- Scott Peters
- 23 Aug, 2022
- New York City
Dick's Sporting Goods Inc increased 1.9% to $112.51 after the sporting goods retailer reported better-than-expected quarterly results and lifted full-year estimates.
Comparable store sales declined 5.1% after rising 20.2% in the quarter a year ago.
The retailer said sales in the quarter fell 5% to $3.1 billion and net income plunged 35.7% to $318.5 million.
Net income in the quarter declined 32.5% to $579.1 million from $857.3 million a year ago.
Inventories at the end of the quarter rose 49% to $2.99 billion from $2.0 billion a year ago as the company ordered more goods ahead of time to navigate challenging supply chain issues.
Dick's Sporting Goods lifted its comparable sales range for the full-year to a decline between 2% and 6% from the previous estimate of a fall between 2% and 8%.
The company lifted full-year 2022 diluted earnings per share guidance to $8.85 to 10.55 from the previous estimate between $7.95 and 10.15.
The retailer also revised higher full-year 2022 non-GAAP diluted earnings per share guidance to $10.00 to 12.00 from the previous estimate in the range of $9.15 and 11.70.
- Barry Adams
- 23 Aug, 2022
- New York City
Stocks traded volatile and energy prices rose for the second day in a row and after falling the most on Monday since June.
Crude oil prices surged more than 3% and natural gas prices hovered near $10 level as divisions between Russia and the European Union deepened.
The U.S. Treasury yields also rose and traded near the 3.0% mark for 10-year notes after new home sales plunged 12.6% in July.
New home sales declined to an annual rate of 511,000 in July from the revised 585,000 sales in June, the Census Bureau reported on Tuesday.
From a year ago, new home sales plunged 29.6% after home prices continue to advance.
The median price for a newly-built home increased to $439,400, up from $402,400 in the prior month.
Investors are awaiting hawkish comments from the Fed Chairman Jerome Powell on Friday as central bankers gather for three days at an annual economic symposium in Jackson Hole, Wyoming.
The Economic Policy Symposium is scheduled to commence on August 25 and convened by the Federal Reserve Bank of Kansas City.
At the last year's gathering, Fed Chair Powell labeled the current bout of inflation as "temporary" and "transitory" and highlighted the slack in labor markets.
The wildly wrong assessment of the inflation has forced the Fed to play catch up as inflation surges to a four-decade high driven by soaring energy and food prices and persistent supply chain disruptions.
The S&P 500 index fell 0.2% to 4,124.97 and the Nasdaq Composite index dropped a fraction to 12,376.02.
Futures of crude oil prices rose $3.56 to $93.94 a barrel and natural gas increased 25 cents to $9.94 a thermal unit.
The yield on 10-year Treasury notes declined to 2.998% and two-year notes fell to 3.25%.
In trading, stocks attempted a rebound in the morning but lacked enthusiasm ahead of the Fed comments.
Dick's Sporting Goods Inc increased 1.9% to $112.51 after the sporting goods retailer said comparable store sales declined less than anticipated 5.1%, after rising 20.2% in the quarter a year ago.
The retailer sales in the quarter fell 5% to $3.1 billion and net income plunged 35.7% to $318.5 million.
Dick's Sporting Goods lifted its comparable sales range for the full-year to a decline between 2% and 6% from the previous estimate of a fall between 2% and 8%.
Medtronic PLC declined 3.5% to $89.77 after the medical products maker said revenues in the fiscal year 2023 first quarter ending on July 29 declined 8% to $7.4 billion.
Revenues were impacted by persistent supply chain disruptions.
Net income in the quarter increased to $929 million or 70 cents a share from $763 million or 57 cents a share a year ago.
Palo Alto Networks soared 10.9% to $563.90 after the cyber security company reported better-than-expected quarterly results.
The company also announced that the board has approved a 3-for-1 stock split.
Zoom Video Communications plunged 14.4% to $83.38 after the company reported stronger-than-expected quarterly earnings but lowered its annual revenues estimate.
- Barry Adams
- 22 Aug, 2022
- New York City
Stocks on Wall Street fell after rate-hike worries returned and the recent market rally faltered.
Tech stocks led losers in a broad market selloff which dragged down popular indexes down 2%.
Popular benchmark indexes trimmed this year's losses in half after a four-week rally and the indexes are still 12% higher than the lows seen in March.
The market rally waned in the last week and the indexes extended losses as the economy continued to slowdown and the Fed's advertised commitment to bring down inflation resurfaced ahead of the central bankers meeting.
