Brady Corp soared 11.1% to $56.48 after the company posted quarterly results and reported adjusted earnings per share of $1.04. 

Sales in the fiscal fourth quarter ending in July increased 6.8% to $345 .9 million from $324 million and net income rose to $49.4 million from $41 million and diluted earnings per share advanced to $1.0 from 81 cents a year ago. 

During the quarter and year ended July 31, the company returned $56.4 million and $120.4 million, respectively, to shareholders in the form of dividends and share repurchases. 

On August 30, the Board of Directors authorized an additional $100 million of shares for repurchase, about 2 million shares based on current share price and approximately 4.4% of total outstanding shares.

The industrial printer maker forecasted diluted earnings per share in the fiscal 2024 to range between $3.70 and $3.95. 

Airbnb Inc jumped 6.3% to $140.81 after the S&P Dow Jones Indices announced Friday that the short term rental platform operator will be included in the S&P 500 index from Sep 18. 

Blackstone and Airbnb will replace Newell Brands and Deere & Company. 

Victoria's Secret & Company declined 4.9% to $17.06 after the lingerie retailer reported disappointing second quarter results. 

The specialty retailer reported revenue declined 6% to $1.43 billion from $1.52 billion and comparable store sales decline accelerated to 14% from 7% a year ago. 

Net income attributable to shareholders swung to a loss of  ($1.4 million) from a profit of $69.9 million and diluted earnings per share plunged to (2 cents) from 83 cents year ago. 

The company is forecasting third quarter net sales to decline in low- to mid-single digit from the last year's sales of $1.32  billion and adjusted operating loss in the range of $45 million and $75 million and adjusted net loss per share in the range of 70 cents to $1.0. 

The company added full-year 2023 net sales to decrease in the "low-single digit range" compared to last year and estimated adjusted operating income in the range of 5% to 6% of net sales. 

Chewy Inc dropped 15.1% to $23.12 after the online pet food retailer said second quarter sales of $2.78 billion and diluted earnings per share of 4 cents. 

The company said in a conference call with investors that active customers declined 0.6% to 20.4 million and customers are trading down amid high inflation.

Net sales for active customer increased 14.7% to $530 and auto customers sales increased 240 basis points to 75.5%. 

Despite the customers substituting lower priced treats for pets, gross margin increased 20 basis points to 28.3%, indicating prudent promotional activities. 

Net sales increased 14.3% to $2.78 billion and net income declined to $18.9 million from $22.3 million and diluted earnings per share fell to 4 cents from 5 cents a year ago. 

Five Below Inc declined 4.5% to $174.88 after the deep discount retailer forecasted weak third quarter results. 

The retailer estimated third quarter revenue to fall between $715 million and $730 million and earnings per share between 17 cents and 25 cents, sharply lower than estimates set by some analysts. 

Revenue in the second quarter increased 13.5% to $758.9 million from $668.9 million, reflecting comparable sales increase of 2.7% and comparable transactions advanced 4.5%. 

Net income advanced to $48.6 million from $41.3 million and diluted earnings per share rose to 84 cents from 74 cents a year ago. 

In the quarter, the company opened 43 new stores and ended the quarter with 1,407 stores, representing 12.4% increase in store count from a year ago. 

The discount retailer forecasted full-year revenue in the range of $3.50 billion to $3.57 billion based on opening over 200 new stores and assuming an approximate 1% to 3% increase in comparable sales.  

Net income is expected to be in the range of $295 million to $311 million and  diluted income per common share in the range of $5.27 to $5.55 on approximately 55.9  million outstanding shares.  

Signet Jewelers Ltd increased 5.3% to $75.27 after the retailer reported better-than-expected quarterly results. 

Sales in the second quarter ending in July declined 8.1% to $1.6 billion and same store sales plunged 12% from a year ago. 

Same store sales in North America declined 12.2% and nonstore sales, which includes online sales, rose 5.2%, resulting in a decline of 7.1% to $1.5 billion. 

