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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
8:51 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%.
3:12 a.m. Nov. 23, 2021 - By Tonya Garcia
Abercrombie & Fitch beats expectations but stock slidesAbercrombie & Fitch Co. reported third-quarter net income totaling $47.2 million, or 77 cents per share, up from $42.3 million, or 66 cents per share, last year. Adjusted EPS of 86 cents was well ahead of the FactSet consensus for 66 cents. Sales of $905.2 million were up from $819.7 million last year and also ahead of the FactSet consensus for $895.0 million. Digital sales rose 8%. Abercrombie's lineup includes the namesake chain and Hollister, which both reported sales rises during the quarter. "We continue to actively manage through ongoing supply chain constraints, including production and delivery delays and elevated costs," said Chief Executive Fran Horowitz, who expressed confidence that new and existing customers would find what they're looking for during the holiday shopping season. Abercrombie & Fitch stock slumped 6.5% in Tuesday premarket trading, but has skyrocketed 131% for the year to date while the S&P 500 index has gained 24.7% for the period.
2:49 a.m. Nov. 23, 2021 - By Tomi Kilgore
Dollar Tree matches and profit and tops sales views, moves to $1.25 price point for all storesShares of Dollar Tree Inc. sank 1.2% in premarket trading Tuesday, after the discount retailer matched profit expectations and topped sales forecasts but saw gross margin fall, and said it was moving to a $1.25 price point for all Dollar Tree stores. Net income fell to $216.8 million, or 96 cents a share, from $330.0 million, or $1.39 a share, in the year-ago period. The FactSet consensus for earnings per share was 96 cents. Sales rose 3.9% to $6.42 billion, above the FactSet consensus of $6.41 billion, while cost of sales grew 9.4% to outpace sales growth and to knock gross margin down to 27.5% from 31.2%. Same-store sales rose 1.6%, beating the FactSet consensus of 1.5%, as Family Dollar same-store sales rose 2.7% and Dollar Tree same-store sales increased 0.6%. For the fourth quarter, the company expects EPS of $1.69 to $1.79 and sales of $7.02 billion to $7.18 billion, compared with the FactSet EPS consensus of $1.74 and sales expectations of $7.03 billion. Regarding the $1.25 price point: "For 35 years, Dollar Tree has managed through inflationary periods to maintain the everything-for-one-dollar philosophy that distinguished Dollar Tree and made it one of the most successful retail concepts for three decades. However, as detailed in its September announcement, the company believes this is the appropriate time to shift away from the constraints of the $1.00 price point in order to continue offering extreme value to customers." The stock has rallied 28.1% over the past three months through Monday while the S&P 500 has gained 4.5%.
2:35 a.m. Nov. 23, 2021 - By Tonya Garcia
Best Buy beats expectations and raises guidance, but stock slumpsBest Buy Co. Inc. reported fiscal third-quarter net income totaling $499 million, or $2.00 per share, up from $391 million, or $1.48 per share, last year. Adjusted EPS of $2.08 beat the FactSet consensus for $1.95. Revenue of $11.91 billion was up from $11.85 billion last year and also ahead of the FactSet consensus for $11.65 billion. Enterprise comparable sales rose 1.6%, with domestic comparable sales up 2% and international comparable sales down 3%. The FactSet consensus was for an enterprise comparable sales decline of 0.2%, and U.S. comparable sales up 0.3%. Gross margin as 23.5% down slightly from 23.6% last year. For the fourth quarter, Best Buy is guiding for revenue of $16.4 billion to $16.9 billion and comparable sales between a 2% decline and 1% growth. The FactSet consensus is for revenue of $15.58 billion and comparable sales growth of 0.1%. For the year, Best Buy raised its revenue outlook to $51.8 billion to $52.3 billion from $51.0 billion to $52.0 billion. Comparable sales growth is expected to be 10.5% to 11.5%, up from previous guidance for 9% to 11% growth. The FactSet consensus is for revenue of $48.32 billion and comparable sales growth of 11.5%. Best Buy shares sank 10.4% in Tuesday premarket trading, but have rallied 38.3% for the year to date while the S&P 500 index is up 24.7% for the period.
