During Market hours Yesterday — (Wednesday – 25.08.2021):
- The Dow (Symbol: DIA) edged 0.12%. The S&P 500 (Symbol: SPY) gained 0.21% and the Nasdaq (Symbol: QQQ) went up 0.11%.
- Nordstrom (Symbol: JWN)— Shares of the retailer dropped 17.64% despite Nordstrom beating expectations on the top and bottom lines for the second quarter. The company issued its quarterly results late Tuesday. JPMorgan downgraded the stock to underweight from neutral. The investment firm said in a note to clients that Nordstrom appeared to be underperforming even though the environment may be “as good as it gets,” creating risk to the downside for the stock.
- Dick’s Sporting Goods (Symbol: DKS)– The sporting goods retailer’s stock hit an all-time high, soaring 13.3% after reporting strong quarterly earnings that beat estimates by $2.28. The company also announced a special dividend of $5.50 per share and a 21% increase in its quarterly dividend.
- Campbell Soup (Symbol: CPB)— The food products stock slipped 2.17% following a downgrade from Piper Sander. The investment firm moved its rating on Campbell Soup to neutral from overweight, saying in a note to clients that commodity inflation, particularly for steel, would hurt the company’s earnings in the year ahead.
- Toll Brothers (Symbol: TOL)– Shares of the homebuilder advanced 4.3% following the company’s quarterly results. Toll Brothers earned $1.87 per share during the period, which was 32 cents above what analysts surveyed by Refinitiv were expecting. Revenue essentially matched expectations as low inventory and low mortgage rates helped the company.
- DraftKings (Symbol: DKNG)— Shares of the sports betting company rose 6.45% after Cathie Wood’s ARK Invest loaded up on 1,073,171 shares of the stock across various funds on Tuesday. The position is worth roughly $60 million based on Tuesday’s closing price.
- Boston Beer Company (Symbol: SAM)— The beer company dropped 3.5% after Cowen downgraded the shares to underperform from market perform. The Wall Street firm said that a recent downturn in the seltzer category is slowing significantly.
- Urban Outfitters (Symbol: URBN)— Shares of Urban Outfitters fell 9.5% despite a better-than-expected quarterly earnings report. The apparel retailer posted earnings of $1.28 per share for its latest quarter, beating the 77 cents per share Refinitiv consensus estimate. Urban Outfitters’ revenue was also above forecasts. However, the company also mentioned that it is dealing with supply chain issues.
- Beyond Meat (Symbol: BYND)— The alternative meat producer’s shares dipped 1.59% after Argus downgraded the stock to hold from buy. The research firm said Beyond Meat appears to be poised for disappointing results in the near term. It also expects concerns about the Delta variant to have a negative impact on sales.
During Premarket hours today – (Thursday – 26.08.2021):
Jobless claims total 353,000 vs. 350,000 estimate; Q2 GDP 6.6% vs. 6.7% estimate
- Coty (Symbol: COTY) – The cosmetics maker’s shares added 2.7% in the premarket after it said it expects a return to annual sales growth this year. Coty’s adjusted loss for its latest quarter was 9 cents per share, 3 cents wider than expected, but sales did come in above Wall Street forecasts.
- Dollar General (Symbol: DG) – The discount retailer beat estimates by 10 cents with adjusted quarterly earnings of $2.69 per share and revenue slightly above forecasts. Comparable store sales fell 4.7%, less than the 5.1% drop expected by analysts surveyed by StreetAccount. However, Dollar General did forecast lower-than-expected earnings for the full year, and its shares fell 2.9% in premarket trading.
- Dollar Tree (Symbol: DLTR) – Dollar Tree shares fell 3.1% in premarket trading after the discount retailer posted a mixed quarter. Revenue fell below Street forecasts, while earnings of $1.23 per share did beat the consensus estimate of $1.00.
- J.M. Smucker (Symbol: SJM) – The food producer earned an adjusted $1.90 per share for its latest quarter, 4 cents above estimates, with revenue slightly above Wall Street projections. However, Smucker cut its full-year forecast, noting higher input costs and supply chain disruption. Shares lost 1.9% in the premarket.
- Abercrombie & Fitch (Symbol: ANF) – The apparel retailer’s shares slid 7% in the premarket, as revenue fell below analyst forecasts. Abercrombie did report an adjusted profit of $1.70 per share, compared with a 77-cent consensus estimate.
- Salesforce.com (Symbol: CRM) – Salesforce earned an adjusted $1.48 per share for the second quarter, beating the 92 cents consensus estimate, with revenue also topping Wall Street forecasts. Salesforce also issued an upbeat outlook as companies continue to shift applications to the cloud. Shares rose 2.9% in premarket trading.
- Ulta Beauty (Symbol: ULTA) – Ulta shares rallied 6.4% in the premarket after it more than doubled the $2.59 consensus estimate with a quarterly profit of $4.56 per share. The cosmetics retailer’s revenue beat estimates as well, and it raised its full-year outlook as an overall improvement in the beauty industry continues.
- Williams-Sonoma (Symbol: WSM) – Williams-Sonoma surged 15.2% in premarket trading following top and bottom-line beats as well as a raised outlook and a 20% dividend increase. The housewares retailer reported an adjusted quarterly profit of $3.24 per share compared with the $2.61 consensus estimate, as the pandemic-induced focus on homes and home decor continued.
- Box (Symbol: BOX) – Box beat estimates by 2 cents with an adjusted quarterly profit of 21 cents per share, while the cloud storage company’s revenue also came in above analyst forecasts. Box also raised its full-year revenue guidance, saying it continues to benefit from the “megatrend” of digital transformation. However, shares fell 1.7% in premarket action
- Snowflake (Symbol: SNOW) – Snowflake lost an adjusted 4 cents per share for its latest quarter, narrower than the 15-cent loss anticipated by Wall Street, while the database software company’s revenue came in above consensus. Sales more than doubled from a year ago, but its overall loss widened compared with a year earlier. Snowflake jumped 5.2% in premarket trading.
- Pure Storage (Symbol: PSTG) – Pure Storage soared 14.1% in the premarket after it nearly tripled the 5-cent consensus estimate with adjusted quarterly earnings of 14 cents per share. The cloud storage company’s revenue also topped Street projections as subscription revenue rose 31% from a year ago.
- Autodesk (Symbol: ADSK) – Autodesk shares tumbled 7.7% in premarket trading, as quarterly revenue was merely in line with estimates and its current-quarter earnings guidance disappointed investors. Autodesk did beat estimates by 8 cents for its latest quarter with adjusted quarterly earnings of $1.21 per share.
- Western Digital (Symbol: WDC) – Western Digital is in talks for a possible $20 billion merger with Japanese chipmaker Kioxia, according to multiple reports. Talks are said to have heated up in recent weeks, and a deal could be reached as early as mid-September, according to people familiar with the matter. Western Digital rose 1% in the premarket.
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