m. Dec. 2, 2021 - By Tonya Garcia
Dollar General reports profit decline, plans for more than 1,100 new stores in 2022Dollar General Corp. shares fell 2.6% in Thursday premarket trading after the discount retailer reported a third-quarter profit decline. Net income totaled $487.0 million, or $2.08 per share, down from $574.3 million, or $2.31 per share, last year. Sales of $8.518 billion were up from $8.200 billion last year. The FactSet consensus was for EPS of $2.01 and sales of $8.496 billion. Same-store sales fell 0.6%, just below the FactSet consensus for a 0.5% decline. Dollar General unveiled its 2022 real estate plans, which include 1,110 new stores, 1,750 remodels and the company's first international stores, with up to 10 planned for Mexico. For fiscal 2021, Dollar General is guiding for sales growth of 1% to 1.5%, versus previous guidance for 0.5% to 1.5%, same-store sales decline of 2.5% to 3%, versus previous guidance for a decline of 2.5% to 3.5%, and EPS in the range of $9.90 to $10.20, compared with the previous expectation for EPS in the range of $9.60 to $10.20. The FactSet consensus is for sales of $34.251 billion, which implies growth of 1.5%, a same-store sales decline of 2.7% and EPS of $10.19. Dollar General stock is up 6% for the year to date while the S&P 500 index has gained 20.2% for the period.
2:00 a.m. Dec. 2, 2021 - By Tomi Kilgore
Express stock soars after swinging to a profit that beat expectations by a wide marginShares of Express Inc. soared 11.8% in premarket trading Thursday, after the apparel and accessories retailer reported that it swung to a fiscal third-quarter profit and same-store sales that beat expectations by wide margins, although net sales came up short. Net income for the quarter to Oct. 30 was $13.1 million, or 19 cents a share, after a loss of $90.3 million, or $1.39 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 17 cents, while the average EPS estimate of two analysts surveyed by FactSet was 2 cents. Sales jumped 46.6% to $471.98 million, below the FactSet average estimate of $503.1 million, while cost of sales increased just 2.3% to boost gross margin to 33.2% from 4.3%. Same-store sales rose 46%, beating the FactSet average estimate of 30.2% growth. "Our results provide tangible evidence that the versatility, quality and value of our product is resonating with consumers," said Chief Executive Tim Baxter. "I am confident that we will continue to deliver positive comparable sales and gross margin expansion versus 2019 in the fourth quarter." The stock, which closed at a 6 1/2-month low on Wednesday, has tumbled 40.0% over the past three months but has rocketed 271.4% year to date, while the S&P 500 has slipped 0.5% the past three months and gained 20.2% this year.
1:19 a.m. Dec. 2, 2021 - By Tomi Kilgore
GEO to de-REIT, to stop paying dividendShares of GEO Group Inc. slipped 0.1% in premarket trading Thursday, after the corrections facility company announced plans to stop being a real estate investment trust (REIT), and become a taxable C corporation, effective fir the year ending Dec. 31. The company has also decided to stop paying a quarterly dividend. The company said it has decided to make the change in its corporate status and dividend policy to give it additional flexibility to allocate cash towards reducing debt. GEO said it is reviewing potential sales of company-owned businesses and assets. "We believe that these are prudent steps, which are in the best interests of our shareholders and other stakeholders," said Chief Executive George Zoley. The company expects to incur a charge of about $75 million and $34 million in income tax expense in the fourth quarter as a result of the restructuring. GEO expects 2021 adjusted earnings per share of $1.14 to $1.16, compared with the FactSet EPS consensus of $1.43. The stock has lost 8.6% year to date through Wednesday, while the SPDR Real Estate Select Sector ETF has rallied 27.9% and the S&P 500 has gained 20.2%.
4:40 a.m. Dec. 1, 2021 - By Tomi Kilgore
Union Pacific cuts full-year outlook for volume growth and productivity, says crew availability is 'stressed'Shares of Union Pacific Corp. slipped 0.1% in morning trading Wednesday, after the rail and freight transportation services company lowered its 2021 guidance for volume growth, productivity and operating ratio improvement. The company said it now expects full-year volume growth of 4% over last year, compared with previous guidance provided on Oct. 21 of "closer to 5%." Productivity guidance was lowered to "approximately $250 million" from $350 million, and operating ratio improvement guidance was cut to "around 150 basis points" from "the neighborhood of 175 basis points." The lowered outlook comes as Chief Financial Officer Jennifer Hamann highlighted at the Stephens Annual Investor Conference the challenges faced in 2021, including Winter Storm Uri, the Northern California wildfires and supply chain disruptions. "Our freight car velocity and freight car terminal dwell trail last year's metrics and have lowered our trip plan compliance measures, which we know directly impacts our customers," Hamann said, according to a FactSet transcript. "Our crew availability is stressed due to the impact of COVID and the vaccine mandate and the just general sluggishness in our service product," she added. The stock has gained 8.6% over the past three months, while the Dow Jones Transportation Average has climbed 8.5% and the Dow Jones Industrial Average has slipped 1.7%.