1:59 a.m. Nov. 23, 2021 - By Tomi Kilgore
Medtronic stock drops toward 8-month low after revenue miss and lowered full-year growth outlookShares of Medtronic PLC dropped 1.2% toward an eight-month low in premarket trading Tuesday, after the medical technology company beat fiscal second-quarter profit expectations but missed on revenue, citing the negative impact of the COVID-19 pandemic resurgence and healthcare staffing challenges on medical procedure volumes. Net income for the quarter to Oct. 29 nearly tripled to $1.31 billion, or 97 cents a share, from $489 million, or 36 cents a share, in the year-ago period. Revenue rose 2.6% to $7.85 billion but was below the FactSet consensus of $7.97 billion, while cost of sales fell 7.7%. Cardiovascular revenue rose 3.7% to $2.83 billion, medical surgical revenue increased 0.6% to $2.30 billion, neuroscience revenue fell 0.4% to $1.07 billion and diabetes revenue grew 1.9% to $585 million. For fiscal 2022, the company affirmed its adjusted EPS guidance range of $5.65 to $5.75, but cut its revenue growth outlook to 7% to 8% from 9%. The stock has shed 9.0% over the past three months through Monday, while the SPDR Health Care Select Sector ETF has slipped 2.8% and the S&P 500 has gained 4.5%.
1:15 a.m. Nov. 23, 2021 - By Tomi Kilgore
XPeng's stock jumps after big revenue beat, upbeat outlookShares of XPeng Inc. rallied 4.2% in premarket trading Tuesday, after the China-based electric vehicle maker reported a wider-than-expected third-quarter loss but revenue that rose well above forecasts and provided an upbeat fourth-quarter outlook. The net loss widened to RMB1.59 bln ($249.7 million), or RMB1.89 per American depositary share (ADS), from a loss of RMB1.15 billion a year ago. Excluding nonrecurring items, the adjusted loss per ADS came to RMB1.77, compared with the FactSet consensus of RMB1.30. Revenue jumps 187.4% to RMB5.72 billion ($895.5 million) to beat the FactSet consensus of RMB5.03 billion, as deliveries rose 199.2% to a record 25,666 vehicles, including 217.7% growth in P7 model deliveries. Gross margin improved to 14.4% from 4.6%. Looking ahead, the company expects fourth-quarter deliveries of between 34,500 and 36,500 vehicles, representing growth of 166.1% to 181.5%, and revenue between RMB7.1 billion and RMB7.5 billion, compared with the FactSet consensus of RMB6.09 billion. The stock has surged 19.4% over the past three months through Monday, while the iShares MSCI China ETF has edged up 0.6% and the S&P 500 tacked on 4.5%.
2:05 a.m. Nov. 19, 2021 - By Tomi Kilgore
Walmart stock gains after MKM analyst says buy, saying a more price discerning consumer should be a boonShares of Walmart Inc. rose 0.7% in premarket trading Friday, after the discount retail giant got a bullish boost from MKM Partners analyst Bill Kirk, who said the company is "doing the most, but getting the least credit." He raised his rating to buy and lifted his stock price target to $166 from $156. Kirk said Walmart has better inventory levels heading into the holidays, trends are accelerating while others are stagnating and is "best positioned" if the consumer becomes more price discerning given food and energy inflation. The stock had slumped 2.6% over the past three days, since Walmart reported fiscal third-quarter earnings that beat expectations, amid . MKM's Kirk isn't so concerned, saying Walmart is diversifying away from food pressure, but is still gaining share against grocery peers. "Commentary on widening price gaps and not fully passing on inflation should concern other grocers but will be a boon to Walmart, particularly if the consumer becomes more value-conscious," Kirk wrote in a note to clients. Walmart's stock has slipped 4.6% over the past three months through Friday, while the Dow Jones Industrial Average has gained 2.8%.