Net income attributable to common shareholders plunged to $66.5 million from $136.8 million and diluted earnings per share fell to $1.38 from $2.56 a year ago. 

The retailer guided third quarter sales to decline to between $1.36 billion and $1.41 billion and full-year revenue between $7.1 billion and $7.3 billion and diluted earnings per share between $9.55 and $10.64. 

PVH Corp rose 1% to $80.99 after the owner of several apparel brands including Calvin Klein reported strong quarterly results. 

The apparel maker reported quarterly revenue increased 2.2% to $2.21 billion and net income declined to $94.2 million from $115.3 million and diluted earnings per share fell to $1.50 from $1.72 a a year ago. 

The company also lifted its full-year earnings per share and revenue outlook.  

The company forecasted 2023 revenue to increase between 3% and 4% compared to 2022 and diluted earnings per share to be $9.60 compared to $3.03 respectively. 

In the third quarter, the company forecasted revenue to increase in "mid-single" digits and GAAP earnings per share of $2.43 compared to a loss of $2.88 a year ago. 

Best Buy Co Inc fell 5.6% to $78.28 after the electronics retailer reported fiscal second quarter results ahead of market expectations. 

Revenue in the second quarter declined to $9.6 billion from $10.3 billion and net income dropped to $274 million from $306 million and diluted earnings per share fell to $1.25 from $1.32 a year ago. 

The company also tightened its upper end of its full-year revenue outlook. 

The company estimated full-year revenue between $43.8 billion to $44.5 billion compared to its previous estimate between $43.8 billion and $45.2 billion. 

The electronics retailer forecasted comparable sales to decline between 4.5% and 6%, which compares to prior guidance of a decline of 3% to 6%.

Nio Inc declined 4.5% to $10.48 after the China-based electric vehicle maker reported a wider quarterly loss. 

Total revenue in the second quarter declined 14.8% to $1.2 billion and vehicle deliveries fell 6.1% to 23,520 units from 25,059 units a year ago. 

Vehicle margin fell to 6.1% in the second quarter from 16.7% in the period a year ago but rose from 5.1% in the first quarter of 2023. 

Net loss jumped to 6 billion yuan from 2.7 billion yuan and diluted loss per share rose to 3.70 yuan from 1.68 yuan a year ago. 

Heico Corp declined 1.2% to $165.91 after the company said its operating margin declined from a year ago but quarterly results were ahead of market expectations. 

Net sales in the second quarter increased to $722.9 million from $569.2 million and net income attributable to shareholders increased to $102 million from $82.5 million and diluted earnings per share rose to 74 cents from 60 cents a year ago. 

Big Lots Comparable Sales and Inventories Declined 15%

Big Lots Inc soared 31% to $8.22 after the deep discount retailer reported smaller-than-expected loss. 

Big Lots said quarterly revenue declined 15.4% to $1.14 billion from $1.35 billion and net loss soared to $249.8 million from $84.2 million and diluted loss per share jumped to $8.56 from $2.91 a year ago. 

Inventory at the end of the quarter declined 15% to $0.98 billion from $1.2 billion because of lower in-transit and on-hand units and lower average unit costs. 

On August 25 the company completed the sale of its Apple Valley, California distribution center 22 stores, resulting in gross proceeds of $300 million and after tax and expenses net proceeds were $294 million. 

The synthetic lease is an off-balance sheet financing that allows the company to report the lease as an operating lease for financial reporting and deemed as financing for federal tax purposes. 

The company used proceeds to pay $100 million for its synthetic lease on the distribution center and the remainder to pay down debt.

The discount retailer forecasted comparable sales to decline in the "low-teen" range and sales to ease 140 basis points compared to the third quarter a year ago. 

The company did not provide earnings per share outlook for the third quarter and estimated share count to average 29.3 million in the third quarter.  

Big Lots Inc soared 31% to $8.22 after the deep discount retailer reported smaller-than-expected loss. 