Investors shifted focus to the future rate path and looked ahead to comments from the Fed Chairman Jerome Powell at the central bank's three-day annual symposium scheduled to begin this Thursday August 25.
Bond yields rose on the expectations of hawkish comments from the Fed policymakers at the annual gathering of central bankers.
Investors are also awaiting earnings from at least 150 companies this week including Zoom Video, Palo Alto Networks, Dick's Sporting Goods, Intuit and Medtronic.
The S&P 500 index declined 90.49 or 2.2% to 41.37.99 and the Nasdaq Composite index dropped 2.6% or 323.63 to 12,381.64.
Futures of crude oil declined as much as $3.12 but closed down 10 cents to $90.65 a barrel and natural gas rose 43 cents to $9.77 a thermal unit.
The yield on 10-year Treasury notes increased to 3.02% and on 2-year Treasury notes rose to 3.328%.
AMC Entertainment Holdings Inc dropped 41.7% to $10.50 after its competitor Cineworld, the parent of Regal Cinemas, said it is facing liquidity issues and looking for new investors which may lead to substantial dilution for existing shareholders.
AMC Preferred Equity Units were declared as a special dividend to Class A common shareholders in August and the APE began trading today and opened at $6.95 and traded as high as $10.15.
Bed Bath & Beyond dropped 13.5% to $9.51 following a 40% plunge in Friday's trading after investor Ryan Cohen sold his entire stake in the homeware retailer.
McDonald's Corp decreased 1.2% to $263.28 after the fast food chain added three new board members and retired one long time member in a board shakeup.
With the changes, McDonald's board is expanded to 14 members.
Occidental Petroleum dropped 3.1% to $69.12 after its largest shareholder Berkshire Hathaway received a regulatory approval to increase its stake to 50% in the company.
Signify Health soared 32.2% to $28.05 after the bidding war for the home health service provider escalated.
Amazon.com and UnitedHealth are the latest two to join the bidding war after CVS was said to be looking at the company, according to The Wall Street Journal.
Tesla Inc declined 2.4% to $868.99 after the electric vehicle maker said it plans to raise the price for its Full Self Driving software by $3,000 to $15,000.
European Markets Plunge 2%
European markets were under pressure amid the ongoing worries of rising rates and the possibility of an extended shut off Russia's natural gas from next week.
European markets declined and natural gas prices in the region shot up after Russian announced a three-day unscheduled maintenance of the Nordstream 1 pipeline.
The maintenance is scheduled between Aug 31 and September 2.
The pipeline serves as the main conduit for the flow of natural gas from Russia to Germany and other nations in Europe.
Markets were on the edge on the worries that the natural gas flow may stop for an extended period as the division between Russia and the European Union.
The natural gas price for the immediate month delivery at the Dutch TTF hub, the reference price for Europe delivery, soared 22% to $294.60 before falling to $277,87 per megawatt hour.
The natural gas price contract jumped from the Friday's close of $244.50.
Moreover, Bundesbank President Joachim Nagel told German newspaper Rheinischen Post that inflation could reach as high as 10%, a 70-year high, this fall if natural gas supplies from Russia continue to fall.
The benchmark indexes in Frankfurt declined 2.3%, in Paris fell 1.9%, and in London decreased 0.4%.
The U.K. based Cineworld Group, the parent of the second largest U.S.-based movie theater chain Regal Cinemas, confirmed that the company is considering to file a voluntary bankruptcy in the U.S. and in the U.K.
Cineworld fell 20% to 3.24 pence in London trading.
Asian Markets Close Down After China Lowered Rates
Market indexes in Asia generally declined after the return of global rate hike worries and ahead of comments from the U.S. Fed Chair Jerome Powell at a gathering of central bankers this Thursday for three days.
Central bankers are scheduled to meet at the annual economic symposium organized by the U.S. Federal Reserve in Jackson Hole, Wyoming.
China's central bank also eased key lending rates to ease pressure on the housing market.
The People's Bank of China lowered its one-year benchmark lending rate by 5 basis points to 3.65% and 5-year rate by 15 basis points to 4.3%.
The move was widely anticipated as the second-largest economy is battling lockdown conditions in the north and central China and also facing severe drought in the south.
The Nikkei 225 index in Tokyo dropped 0.5% but indexes in Hong Kong and Shanghai gained after China cut its lending rates.
The indexes in Korea dropped more than 2% and in India declined 1.5% on global rate hike worries.
The indexes in Australia closed down 0.95% after commodities prices faced headwinds in international trading.