1:58 a.m. Nov. 19, 2021 - By Tomi Kilgore
Foot Locker reports big earnings beat and says inventory levels are 'ready' for the holidays, but stock fallsShares of Foot Locker Inc. fell 4.5% in premarket trading, even after the athletic shoe and apparel retailer reported Friday fiscal third-quarter adjusted profit and sales that rose above expectations, while cost of sales fell, and said it was "ready" for the holidays despite the supply chain issues. Net income fell to $158 million, or $1.52 a share, from $265 million, or $2.52 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share increased to $1.93 from $1.21, well above the FactSet consensus of $1.37. Sales grew 3.9% to $2.19 billion, above the FactSet consensus of $2.15 billion, while cost of sales fell 1.9%. Same-store sales rose 2.2%, compared with the FactSet consensus of 0.6% growth. "The combination of robust demand and fresh inventory, coupled with more full-priced selling, led to gross margin expansion of 380 basis points to 34.7%, from the 30.9% in the prior year period," said Chief Financial Officer Andrew Page. Looking ahead, Page said he expects global supply chain constraints to persist throughout the fourth quarter, but he believes "we are positioned for the holiday season, with positive momentum and inventory levels ready to meet customer demand." The stock has gained 5.8% over the past three months through Thursday, while the S&P 500 has tacked on 6.8%.
5:37 a.m. Nov. 18, 2021 - By Tomi Kilgore
Cisco's stock set to suffer biggest selloff in 15 months, shaves points off the Dow's priceShares of Cisco Systems Inc. tumbled 9.0% in toward a six-month low in morning trading Thursday, to pace both the Dow Jones Industrial Average's and S&P 500's decliners, in the wake of the networking company's . The stock is headed for the biggest one-day percentage selloff since it plunged 11.2% on Aug. 13, 2020, which followed Cisco's fiscal fourth-quarter 2020 results. The stock's price decline of $5.09 was shaving about 34 points off the Dow's price, which is down 188 points, or 0.5%. If there is a silver lining to Cisco's stock drop, it's that Cisco's stock is currently the 27th lowest priced in the Dow, so it is the 27th most influential, given that the Dow is a price-weighted index.
4:52 a.m. Nov. 18, 2021 - By Tomi Kilgore
CVS to close about 900 stores in 3 years, record charge of up to $1.2 billionCVS Health Corp. said it will close about 300 stores a year for the next three years as it looks to reduce store density in certain areas, following an evaluation of changes in population and consumer buying patterns. The drugstore chain's stock tacked on 0.3% in premarket trading. CVS said earlier this month that it had more than 9,900 retail stores. The company expects to record a impairment charge of $1.0 billion to $1.2 billion for the store closures. As a result, the company cut its net earnings-per-share guidance range for 2021 to $5.46 to $5.67 from $6.13 to $6.23, but the adjusted EPS outlook is unchanged at $7.90 to $8.00. The company also announced some management moves, including naming Prem Shah to the newly created role of Chief Pharmacy Officer. The stock has rallied 10.8% over the past three months while the S&P 500 has tacked on 6.7%.
3:04 a.m. Nov. 18, 2021 - By Tonya Garcia
Macy's profit soars past expectations and raises its full-year outlookMacy's Inc. stock jumped 10.3% in Thursday premarket trading after the department store retailer reported third-quarter earnings that trounced Street expectations. Net income totaled $239 million, or 76 cents per share, after a loss of $91 million, or 29 cents per share, last year. Adjusted EPS of $1.23 blew past the FactSet consensus for 31 cents per share. Sales of $5.44 billion were up from $3.99 billion last year and also beat the FactSet consensus of $5.20 billion. Comparable sales grew 37.2% on an owned basis and were up 35.6% on an owned-plus-licensed basis. The FactSet consensus was for 32.3% growth. Macy's added 4.4 million new customers, and says it will launch a curated marketplace in order to continue adding new customers and grow sales. The marketplace will expand the assortment into new categories as well as build on existing ones. The marketplace is expected to launch in the second half of 2022. Macy's other banners include Bloomingdale's and the Bluemercury beauty chain, which both saw comparable store increases in a similar range as the namesake chain. For the year, Macy's raised its sales guidance to $24.12 billion to $24.28 billion from $23.55 billion to $23.95 billion. The company now expects adjusted EPS of $4.57 to $4.76 up from $3.41 to $3.75. The FactSet consensus is for sales of $22.11 billion and EPS of $3.65. Macy's stock has skyrocketed more than 174% for the year to date while the S&P 500 index has gained 24.8% for the period.