Big Lots said quarterly revenue rose to $1.14 billion from $1.35 billion and net loss soared to $249.8 million from $84.2 million and diluted loss per share jumped to $8.56 from $2.91 a year ago. 

Inventory at the end of the quarter declined 15% to $0.98 billion from $1.2 billion because of lower in-transit and on-hand units and lower average unit costs. 

On August 25 the company completed the sale of its Apple Valley, California distribution center 22 stores, resulting in gross proceeds of $300 million and after tax and expenses net proceeds were $294 million. 

The company used proceeds to pay $100 million for its synthetic lease on the distribution center and the remainder to pay down debt.

The discount retailer forecasted comparable sales to decline in the "low-teen" range and sales to ease 140 basis points compared to the third quarter a year ago. 

The company did not provide earnings per share outlook for the third quarter and estimated share count to average 29.3 million in the third quarter.  

U.S. Movers: Docusign, Kroger, Plant Labs, RH

Stocks turned lower on Friday and market indexes extended weekly losses amid growing uncertainty related to Fed's interest rate policy. 

The S&P 500 index traded up 0.2% to 4,459.15 and the Nasdaq Composite fell 0.3% to 13,787.38. 

Kroger Company declined 1.1% to $45 after the largest independent grocery retail chain reported mixed second quarter results. 

Revenue in the second quarter declined to $33.8 billion from $34.6 billion and excluding fuel, sales increased 1% from a year ago to $29.5 billion. 

Kroger defines identical sales, excluding fuel, as sales to retail customers, including sales from all departments at identical supermarket  locations, Kroger Specialty Pharmacy businesses, jewelry and ship-to-home solutions. 

Kroger defines a supermarket as identical when it has  been in operation without expansion or relocation for five full quarters. 

The company swung to a net loss of $180 million from a profit of $731 million and diluted earnings per share swung to ($0.25) from $1.0 a year ago. 

Separately, the company said it settled most claims related to opioid for $1.2 billion. 

The company said the settlement and the payment terms will not affect Kroger’s ability to complete its proposed merger with Albertsons and the company still expects to reduce its net total debt to adjusted EBITDA ratio to 2.50 within 18 – 24 months after the close of the merger. 

Planet Labs PBC declined 7.7% to $2.84 after the satellite imagery company reported weaker-than-expected quarterly results and forecasted revenue below market expectations. 

Revenue in the second quarter ending in August increased 11% to $53.8 million and net loss shrank to $37.9 million from $39.4 million and diluted loss per share declined to 14 cents from 15 cents a year ago. 

For the third quarter ending in October, the company estimated revenue to increase 11% between $54 million and $56 million. 

The satellite imagery company estimated fiscal full-year revenue between $214 million and $223 million, an increase of 15% at the midpoint.  

DocuSign Inc jumped 1% to $52.65 after the company reported better-than-expected revenue in its latest quarter. 

Revenue in the second quarter ending in July increased 11% to $687.7 million from $622.2 million and the company swung to a profit of $7.4 million from a loss of $45 million and diluted earnings per share was 4 cents compared to (22 cents) a year ago. 

Free cash flow increased to $183.6 million from $105.5 million in the same period last year.

RH dropped 9.1% to $335 after the home goods retailer forecasted weak third quarter outlook citing weakness in the luxury residence market on elevated mortgage rates. 

Revenue in the second quarter ending in July decreased to $800 million from $991.6 million and net income declined to $76.4 million from $122 million and diluted earnings per share fell to $3.36 from $4.54 a year ago. 

The company forecasted third quarter revenue between $740 and $760 million and adjusted operating margin in the range of 8% to 10%.  

The retailer raised to the low end of revenue guidance for the year to a range of $3.04 billion to $3.1 billion and reiterated its outlook for adjusted operating margin in the range of 14.5% to 15.5%. 

RH estimate the 53rd week will result in revenues of approximately $60 million.