- Arjun Pandit
- 22 Aug, 2022
- Mumbai
Market indexes in Asia generally declined after the return of global rate hike worries and ahead of comments from the U.S. Fed Chair Jerome Powell at a gathering of central bankers this Thursday for three days.
Central bankers are scheduled to meet at the annual economic symposium organized by the U.S. Federal Reserve in Jackson Hole, Wyoming.
Moreover, Bundesbank President Joachim Nagel told German newspaper Rheinischen Post that inflation could reach as high as 10%, a 70-year high, this fall if natural gas supplies from Russia continue to fall.
China's central bank also eased key lending rates to ease pressure on the housing market.
The People's Bank of China lowered its one-year benchmark lending rate by 5 basis points to 3.65% and 5-year rate by 15 basis points to 4.3%.
The move was widely anticipated as the second-largest economy is battling lockdown conditions in the north and central China and also facing severe drought in the south.
The Nikkei 225 index in Tokyo dropped 0.5% but indexes in Hong Kong and Shanghai gained after China cut its lending rates.
The indexes in Korea dropped more than 2% and in India declined 1.5% on global rate hike worries.
The indexes in Australia closed down 0.95% after commodities prices faced headwinds in international trading.
- Bridgette Randall
- 22 Aug, 2022
- Frankfurt
European markets were under pressure amid the ongoing worries of rising rates and the possibility of an extended shut off Russia's natural gas from next week.
European markets declined and natural gas prices in the region shot up after Russian announced a three-day unscheduled maintenance of the Nord Stream 1 pipeline.
The maintenance is scheduled between Aug 31 and September 2.
The pipeline serves as the main conduit for the flow of natural gas from Russia to Germany and other nations in Europe.
Markets were on the edge on the worries that the natural gas flow may stop for an extended period as the division between Russia and the European Union.
The natural gas price for the immediate month delivery at the Dutch TTF hub, the reference price for Europe delivery, soared 22% to $294.60 before falling to $277,87 per megawatt hour.
The natural gas price contract jumped from the Friday's close of $244.50.
The benchmark indexes in Frankfurt declined 2.3%, in Paris fell 1.9%, and in London decreased 0.4%.
- Barry Adams
- 22 Aug, 2022
- New York City
Stocks on Wall Street fell after rate worries returned and the recent market rally faltered.
Tech stocks led the losers as investors shifted focus to the future rate path and looked ahead to the comments from the Fed Chair Jerome Powell at the central bank's three-day annual symposium scheduled to begin this Thursday August 25.
Bond yields rose on the expectations of hawkish comments from the Fed policymakers at the annual gathering of central bankers.
Investors are also awaiting earnings from at least 150 companies this week including Zoom Video, Palo Alto Networks, Dick's Sporting Goods, Intuit and Medtronic.
The S&P 500 index declined 55.70 or 1.3% to 41.71.57 and the Nasdaq Composite index dropped 1.4% or 188.83 to 12,518.30.
Futures of crude oil declined $3.12 to $87.65 a barrel and natural gas rose 43 cents to $9.75 a thermal unit.
The yield on 10-year Treasury notes increased to 2.99% and on 2-year Treasury notes rose to 3.334%.
AMC Entertainment Holdings Inc dropped 32% to $12.24 after its competitor Cineworld, the parent of Regal Cinemas, said it is facing liquidity issues and looking for new investors which may lead to substantial dilution for existing shareholders.
AMC Preferred Equity Units were declared as a special dividend to Class A common shareholders in August and the APE began trading today and opened at $6.95 and traded as high as $10.15.
Bed Bath & Beyond dropped 6.5% to $10.31 following a 40% plunge in Friday's trading after investor Ryan Cohen sold its his entire stake in the homeware retailer.
McDonald's Corp decreased 0.5% to $265.40 after the fast food chain added three new board members and retired one long time member in a board shakeup.
With the changes, McDonald's board is expanded to 14 members.
Occidental Petroleum dropped 5.2% to $67.60 after its largest shareholder Berkshire Hathaway received a regulatory approval to increase its stake to 50% in the company.
Signify Health soared 38.8% to $29.95 after the bidding war for the home health service provider escalated.
Amazon.com and UnitedHealth are the latest two to join the bidding war after CVS was said to be looking at the company, according to The Wall Street Journal.
Tesla Inc declined 2.8% to $864.92 after the electric vehicle maker said it plans to raise price for its Full Self Driving software by $3,000 to $15,000.
- Barry Adams
- 22 Aug, 2022
- New York City
Stocks on Wall Street fell after rate worries returned and the recent market rally faltered.