2:16 a.m. Dec. 1, 2021 - By Tomi Kilgore
G-III Apparel stock jumps after profit rises above expectations and full-year outlook was raisedShares of G-III Apparel Group Ltd. jumped 5.4% in premarket trading Wednesday, after the apparel and accessories company, which brands include DKNY, Calvin Klein and Tommy Hilfiger, reported fiscal third-quarter profit that beat expectations and revenue that matched, and raised its full-year outlook, as "strong demand" helped offset pressure on margins from rising costs. Net income for the quarter to Oct. 31 rose to $106.7 million, or $2.16 a share, from $63.2 million, or $1.29 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.79. Sales increased 22.8% to $1.02 billion, matching the FactSet consensus. Cost of sales increased 26.3% to $667.9 million, to lower gross margin to 34.2% from 36.0%. The company raised its EPS guidance range for the year ending Jan. 31 to between $3.67 and $3.75 from between $3.10 and $3.20, and lifted its sales outlook to $2.77 billion from $2.70 billion. "Given the strong demand we are seeing across our brands, we are well positioned for the holiday season," said Chief Executive Morris Goldfarb. "We are raising our full year guidance and expect to deliver our highest annual earnings in our company's history." The stock has dropped 9.0% over the past three months through Tuesday while the S&P 500 has gained 1.0%.
1:52 a.m. Dec. 1, 2021 - By Tomi Kilgore
Salesforce.com's stock is reducing the Dow's gain by about 118 points after earningsShares of Salesforce.com Inc. dropped 6.3% in premarket trading Wednesday, and was the lone loser among the Dow Jones Industrial Average's 30 components, after the customer relationship management software company that beat expectations but provided a downbeat fourth-quarter outlook. The stock's implied price decline would shave about 118 points off the Dow's price, while Dow futures rose 286 points, or 0.8%. The stock's selloff comes after it fell 4.9% in November, the biggest monthly decline since it shed 9.5% in December 2020.
1:12 a.m. Dec. 1, 2021 - By Tomi Kilgore
Donaldson beat earnings expectations and raised outlook, as price increases helped offset rising costsDonaldson Co. Inc. reported Wednesday fiscal first-quarter profit and sales that rose above expectations and raised its full-year outlook, as price increases helped offset rising raw material, freight and labor costs. The filtration company's stock was still inactive in premarket trading. Net income for the quarter to Oct. 31 rose to $77.1 million, or 61 cents a share, from $61.9 million, or 48 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 55 cents. Sales grew 19.5% to $760.9 million, above the FactSet consensus of $745.4 million. Meanwhile, cost of sales increased 21.7% to $503.9 million, as gross margin decreased to 33.8% from 35.0%. "Donaldson is increasing its fiscal 2022 sales and EPS guidance to reflect better than expected sales in the first quarter, combined with the anticipated incremental impact of additional price increases planned for the remainder of the year," the company stated. The company raised its EPS guidance range to between $2.57 and $2.73 from between $2.50 and $2.66 and lifted its sales growth outlook to 8% to 12% from 5% to 10%. The stock has dropped 16.1% over the past three months while the S&P 500 has gained 1.0%.
3:28 a.m. Nov. 30, 2021 - By Tonya Garcia
Barnes & Noble Education stock drops after earnings missBarnes & Noble Education Inc. stock plunged 14.3% in Tuesday premarket trading after the bookseller reported a wide fiscal second-quarter earnings and sales miss. Net income totaled $22.5 million, or 41 cents per share, up from $7.5 million, or 15 cents per share, last year. Sales of $627.0 million were up from $495.5 million last year. The FactSet consensus was for EPS of 82 cents and sales of $663.0 million. "While the Company's fiscal 2022 second quarter results benefitted from many students returning to in-person classes and greater attendance at campus events and sporting activities as compared to the prior year period when much of this activity was curtailed, as anticipated, the Company's performance continues to be affected by the ongoing COVID-19 environment, including overall enrollment declines, many community colleges continuing to offer virtual classes, in conjunction with broader macro issues including labor challenges, inflationary pressures and supply chain issues," Barnes & Noble Education said in its earnings release. Barnes & Noble Education stock has nearly doubled, up 91% for the year to date, while the S&P 500 index has gained 24% for the period.
