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Nordstrom Inc dropped 10.5% to $15.05 after the fashion apparel retailer reported better-than-expected quarterly results. 

But investors sold stock after the company reiterated its full-year sales estimate to decline between 4% and 6%. 

Total revenue in the second quarter ending in July declined 8.3% to $3.8 billion from $4.1 billion and net income rose to $137 million from $126 million and diluted earnings per share rose to 84 cents from 77 cents a year ago. 

Excluding the impacts of the Canadian wind-down and Anniversary Sale timing shift, net sales would have been down approximately 4%. 

During the quarter, Nordstrom banner net sales decreased 10.1% and GMV decreased 10.4% and  net sales for Nordstrom Rack fell 4.1%.

Digital sales fell 12.9% in the quarter from a year earlier. 

Collectively, eliminating store fulfillment for Nordstrom Rack digital orders during the third quarter of fiscal 2022 and the closing of Trunk Club during the second quarter of fiscal 2022 negatively impacted second quarter digital sales by approximately 500 basis points. 

The timing shift of the Anniversary Sale had a negative impact on company digital sales of approximately 300 basis points compared with the second quarter of 2022. 

Digital sales represented 36 percent of total sales during the quarter.

The board of directors declared a quarterly cash dividend of 19 cents a share  payable on September 13 to shareholders of record on August 29.

  • 25 Aug, 2023

 

Ulta Beauty Inc decreased 3.3% to $408.79 after the specialty retailer reported a decline in comparable sales and mixed quarterly results. 

Comparable sales (at stores opened at least 14 months and e-commerce sales) slowed to 8% in the quarter from 14.4% and the company opened net new 3 store compared to 7 in the year ago period. 

Net sales in the quarter ending in July increased 10.1% to $2.5 billion from $2.3 billion and net income increased $300.1 million from $295.6 million and diluted earnings per share $6.02 from $5.5.70 a year ago. 

During the second quarter of fiscal 2023, the company repurchased 593,629 shares of its common stock at a cost of $275.5 million. 

In the first six months of fiscal 2023, the company repurchased 1.1 million shares of its common stock at a cost of $559.0 million. 

As of July 29,, $541 million remained available under the $2 billion share repurchase program announced in March 2022.

At the end of the second quarter, the company operated 1,362 stores totaling 14.3 million square feet.    

The company revised higher its fiscal year 2023 sales outlook to between $11.05 billion and $11.15 billon from $11.0 billion and $11.1 billion and comparable sales to increase between 4.5% and 5.5% from the previous range between 4% and 5%. 

  • 25 Aug, 2023

 

Intuit Inc soared 2.9% to $512.99 after the software company reported quarterly results that were ahead of market expectations. 

The software company said revenue in the quarter increased 12% to $2.71 billion and net income of $89 million compared to a loss of $56 million and diluted earnings per share of 32 cents from (0.20 cents) a year ago. 

  • 25 Aug, 2023

 

Lowe's Companies Inc increased 3.6% to $225.74 after the home improvement retailer reiterated its full-year outlook. 

Revenue in the quarter ending on August 4 declined to $24.96 billion from $27.5 billion and net income decreased to $2.67 billion from $2.88 billion and diluted earnings per share fell to $4.56 from $4.68 a year earlier.   

  • 22 Aug, 2023

 

Dick's Sporting Goods Inc plunged 24.1% to $111.53 after the sporting goods retailer reported sharply lower earnings per share and the company blamed the shortfall to higher-than-usual theft. 

Dick's said fiscal second quarter revenue was $3.22 billion and diluted earnings per share was $2.82, sharply lower than some analysts estimate of as high as $3.79. 

The retailer also lowered its annual outlook. 

  • 22 Aug, 2023

 

Fabrinet soared 31.5% to $153.66 after the advanced manufacturing company reported better-than-expected quarterly results. 

Revenue increased to $655.9 million compared to $587.9 million and net income increased to $60.8 million from $56.2 million and diluted earnings per share rose to $1.65 from $1.51 a year earlier. 