Tech stocks led the losers as investors shifted focus to the future rate path and looked ahead to the comments from the Fed Chair Jerome Powell at the central bank's three-day annual symposium scheduled to begin this Thursday August 25.
Bond yields rose on the expectations of hawkish comments from the Fed policymakers at the annual gathering of central bankers.
Investors are also awaiting earnings from at least 150 companies this week including Zoom Video, Palo Alto Networks, Dick's Sporting Goods, Intuit and Medtronic.
The S&P 500 index declined 55.70 or 1.3% to 41.71.57 and the Nasdaq Composite index dropped 1.4% or 188.83 to 12,518.30.
Futures of crude oil declined $3.12 to $87.65 a barrel and natural gas rose 43 cents to $9.75 a thermal unit.
The yield on 10-year Treasury notes increased to 2.99% and on 2-year Treasury notes rose to 3.334%.
AMC Entertainment Holdings Inc dropped 32% to $12.24 after its competitor Cineworld, the parent of Regal Cinemas, said it is facing liquidity issues and looking for new investors which may lead to substantial dilution for existing shareholders.
AMC Preferred Equity Units were declared as a special dividend to Class A common shareholders in August and the APE began trading today and opened at $6.95 and traded as high as $10.15.
Bed Bath & Beyond dropped 6.5% to $10.31 following a 40% plunge in Friday's trading after investor Ryan Cohen sold his entire stake in the homeware retailer.
McDonald's Corp decreased 0.5% to $265.40 after the fast food chain added three new board members and retired one long time member in a board shakeup.
With the changes, McDonald's board is expanded to 14 members.
Occidental Petroleum dropped 5.2% to $67.60 after its largest shareholder Berkshire Hathaway received a regulatory approval to increase its stake to 50% in the company.
Signify Health soared 38.8% to $29.95 after the bidding war for the home health service provider escalated.
Amazon.com and UnitedHealth are the latest two to join the bidding war after CVS was said to be looking at the company, according to The Wall Street Journal.
Tesla Inc declined 2.8% to $864.92 after the electric vehicle maker said it plans to raise the price for its Full Self Driving software by $3,000 to $15,000.
European Markets Plunge 2%
European markets were under pressure amid the ongoing worries of rising rates and the possibility of an extended shut off Russia's natural gas from next week.
European markets declined and natural gas prices in the region shot up after Russian announced a three-day unscheduled maintenance of the Nordstream 1 pipeline.
The maintenance is scheduled between Aug 31 and September 2.
The pipeline serves as the main conduit for the flow of natural gas from Russia to Germany and other nations in Europe.
Markets were on the edge on the worries that the natural gas flow may stop for an extended period as the division between Russia and the European Union.
The natural gas price for the immediate month delivery at the Dutch TTF hub, the reference price for Europe delivery, soared 22% to $294.60 before falling to $277,87 per megawatt hour.
The natural gas price contract jumped from the Friday's close of $244.50.
The benchmark indexes in Frankfurt declined 2.3%, in Paris fell 1.9%, and in London decreased 0.4%.
Asian Markets Close Down After China Lowered Rates
Moreover, central bank officials in the U.S. and Germany reiterated their commitments in lifting rates to tame sky-high inflation.
China's central bank also eased key lending rates to ease pressure on the housing market.
The People's Bank of China lowered its one-year benchmark lending rate by 5 basis points to 3.65% and 5-year rate by 15 basis points to 4.3%.
The move was widely anticipated as the second-largest economy is battling lockdown conditions in the north and central China and also facing severe drought in the south.
The Nikkei 225 index in Tokyo dropped 0.5% but indexes in Hong Kong and Shanghai gained after China cut its lending rates.
The indexes in Korea dropped more than 2% and in India declined 1.5% on global rate hike worries.
The indexes in Australia closed down 0.95% after commodities prices faced headwinds in international trading.
- Barry Adams
- 19 Aug, 2022
- New York City
Stocks turned lower on Wall Street after inflation and higher rates worries resurfaced and the benchmark indexes halted four weekly gains a row.
The Fed's minutes of the latest meeting and comments from St. Louis Federal Reserve President James Bullard seemed to indicate that the central bank will continue its campaign to lift rates at a faster pace, contradicting the hopes of a slower rate increase in the near-term.
Tech stocks led decliners as investors avoided high growth stocks and the S&P 500 index is set to close down 1% and the tech-heavy Nasdaq 2.2% for the week.
The S&P 500 index fell 1.3% or 55.26 to 4,228.48 and the Nasdaq Composite index dropped 2.01% to 12,705.20.