2:39 a.m. Nov. 18, 2021 - By Tonya Garcia
Kohl's reports record earnings and raises full-year guidanceKohl's Corp. shares jumped 6.2% in Thursday premarket trading after the department store retailer reported third-quarter record earnings that beat expectations. Net income totaled $243 million, or $1.65 per share, after a loss of $12 million, or 8 cents per share, last year. Revenue of $4.60 billion was up from $3.98 billion last year. The FactSet consensus was for EPS of 70 cents and revenue of $4.27 billion. Comparable sales rose 14.7% ahead of the FactSet consensus for 12.5% growth. Kohl's plans to repurchase $1.3 billion in shares in 2021 after repurchasing $506 million in the third quarter. Kohl's raised its full-year sales expectations to growth in the mid-twenties percentage range, up from low-twenties percentage range growth. And adjusted EPS is now expected to be in the range of $7.10 to $7.30, up from $5.80 to $6.10 previously. The FactSet consensus is for sales of $17.22 billion, suggesting 25.2% growth, and EPS of $5.71. Kohl's shares have surged 38.8% for the year to date, outpacing the S&P 500 index , which is up 24.8% for the period.
1:14 a.m. Nov. 18, 2021 - By Tomi Kilgore
Sweetgreen to go public as IPO priced well above expected range, valuing company at nearly $3 billionSweetgreen Inc. is headed for its public debut Thursday, after the California-based operator of health-driven restaurants said overnight that its upsized initial public offering priced at $28 a share, well above the expected range of . The company raised $364.0 million as it sold 13.0 million Class A shares in the IPO, up from an expected 12.5 million share offering. with a total of 106.31 million Class A and Class B shares outstanding after the IPO, the pricing valued that company at $2.98 billion. The stock is expected to start trading on the NYSE some time after the open under the ticker symbol "SG." The company recorded a net loss of $30.1 million on revenue of $95.8 million during the three months ended Sept. 26, after a loss of $36.9 million on revenue of $55.5 million in the same period a year ago. Sweetgreen is going public at a time that the Renaissance IPO ETF has gained 7.5% over the past three months while the S&P 500 has tacked on 6.6%.
8:35 a.m. Nov. 17, 2021 - By Tomi Kilgore
Yogurt seller Chobani files to go public on the NasdaqChobani Inc. filed Wednesday for an initial public offering, but the New York-based yogurt company has not yet set any terms. The company has applied to have its stock listed on the Nasdaq under the ticker symbol "CHO." The company has not yet determined how many shares it will sell in the IPO, an expected range for the IPO pricing, or how many shares there will be outstanding after the IPO. There were 12 underwriters listed, led by Goldman Sachs and BofA Securities. The company has recorded a net loss of $24.0 million on revenue of $1.21 billion during the nine months ended Sept. 25, after a loss of $21.4 million on revenue of $1.07 billion in the same period a year ago. The company, founded in 2005, is run by Founder and Chief Executive Hamdi Ulukaya. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 8.5% over the past three months while the S&P 500 has gained 5.5%.
8:14 a.m. Nov. 17, 2021 - By Tomi Kilgore
Sono Group's stock soars on public debut, valuing solar electric vehicle company at more than $1.8 billionSono Group N.V. received an ovation on its Wall Street debut, as the Germany-based solar electric vehicle company's stock opened 33.7% above its initial public offering price and kept rising, more than doubling at one point. The company said overnight that its IPO priced at $15.00 per share, in the middle of the expected range of between $14 and $16 a share. The company raised $150.0 million as it sold 10.0 million shares in the IPO. With 69.08 million shares outstanding after the IPO, the pricing valued the company at $1.04 billion. The stock's first trade on the Nasdaq, under the ticker symbol "SEV," was at $20.06 at 10:26 a.m. Eastern for about 642,700 shares. The rallied as much as 115.6% to an intraday high of $32.34 before paring gains to trade up 78.7% at $26.80, which boosted Sono's market value to $1.85 billion. Berenberg and Craig-Hallum were the underwriters of the IPO. The company recorded a loss of EUR25.8 million ($29.2 million) on no revenue during the six months ended June 30, after a loss of EUR9.8 million on no revenue in the same period a year ago. The company's upbeat debut comes on a day that the Renaissance IPO ETF slid 1.4% while the S&P 500 eased 0.2%.
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