Fabrinet's Board of Directors approved the repurchase of up to an additional $47.6 million of the company's ordinary shares, bringing the aggregate authorization under the existing share repurchase program to $294.8 million, with $100 million still available.

  • 22 Aug, 2023

 

Nvidia Corp jumped 3.8% to $488.05 after the chipmaker reported sharply higher sales and earnings in its latest quarter. 

Nvidia reported quarterly sales soared 88% to $13.51 billion and net income jumped eight-fold to $6.1 billion from $656 million and diluted earnings per share advanced to $2.48 from 26 cents a year ago. 

Gross margin jumped to 70.1% from 43.5% in the quarter a year ago. 

Nvidia said it will pay its next quarterly cash dividend of4 cents per share on September 28 to all shareholders of record on September 7.

The company's earnings exceeded high expectations of earnings and also forecasted revenue above market expectations. 

During the second quarter of fiscal 2024, NVIDIA returned $3.38 billion to shareholders  through the sale of 7.5 million shares repurchased for $3.28 billion, and cash dividends. 

As of the end of the second quarter, the company had $3.95 billion remaining under its share repurchase authorization. 

On August 21, the Board of Directors approved an additional $25 billion in share repurchases, without expiration. and the company plans to continue share repurchases this fiscal year.

The maker of graphics processing chips benefited from the surge in AI-driven demand for its chips as device makers rushed to release products that can process AI queries. 

The company expected revenue in the current quarter around $16 billion with a band of 2% and gross margin of 71.5% with a band of 50 basis points.  

  • 24 Aug, 2023

 

T-Mobile US Inc declined 1.9% to $133.77 and the company said in an 8-K filing with the SEC that it plans to take a one-time pre-tax charge of $450 million in the third quarter to account for 5,000 job cuts, about 7% of its workforce. 

  • 24 Aug, 2023

 

Boeing Company declined 3.5% to $220.43 after the company said fastener holes on after pressure bulkheads were improperly drilled on some versions of 737 Max jets, this will further delay deliveries of these planes. 

Spirit AeroSystems Holdings Inc plunged 15% to $19.45 after Boeing highlighted manufacturing defects on the fuselage made by the company.  

  • 24 Aug, 2023

 

Foot Locker Inc plunged 29.7% to $16.71 after the specialty retailer reported sales declined almost 10% from a year ago and the company also suspended its quarterly dividend. 

  • 23 Aug, 2023

 

Nike Inc declined 2.7% to &98.76 and the athletic shoemaker extended losses to the 10th session in a row after Foot Locker reported weaker-than-expected sales.  

  • 23 Aug, 2023

 

Analog Devices, Inc rose 0.6% to $177,75 after the company reported fiscal third quarter results that evoked mixed reactions from investors. 

Stock recovered from the slump of 5% in pre-market trading after the company forecasted fiscal fourth quarter revenues of $27 billion and adjusted earnings per share of $2.0.  

  • 23 Aug, 2023

 

Peloton Interactive Inc dropped 23.3% to $5.38 after the fitness equipment company reported wider-than-expected and the company forecasted weak sales outlook in its fiscal first quarter. 

The company's sales guidance between $580 million and $600 million fell short of market expectations of at least $620 million. 

The company also said that the cost of the recent recall also exceeded its estimates and expects additional expenses in the future. 

  • 23 Aug, 2023

 

Palo Alto Networks Inc jumped 14.5% to $242.84 after the cyber security and network infrastructure company reported better-than-expected quarterly results. 

Revenue in the fiscal fourth quarter ending in July rose 26% to $2.0 billion and net income increased $227.7 million from $3.3 million and   diluted earnings per share jumped to 64 cents from 1 cent a year ago. 

The company guided fiscal first quarter revenue in the range between $1.82 billion and $1.85 billion and diluted non-GAAP earnings per share between $11.15 and $1.17.  

  • 21 Aug, 2023

 

VMware Inc jumped 4.2% to $161.28 after Broadcom said it got the UK's Competition and Market Authority gave its final approval of the purchase of the cloud computing company. 

Broadcom Inc jumped 2.4% to $845.25. 

  • 21 Aug, 2023