For the week, the S&P 500 declined 1.2% and the Nasdaq Composite dropped 2.6%.
Futures of crude oil decreased 45 cents to $90.05 a barrel and natural gas rose 9 cents to $9.29 a thermal unit.
The yield on 10-year Treasury notes rose to 2.97% and 30-year Treasury bonds traded up 7 basis points to 3.22% and 2-year Treasury notes rose to 3.27%.
Movers: Bed Bath & Beyond, Cineworld, Wayfair
Bed Bath & Beyond dropped 40.2% to $11.14 after investor Ryan Cohen sold his entire stake of 9.4 million shares and call options.
Cohen's filings with the regulatory agency SEC shows that the stake in the homewares retailer was sold on Tuesday and Wednesday.
According to the regulatory filings in March, Cohen, co-founder of Chewy.com and a board member of AMC, spent nearly $120 million in acquiring a stake in the retailer and sold his positions after five months in the low 20's, resulting in a profit of at least $60 million.
Bill.com Holdings Inc rose 13% to $168.80 after the back-office software provider reported better-than-expected quarterly results.
Revenues in the quarter ending in June soared 156% to $200.2 million.
Net loss in the quarter surged to $84.9 million or $0.81 a share, basic and diluted, compared to net loss of $41.9 million or $0.48 per share,
The company forecasted fiscal 2023 first quarter revenues to fall between $208 million and $211 million, an increase between 76% and 78% from a year ago.
Bill.com forecasted fiscal 2023 revenues in the range between $955.5 million and $973.5 million, representing an increase between 49% and 52%.
Deere & Company declined 1.6% to $362.93 after the maker of industrial equipment reported higher sales but earnings were below expectations.
Net revenues in the third quarter ending in July increased 22% to $14.1 billion
Net income in the fiscal third quarter increased to $1.88 billion or $6.16 a share compared to $1.67 billion or $5.32 a share.
The higher production costs nearly wiped out the price increase implemented by the company, but improved volume mixed lifted the earnings in the quarter.
Deere also tightened its annual sales range between $7.0 billion and $7.2 billion from the previous range between $7.0 billion and $7.4 billion.
Foot Locker, Inc soared 19.8% to $38.28 after the athletic footwear and apparel retailer posted better-than-expected results and announced the appointment of a new chief executive officer.
Richard Johnson will be replaced by Mary Dillon, former chief executive of Ulta Beauty on September 1.
Madison Square Garden Entertainment Group rose 2.0% to $63.92 on the news that the company's board is looking to separate its live entertainment business and MSG Networks businesses.
Ross Stores fell 2.1% to $90.01 after the discount retailer reported strong quarterly results but forecasted weaker annual outlook.
The retailer said its quarterly results were impacted by increased promotional activities and higher product costs.
Cineworld, the parent of Regal Cinemas, plunged as much as 90% before closing down 60% after the company searches for capital injection and prepares for a bankruptcy filing.
The parent of Regal Cinemas, operates more than 540 locations in the U.S. and more than 750 worldwide, a day ago announced that existing shareholders may be diluted significantly in the event of new capital injection.
Following the announcement, the company is looking for bankruptcy advisors in the U.S. and the U.K.
Wayfair Inc dropped 19.3% to $57.73 after the online furniture retailer said in a regulatory filing that it plans to cut 5% of its staff or 870 positions as a part to cut costs.
The company plans to take a one-time charge in the third quarter between $30 million and $40 million linked to the employee severance and benefits expenses.
European Markets Fall On Inflation Worries
European markets closed down amid worries of economic slowdown, soaring inflation, and the prospects of interest rate hikes in coming months.
European markets have gained at least 7% since mid-June on the hopes that the inflation is peaking and future rate hikes are less likely.
However, the U.S. Federal Reserve's latest minutes of meeting poured cold water on market optimism.
The DAX index declined 1.1% to 13,544.52, the CAC -40 index fell 0.9% to 6,495.93, and the FTSE 100 index added 0.1% to 7,550.37.
The dollar rebounded in the euro dropped to 1$1.004 and the U.K. pound declined to $1.18 after the release of the retail sales data.
Retail sales in July unexpectedly increased 0.3% on a monthly basis after rising at 0.2% in June, the Office for National Statistics reported Friday.
On a yearly basis, retail sales declined 3.4% in July and sales are likely to fall as inflation surges above 10%.
Germany's producer price index, a measure of wholesale prices, soared to 37.2% in July after rising 32.7% in June, the Destatis reported Friday.
The latest surge in wholesale prices was driven by a 105% jump in energy prices from a year ago.