3:20 a.m. Nov. 30, 2021 - By Tomi Kilgore
Informatica stock set to rally after swinging to a net profit, and as revenue rose above expectationsShares of Informatica Inc. were indicated up nearly 4% in premarket trading Tuesday, after , which went public on Oct. 27, swung to a third-quarter net profit and reported revenue that rose above expectations. Net income was $2.7 million, or 1 cent a share, after a loss of $32.3 million, or 13 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to 23 cents from 16 cents to beat the FactSet consensus of 14 cents. Total revenue grew 10.6% to $361.8 million, above the FactSet consensus of $360.1 million, as subscriptions revenue rose 30.6% to $193.7 million. Cost of revenue increased 3.7% to $80.6 million, as gross margin improved by about 140 basis points to 77.7%. For the fourth quarter, the company expects revenue of $393.5 million to $398.5 million, surrounding the FactSet consensus of $395 million. The stock has gained 18.6% since it closed its first day of trading at $29.00, which matched , while the S&P 500 has gained 2.3% over the same time.
2:33 a.m. Nov. 30, 2021 - By Tonya Garcia
Chico's stock rises after surprise profitChico's FAS Inc. shares jumped 2.3% in Tuesday premarket trading after the women's fashion company reported a surprise third-quarter profit. Net income totaled $18.2 million, or 15 cents per share, after a loss of $55.9 million, or 48 cents per share, last year. Sales totaled $453.6 million, up from $351.4 million last year. The FactSet consensus was for a loss of 3 cents per share and sales of $428.0 million. Comparable sales rose 27.9%, ahead of the FactSet consensus for a 23.6%. Comparable sales growth was 23.3% at the Chico's brand, White House Black Market was up 33.4% and Soma was up 30.2%. "The third quarter represents our best third quarter earnings performance since 2016," said Molly Langenstein, Chico's chief executive, in a statement. For the fourth quarter, Chico's expects sales of $495 million to $510 million and EPS of $0.00 to 5 cents per share. The FactSet consensus is for sales of $481.8 million and EPS of 7 cents per share. Chico's stock has skyrocketed 249% for the year to date while the S&P 500 index has gained 24% for the period.
2:19 a.m. Nov. 30, 2021 - By Tomi Kilgore
Elanco Animal Health to cut 380 jobs, reduce senior management by 20% as part of restructuringElanco Animal Health Inc. said Tuesday it will cut about 380 jobs globally as part of a restructuring aimed at simplifying the animal health company's organizational structure and to focus investments in priority areas. The job cuts, which represents about 3.7% of the workforce as of the end of 2020, will include reducing senior management by about 20%. As part of the senior management reduction, Chief Marketing Officer Racquel Harris Mason, President Elanco Europe Dirk Ehle and President U.S. Pet Health Joyce Lee. The company expects to record a fourth-quarter charge of between $86 million to $94 million for severance costs, which is expected to reduce net earnings per share by 13 cents to 15 cents. The company expects compensation and benefits savings of $70 million a year once the job cuts are fully implemented. "While actions that impact our team are always difficult, it is imperative that we simplify our organization and focus on delivering customer value to meet our commitments to improve our profitability, even in the midst of increasing inflationary and supply chain costs," said Chief Financial Officer Todd Young. The stock, which was still inactive in premarket trading, has lost 9.7% over the past three months while the S&P 500 has gained 2.8%.
1:23 a.m. Nov. 30, 2021 - By Tomi Kilgore
HashiCorp sets IPO terms, looks to raise up to $1.1 billionHashiCorp Inc. has set terms for its initial public offering, in which the California-based cloud adoption software company is looking to raise up to $1.10 billion. The company is offering 15.3 million Class A shares in the IPO, which is expected to price between $68 and $72 a share. With a total of 178.896 million Class A and Class B shares expected to be outstanding after the IPO, the expected pricing could value the company at up to $12.88 billion. The stock is expected to list on the Nasdaq under the ticker symbol "HCP." Morgan Stanley, Goldman Sachs and J.P. Morgan are the lead underwriters. The company recorded a net loss of $62.4 million on revenue of $224.2 million during the nine-month period ended Oct. 31, after a loss of $76.6 million on revenue of $150.0 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has slipped 2.6% over the past three months while the S&P 500 has gained 2.8%.
