During Market hours Yesterday — (Wednesday – 17.11.2021):
- The Dow (Symbol: DIA) fell 0.6%. The S&P 500 (Symbol: SPY) went down 0.25% and the Nasdaq (Symbol: QQQ) rose 0.05%.
- Target (Symbol: TGT) — The retail giant saw shares fall 4.7% despite posting beats on the top and bottom lines. CEO Brian Cornell noted rising costs may have an impact on the company going forward as it plans to absorb those costs rather than pass them onto the customer.
- Visa (Symbol: V) – Shares of the card giant dropped 4.7% following reports that Amazon will stop accepting payments made with Visa credit cards issued in the U.K. starting next year. That change came shortly after Visa raised its interchange fees for transactions between the U.K. and European Union. Mastercard, which has also increased its U.K.-EU interchange fees, fell 4.5% with Visa.
- Rivian (Symbol: RIVN) — Rivian fell 15.1% in its first losing session since the electric vehicle maker went public last Wednesday. The company quickly surpassed traditional automakers like Ford and GM in market value since its IPO.
- Lucid Group (Symbol: LCID) — The electric vehicle stock slid 5.4% Wednesday following a nearly 24% surge Tuesday. Morgan Stanley reiterated its underweight rating on Lucid, saying there are better EV plays.
- Roku (Symbol: ROKU) — Roku shares fell 11.3% after the stock was downgraded to “sell” from “neutral” at MoffettNathanson. The firm cited signs of slowing revenue growth for the streaming company.
- TJX (Symbol: TJX) — Shares of TJX jumped 5.8% after the apparel and home retailer reported a quarterly earnings beat on the top and bottom lines. Same-store sales also increased 14% over the same period in fiscal year 2020.
During Premarket hours today (Thursday – 18.11.2021):
U.S. weekly jobless claims total 268,000, vs 260,000 estimate
- Macy’s (Symbol: M) – Macy’s surged 8% in the premarket after the retailer reported better-than-expected quarterly sales and profit, and raised its full-year outlook. Macy’s earned an adjusted $1.23 per share for the quarter, well above the 31-cent consensus estimate, and the raised forecast is easing concern about holiday season inventory shortages.
- BJ’s Wholesale (Symbol: BJ) – The warehouse retailer beat estimates by 11 cents with adjusted quarterly earnings of 91 cents per share, while revenue and comparable-store sales also topped forecasts. BJ’s also announced a new stock buyback program worth up to $500 million.
- Kohl’s (Symbol: KSS) – Kohl’s rallied 6% in premarket trading as the retailer reported adjusted quarterly earnings of $1.65 per share compared with a consensus estimate of 64 cents. Kohl’s also reported better-than-expected revenue and comparable store sales, and raised its full-year sales forecast.
- Petco (Symbol: WOOF) – The pet products retailer beat estimates by 2 cents with adjusted quarterly earnings of 20 cents per share and revenue also above estimates. Comparable store sales were also better than expected, and Petco raised its full-year forecast.
- Alibaba (Symbol: BABA) – The Chinese e-commerce giant slid 5% in premarket action after top- and bottom-line misses in its latest quarterly report. Alibaba is attributing the drop in profit from a year ago to a decline in the value of its equity investments.
- Cisco Systems (Symbol: CSCO) – Cisco tumbled 6.3% in premarket trading after forecasting current-quarter revenue below forecasts. The networking equipment company is seeing supply chain and other issues driving up costs. Cisco did report better-than-expected earnings for its most recent quarter, but revenue was slightly short of Wall Street forecasts.
- Nvidia (Symbol: NVDA) – Nvidia came in 6 cents above estimates with adjusted quarterly earnings of $1.17 per share, and the graphics chip maker saw revenue come in above forecasts as well. Nvidia is benefiting from high demand for videogame and data center chips. The stock jumped 8.5% in the premarket.
- Sonos (Symbol: SONO) – Sonos matched estimates in reporting a quarterly loss of 7 cents per share, but the maker of wireless home audio equipment saw revenue come in slightly below analyst projections. However, Sonos also issued a better-than-expected fiscal 2022 sales forecast, even in the face of supply constraints that are impacting its production levels, and the stock added 1.9% in premarket action.
- Bath & Body Works (Symbol: BBWI) – Bath & Body Works reported an adjusted quarterly profit of 92 cents per share, beating the 60 cents consensus estimate, while the personal care products retailer also saw revenue beat Wall Street forecasts. The quarterly report was the first for Bath & Body Works as a standalone company following the split-up of L Brands. The stock gained 5% in premarket trading.
- Victoria’s Secret (Symbol: VSCO) – Victoria’s Secret shares surged 11.5% in premarket trading after the company beat estimates by 10 cents with adjusted quarterly earnings of 81 cents per share. This was the first quarterly report for Victoria’s Secret as a standalone company, also a product of the L Brands split-up.
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