In Paris trading, ArcelorMittal and Air France-KLM led the decliners with a loss of 5%.
Societe Generale, BNP Paribas, Credit Agricole, Accor, Renault, and Airbus Group fell between 3% and 3.5%.
In Frankfurt trading, Deutsche Bank, Deutsche Lufthansa, Daimler, Porsche Automobil, BMW, Infineon, and Vonovia declined between 3% and 5%.
FLSmidth & Co soared 9.8% to 221.0 Danish kroner after the Danish mining equipment maker lifted its annual outlook.
The Swiss benchmark SMI closed down 10.87 points or 0.1% to 11,156.72 after dropping as low as 11,125.80 and trading as high as 11,241.18.
Swiss industrial production rose 5.1% in the second quarter, the Federal Statistics Office reported Friday.
Credit Suisse and UBS Group declined nearly 4% and Dufry, Flughafen Zurich, and VAT Group fell between 2% and 4%.
- Bridgette Randall
- 19 Aug, 2022
- Frankfurt
European markets closed down amid worries of economic slowdown, soaring inflation, and the prospects of interest rate hikes in coming months.
European markets have gained at least 7% since mid-June on the hopes that the inflation is peaking and future rate hikes are less likely.
However, the U.S. Federal Reserve's latest minutes of meeting poured cold water on market optimism.
The DAX index declined 1.1% to 13,544.52, the CAC -40 index fell 0.9% to 6,495.93, and the FTSE 100 index added 0.1% to 7,550.37.
The dollar rebounded in the euro dropped to 1$1.004 and the U.K. pound declined to $1.18 after the release of the retail sales data.
Retail sales in July unexpectedly increased 0.3% on a monthly basis after rising at 0.2% in June, the Office for National Statistics reported Friday.
On a yearly basis, retail sales declined 3.4% in July and sales are likely to fall as inflation surges above 10%.
Germany's producer price index, a measure of wholesale prices, soared to 37.2% in July after rising 32.7% in June, the Destatis reported Friday.
The latest surge in wholesale prices was driven by a 105% jump in energy prices from a year ago.
Cineworld Group, the second largest operator of movie theater chain, plunged as much as 90% before recovering to close down 60% to 4.07%.
The parent of Regal Cinemas, operates more than 540 locations in the U.S. and more than 750 worldwide, a day ago announced that existing shareholders may be diluted significantly in the event of new capital injection.
Following the announcement today, the company is looking for bankruptcy advisors in the U.S. and the U.K.
In Paris trading, ArcelorMittal and Air France-KLM led the decliners with a loss of 5%.
Societe Generale, BNP Paribas, Credit Agricole, Accor, Renault, and Airbus Group fell between 3% and 3.5%.
In Frankfurt trading, Deutsche Bank, Deutsche Lufthansa, Daimler, Porsche Automobil, BMW, Infineon, and Vonovia declined between 3% and 5%.
FLSmidth & Co soared 9.8% to 221.0 Danish kroner after the Danish mining equipment maker lifted its annual outlook.
The Swiss benchmark SMI closed down 10.87 points or 0.1% to 11,156.72 after dropping as low as 11,125.80 and trading as high as 11,241.18.
Swiss industrial production rose 5.1% in the second quarter, the Federal Statistics Office reported Friday.
Credit Suisse and UBS Group declined nearly 4% and Dufry, Flughafen Zurich, and VAT Group fell between 2% and 4%.
- Scott Peters
- 19 Aug, 2022
- New York City
Ross Stores fell 2.1% to $90.01 after the discount retailer reported strong quarterly results but forecasted weaker annual outlook.
The retailer said its quarterly results were impacted by increased promotional activities and higher product costs.
Sales in the second quarter fell to $4.6 billion from $4.8 billion in the prior year's period and comparable store sales fell 7%.
Net income in the second quarter declined to $385 million or $1.10 a share from $494 million or $1.39 a share a year ago.
The retailer forecasted third quarter same store sales to decline 7% to 9% compared to 14% gain last year.
For the fourth quarter, same store sales are estimated to fall between 4% and 7% on top of a 9% increase for the same period a year ago.
- Scott Peters
- 19 Aug, 2022
- New York City
Foot Locker, Inc soared 19.8% to $38.28 after the athletic footwear and apparel retailer posted better-than-expected results and announced the appointment of a new chief executive officer.
Richard Johnson will be replaced by Mary Dillon, former chief executive of Ulta Beauty on September 1.
Second quarter sales declined 9.2% to $2.07 billion from $2.28 billion a year ago and net income plunged to $94 million from $430 million a year ago.