10:00 a.m. Nov. 29, 2021 - By Tomi Kilgore
Salesforce stock rallies to snap longest losing streak in 21 months a day before earnings reportShares of Salesforce.com Inc. charged up 4.6% in afternoon trading Monday, enough to pace the Dow Jones Industrial Average's gainers, a day before the customer relationship management software company reports fiscal third-quarter results. The stock's $13.09 price gain was adding about 86 points to the Dow's price, while the Dow jumped 281 points, or 0.8%. The stock's rally puts it on track to snap a six-session losing streak, which has been the longest such streak since the six-day stretch that ended Feb. 28, 2020. The stock had shed 7.7% during the latest losing streak. Salesforce is scheduled to report results for the quarter through October after Tuesday's closing bell, with the average analyst estimates for earnings per share of 92 cents and revenue of $6.80 billion, according to FactSet. The company has beat EPS and revenue expectations for at least the past 20 quarters, but the stock has gained the after earnings were reported 11 times after those past 20 earnings reports. The stock has rallied 11.5% over the past three months while the Dow has slipped 0.8%.
4:21 a.m. Nov. 29, 2021 - By Tomi Kilgore
Bumble stock bounces off record low after Raymond James says selloff is 'overdone'Shares of Bumble Inc. bounced 4.0% in premarket trading Monday, after the dating-app operator was upgraded at Raymond James, which cited an "attractive entry point" following the post-earnings plunge. The stock had suffered a record 19.3% drop on Nov. 11, after the company reported , and has plummeted 29.2% since then through Friday's record low close. "We believe the move is overdone; Bumble remains well-positioned in the attractive online dating market with a strong brand and ARPPU [average revenue per paying user] opportunities from pricing optimization and product innovation yet to come," Raymond James' Andrew Marok wrote in a note to clients. He raised his rating to outperform, after starting coverage at market perform in March. The stock, which at an initial public offering price of $43, has rumbled 38.7% over the past three months through Friday, while the Renaissance IPO ETF has slipped 2.8% and the S&P 500 has gained 1.9%.
4:13 a.m. Nov. 29, 2021 - By Tomi Kilgore
Chegg stock bounces off 3-year low after $300 million ASR announcedShares of Chegg Inc. jumped 4.0% in premarket trading Monday, after the online education company announced a $300 million accelerated share repurchase (ASR) plan. The ASR plan comes after the stock closed at a three-year low of $24.99 on Friday. At that price, the ASR represents about 8.3% of Chegg's market capitalization of $3.62 billion. The company said it plans to enter into an ASR deal with a "financial institution" during the fourth quarter of 2021. "The accelerated share repurchase demonstrates the strength of our balance sheet, and it reaffirms our confidence in the long-term opportunity for Chegg, as well as our continued commitment to enhancing shareholder value," said Chief Executive Dan Rosensweig. The stock, which suffered a record 48.8% selloff on Nov. 2 in the wake of , has plummeted 69.2% over the past three months through Friday, while the S&P 500 has edged up 1.9%.
3:00 a.m. Nov. 29, 2021 - Barrons.com
Strategizing for 2022TD Ameritrade's JJ Kinahan warns of what could cause additional selling pressure as we approach year-end. Plus, Jason Pride of Glenmede discusses how he's positioning his portfolio to prepare for 2022.
1:14 a.m. Nov. 29, 2021 - By Tomi Kilgore
Li Auto stock surges toward a 5-month high after big revenue beat, deliveries nearly tripledShares of Li Auto Inc. shot up 7.8% toward a five-month high in premarket trading Monday, after the China-based electric vehicle maker reported third-quarter revenue that rose well above expectations as deliveries nearly tripled, as "strong order intake and users' rising acceptance of smart electric vehicles" helped offset headwinds from chip supply shortages. The net loss narrowed to RMB21.5 million ($3.3 million), or RMB0.02 per American depositary share, from a loss of RMB320.7 million, or RMB0.52 per ADS in the year-ago period. Excluding nonrecurring items, net income rose to RMB335.7 million from RMB16.0 million. Total revenue hiked up 209.7% to RMB7.78 billion ($1.21 billion), above the FactSet consensus of RMB7.26 billion, as cost of sales grew 196.1% to RMB5.96 billion. Deliveries jumped 190.0% to 25,116 vehicles, while vehicle sales increased 199.7% to RMB7.39 billion ($1.15 billion) and vehicle margin rose to 21.1% from 19.8%. For the fourth quarter, the company expects deliveries of between 30,000 and 32,000 vehicles and revenue of between RMB8.82 billion and RMB9.41 billion, compared with the FactSet consensus of RMB8.78 billion. The stock has rallied 10.4% over the past three months through Friday, while the S&P 500 has gained 1.9%.