Fed Uncertainties and Tech Stock Weakness Drag U.S Indexes Lower

Stocks traded down and Treasury yields inched lower as investors remained divided on the Federal Reserve's policy direction. 

Market indexes are lacking direction in September after facing volatile six weeks of trading following the worries of a rebound in inflation and a rise in energy prices. 

For the week, crude oil prices rose 2% and after Russia and Saudi Arabia extended voluntary production cuts till the year's end to bolster the price near the target level of $90 a barrel. 

On the international front, natural gas prices soared 10% in Europe after unions decided to strike at four LNG facilities in Australia, disrupting global supply of natural gas as early as next month. 

Japan's second quarter economic growth was revised lower to 4.8% from the previous estimate of 6% on an annual basis, the Cabinet Office said in Tokyo today. 

On a quarterly basis, GDP growth estimate was revised lower to 1.2% from the flash estimate of 1.5%. 

The Offshore Chinese yuan traded at a record low against the U.S. dollar since the start of trading in 2010. 

The Chinese yuan dropped as low as 7.51 but recovered to 7.356 as investors worry of rising capital outflow amid weak economic recovery and deepening property market woes. 

U.S. Indexes & Yields 

The S&P 500 index traded up 0.2% to 4,459.15 and the Nasdaq Composite fell 0.3% to 13,787.38. 

The yield on 2-year Treasury notes increased to 5.03%, 10-year Treasury notes inched higher to 4.29% and 30-year Treasury bonds edged down to 4.36%. 

Crude oil increased $0.31 to $87.19 a barrel and natural gas prices increased 3 cents to $2.61 a thermal unit. 

The dollar index, which tracks the price of the U.S. dollar against major currencies, halted a five-day rally but extended gains to the eight week in a row and rose to a six-month high on the expectations of higher interest rates. 

The dollar index hovered near 105 mark and extended gains from the low of 99.85 reached on July 13. 

U.S. Stock Movers 

Kroger Company declined 1.1% to $45 after the largest independent grocery retail chain reported mixed second quarter results. 

Separately, the company said it settled most claims related to opioid for $1.2 billion. 

Planet Labs PBC declined 7.7% to $2.84 after the satellite imagery company reported weaker-than-expected quarterly results and forecasted revenue below market expectations. 

Docusign Inc jumped 1% to $52.65 after the company reported better-than-expected revenue in its latest quarter. 

RH dropped 9.1% to $335 after the home goods retailer forecasted weak third quarter outlook citing weakness in the luxury residence market on elevated mortgage rates. 

Europe Movers: Berkeley Group, Capgemini, Casino Guichard, Computacenter, Saipem

European markets have been on the decline for the last five weeks on the worries of economic slowdown and higher interest rates that could dip the economy into a deeper recession. 

For the week, the DAX declined 1.6%, the CAC 40 fell 2.0% and the FTSE index dropped 0.3%. 

The DAX index decreased 0.4% to 15,659.63, the CAC-40 index declined 0.1% to 7,188.91 and the FTSE 100 index inched down 0.1% to 7,431.18.

Berkeley Group Holdings PLC declined 0.7% to 3,946.0  despite the company reaffirming its earnings outlook for the year. 

Restaurant Group Plc gained 4.4% to 46.16 after chairman Ken Hanna announced his plan not to seek reelection at the next annual general meeting in 2024. 

Computacenter Plc soared 15.4% to 2,488.0 after the computer services provider reported "extraordinary" growth in its first-half revenue. 

Capgemini SE increased 0.6% to €169.15 after the company agreed to acquire the Finance Crime Compliance division of a software as a service firm Exiger. 

Casino Guichard Perrachon SA rose 2.1% to €2.13 after the heavily leveraged French supermarket company is scheduled to be removed from the SBF-120 index that tracks major French companies. 

Saipem SpA increased 0.7% to €1.48 after the Italian energy services group won two new offshore energy field services contracts in Italy and Ivory Coast worth €850 million.