Diluted earnings per share fell to 99 cents from $4.09 a year ago.
Comparable same store sales fell 10.3% from a year ago.
Foot Locker revised its full-year sales growth outlook to decline in the range between 6% and 7% from the previous outlook of near the upper end of the 4% to 6% decline.
The company repurchased $40 million of its stock in the quarter.
- Scott Peters
- 19 Aug, 2022
- New York City
Deere & Company declined 1.6% to $362.93 after the maker of industrial equipment reported higher sales but earnings were below expectations.
Net revenues in the third quarter ending in July increased 22% to $14.1 billion.
Net income in the fiscal third quarter increased 12.6% to $1.88 billion or $6.16 a share compared to $1.67 billion or $5.32 a share.
The higher production costs nearly wiped out the price increase implemented by the company, but improved volume mixed lifted the earnings in the quarter.
Deere also tightened its annual sales range between $7.0 billion and $7.2 billion from the previous range between $7.0 billion and $7.4 billion.
- Scott Peters
- 19 Aug, 2022
- New York City
Bill.com Holdings Inc rose 13% to $168.80 after the back-office software provider reported better-than-expected quarterly results.
Revenues in the quarter ending in June soared 156% to $200.2 million, ahead of the company's guidance between $182.3 million and $183.3 million.
Net loss in the quarter surged to $84.9 million or $0.81 a share, basic and diluted, compared to net loss of $41.9 million or $0.48 per share,
The company forecasted fiscal 2023 first quarter revenues to fall between $208 million and $211 million, an increase between 76% and 78% from a year ago.
Bill.com forecasted fiscal 2023 revenues in the range between $955.5 million and $973.5 million, representing an increase between 49% and 52%.
- Barry Adams
- 19 Aug, 2022
- New York City
Stocks turned lower on Wall Street after inflation and higher rates worries resurfaced.
The Fed's minutes of the latest meeting and comments from St. Louis Federal Reserve President James Bullard seemed to indicate that the central bank will continue its campaign to lift rates at a faster pace, contradicting the hopes of a slower rate increase in the near-term.
Tech stocks led the decliners as investors avoided high growth stocks and the S&P 500 index is set to close down 1% and the tech-heavy Nasdaq 2.2% for the week.
The S&P 500 index fell 1.3% or 56.41 to 4,228.02 and the Nasdaq Composite index dropped 2.2% to 12,689.10.
Bed Bath & Beyond dropped 40.2% to $11.14 after investor Ryan Cohen sold his entire stake of 9.4 million shares and call options.
Cohen's filings with the regulatory agency SEC shows that the stake in the homewares retailer was sold on Tuesday and Wednesday.
According to the regulatory filings in March, Cohen, co-founder of Chewy.com and a board member of AMC, spent nearly $120 million in acquiring a stake in the retailer and sold his positions after five months in the low 20's, resulting in a profit of at least $60 million.
Bill.com Holdings Inc rose 13% to $168.80 after the back-office software provider reported better-than-expected quarterly results.
Revenues in the quarter ending in June soared 156% to $200.2 million.
Net loss in the quarter surged to $84.9 million or $0.81 a share, basic and diluted, compared to net loss of $41.9 million or $0.48 per share,
The company forecasted fiscal 2023 first quarter revenues to fall between $208 million and $211 million, an increase between 76% and 78% from a year ago.
Bill.com forecasted fiscal 2023 revenues in the range between $955.5 million and $973.5 million, representing an increase between 49% and 52%.
Deere & Company declined 1.6% to $362.93 after the maker of industrial equipment reported higher sales but earnings were below expectations.
Net revenues in the third quarter ending in July increased 22% to $14.1 billion
Net income in the fiscal third quarter increased to $1.88 billion or $6.16 a share compared to $1.67 billion or $5.32 a share.
The higher production costs nearly wiped out the price increase implemented by the company, but improved volume mixed lifted the earnings in the quarter.
Deere also tightened its annual sales range between $7.0 billion and $7.2 billion from the previous range between $7.0 billion and $7.4 billion.
Foot Locker, Inc soared 19.8% to $38.28 after the athletic footwear and apparel retailer posted better-than-expected results and announced the appointment of a new chief executive officer.
Richard Johnson will be replaced by Mary Dillon, former chief executive of Ulta Beauty on September 1.
Second quarter sales declined 9.2% to $2.07 billion from $2.28 billion a year ago and net income plunged to $94 million from $430 million a year ago.
Diluted earnings per share fell to 99 cents from $4.09 a year ago.