2:00 a.m. Nov. 24, 2021 - By Tomi Kilgore
Deere stock jumps after profit and sales rise above expectations, even as supply-chain pressures continueShares of Deere & Co. jumped 2.4% in premarket trading Wednesday, after the agricultural and construction equipment company reported fiscal fourth-quarter profit and sales that rose above expectations, as strong demand for farm and construction equipment helped offset cost of sales growth that outpaced sales growth amid supply-chain challenges. Net income rose to $1.28 billion, or $4.12 a share, from $757 million, or $2.39 a share, in the year-ago period. The FactSet consensus for earnings per share was $3.87. Sales grew 16.4% to $11.33 billion, while cost of sales increased 20.7% to $7.81 billion to knock gross margin down to 31.1% from 33.5%. "Looking ahead, we expect demand for farm and construction equipment to continue benefiting from positive fundamentals, including favorable crop prices, economic growth, and increased investment in infrastructure," said Chief Executive John May. "At the same time, we anticipate supply-chain pressures will continue to pose challenges in our industries. We are working closely with our suppliers to address these issues and ensure that our customers can deliver essential food and infrastructure more profitably and sustainably." The stock has slipped 5.1% over the past three months through Tuesday while the S&P 500 has gained 4.6%.
1:26 a.m. Nov. 24, 2021 - By Tomi Kilgore
GameStop to release next earnings report on Dec. 8, and here's what analysts expectGameStop Corp. said Wednesday that it will report fiscal third-quarter earnings results on Dec. 8, after the closing bell. The videogame and consumer electronics retailer will host a post-earnings conference call for investors and analysts at 5 p.m. Eastern on the same day. The FactSet consensus for per-share losses for the quarter through October is 52 cents, after a loss of 53 cents a year ago, while revenue is projected to rise 18.3% to $1.19 billion. The company reported a wider-than-expected per-share loss in the second quarter, and has missed bottom line expectations five times in the past 8 quarters. GameStop beat revenue expectations the past two quarters, but missed forecasts for nine-straight quarters before that, according to FactSet. The stock rose 0.2% on the day after second-quarter results were reported, but tumbled an average 23.9% on the day after results were reported the previous four quarters. The stock, which rose 1.3% in premarket trading, has edged up 1.7% over the past three months through Tuesday but has rocketed 1,035.4% year to date, while the S&P 500 has gained 4.6% the past three months and advanced 24.9% this year.
3:56 a.m. Nov. 23, 2021 - By Tonya Garcia
Jack in the Box shares slump after margin declineJack in the Box Inc. shares slumped 7.1% in Tuesday premarket trading after the taco chain reported a fiscal fourth-quarter margin decline and same-store sales that missed expectations. Net income totaled $38.9 million, or $1.80 per share, up from $37.8 million, or $1.64 per share, last year. Revenue totaled $278.5 million, up from $255.4 million last year. The FactSet consensus was for EPS of $1.74 and revenue of $268.9 million. Same-store sales edged up 0.1%, missing the FactSet consensus for 3.1% growth. Restaurant-level margins were 20.1%, down 6.9% from the year-ago period, driven by higher costs, taking back lower-volume franchises and higher wages. Jack in the Box stock is up 3.2% for the year to date while the S&P 500 index has gained 24.7% for the period.
3:20 a.m. Nov. 23, 2021 - By Tomi Kilgore
J.M. Smucker stock surges after profit and sales beats, even as cost of sales jumpShares of J.M. Smucker Co. hiked up 2.8% toward a three-month high in premarket trading Tuesday, after the food company, which brands include Folgers, Milk-Bone, Jif and Smuckers, reported fiscal third-quarter profit and sales that beat expectations even as cost of sales jumped, and lifted its full-year outlook. Net income for the quarter to Oct. 31 fell to $206.0 million, or $1.90 a share, from $230.8 million, or $2.02 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $2.43 from $2.39, beating the FactSet consensus of $2.24. Sales grew 0.8% to $2.05 billion, topping the FactSet consensus of $2.01 billion, while cost of sales grew 10.1% to lower gross margin to 34.7% from 40.2%. U.S. Retail Pet Foods sales fell 1.% to $701.6 million, Coffee sales rose 8% to $645.1 million and Consumer Foods sales dropped 8% to $441.2 million. For fiscal 2022, the company raised its adjusted EPS guidance range to $8.35 to $8.75 from $8.25 to $8.65 and its sales growth outlook to negative 0.5% to positive 0.5% from negative 2.5% to 1.5%. The stock has slipped 2.8% over the past three months through Monday, while the S&P 500 has gained 4.5%.
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