Comparable same store sales fell 10.3% from a year ago.
Foot Locker revised its full-year sales growth outlook to decline in the range between 6% and 7% from the previous outlook of near the upper end of the 4% to 6% decline.
Madison Square Garden Entertainment Group rose 2.0% to $63.92 on the news that the company's board is looking to separate its live entertainment business and MSG Networks businesses.
Ross Stores fell 2.1% to $90.01 after the discount retailer reported strong quarterly results but forecasted weaker annual outlook.
The retailer said its quarterly results were impacted by increased promotional activities and higher product costs.
Sales in the second quarter fell to $4.6 billion from $4.8 billion in the prior year's period and comparable store sales fell 7%.
Net income in the second quarter declined to $385 million or $1.10 a share from $494 million or $1.39 a share a year ago.
The retailer forecasted third quarter same store sales to decline 7% to 9% compared to 14% gain last year.
For the fourth quarter, same store sales are estimated to be down between 4% and 7% on top of a 9% increase for the same period a year ago.
Wayfair Inc dropped 19.3% to $57.73 after the online furniture retailer said in a regulatory filing that it plans to cut 5% of its staff or 870 positions as a part to cut costs.
The company plans to take a one-time charge in the third quarter between $30 million and $40 million linked to the employee severance and benefits expenses.
- Barry Adams
- 19 Aug, 2022
- New York City
Stocks turned lower on Wall Street after inflation and higher rates worries resurfaced.
The Fed's minutes of the latest meeting and comments from St. Louis Federal Reserve President James Bullard seemed to indicate that the central bank will continue its campaign to lift rates at a faster pace, contradicting the hopes of a slower rate increase in the near-term.
Tech stocks led decliners as investors avoided high growth stocks and the S&P 500 index is set to close down 1% and the tech-heavy Nasdaq 2.2% for the week.
The S&P 500 index fell 1.01% or 43.74 to 4,240.02 and the Nasdaq Composite index dropped 1.70% to 12,746.50.
Futures of crude oil increased 61 cents to $91.11 a barrel and natural gas fell 8 cents to $9.11 a thermal unit.
The yield on 10-year Treasury notes rose to 2.97% and 30-year Treasury bonds traded up 7 basis points to 3.22% and 2-year Treasury notes rose to 3.27%.
Bed Bath & Beyond dropped 40.2% to $11.14 after investor Ryan Cohen sold his entire stake of 9.4 million shares and call options.
Cohen's filings with the regulatory agency SEC shows that the stake in the homewares retailer was sold on Tuesday and Wednesday.
According to the regulatory filings in March, Cohen, co-founder of Chewy.com and a board member of AMC, spent nearly $120 million in acquiring a stake in the retailer and sold his positions after five months in the low 20's, resulting in a profit of at least $60 million.
Bill.com Holdings Inc rose 13% to $168.80 after the back-office software provider reported better-than-expected quarterly results.
Revenues in the quarter ending in June soared 156% to $200.2 million.
Net loss in the quarter surged to $84.9 million or $0.81 a share, basic and diluted, compared to net loss of $41.9 million or $0.48 per share,
The company forecasted fiscal 2023 first quarter revenues to fall between $208 million and $211 million, an increase between 76% and 78% from a year ago.
Bill.com forecasted fiscal 2023 revenues in the range between $955.5 million and $973.5 million, representing an increase between 49% and 52%.
Deere & Company declined 1.6% to $362.93 after the maker of industrial equipment reported higher sales but earnings were below expectations.
Net revenues in the third quarter ending in July increased 22% to $14.1 billion
Net income in the fiscal third quarter increased to $1.88 billion or $6.16 a share compared to $1.67 billion or $5.32 a share.
The higher production costs nearly wiped out the price increase implemented by the company, but improved volume mixed lifted the earnings in the quarter.
Deere also tightened its annual sales range between $7.0 billion and $7.2 billion from the previous range between $7.0 billion and $7.4 billion.
Foot Locker, Inc soared 19.8% to $38.28 after the athletic footwear and apparel retailer posted better-than-expected results and announced the appointment of a new chief executive officer.
Richard Johnson will be replaced by Mary Dillon, former chief executive of Ulta Beauty on September 1.
Madison Square Garden Entertainment Group rose 2.0% to $63.92 on the news that the company's board is looking to separate its live entertainment business and MSG Networks businesses.
Ross Stores fell 2.1% to $90.01 after the discount retailer reported strong quarterly results but forecasted weaker annual outlook.
The retailer said its quarterly results were impacted by increased promotional activities and higher product costs.