Good morning traders and investors of the r/stocks sub! Welcome to the new trading day and a fresh start! Here are your pre-market stock movers & news on this Wednesday, August the 28th, 2024-
S&P 500 futures tick lower as Wall Street looks toward Nvidia earnings: Live updates
S&P 500 futures inched lower Tuesday night as investors waited in anticipation for chipmaker Nvidia’s quarterly earnings announcement Wednesday after the bell.
Futures tied to the broad market index slipped 0.16%, while Nasdaq 100 futures dropped 0.31%. Dow Jones Industrial Average futures lost 18 points, or 0.04%.
In after-hours action, Nordstrom advanced 7% after the retailer posted adjusted earnings in the second quarter that surpassed expectations. Semiconductor developer Ambarella jumped nearly 20% on upbeat revenue guidance in the third quarter. PVH, owner of Calvin Klein, slumped more than 7% on a disappointing outlook for the current quarter.
During Tuesday’s trading session, the broad market index and tech-heavy Nasdaq Composite both added nearly 0.2%. Nvidia posted a roughly 1.5% gain that helped buoy both indexes. The 30-stock Dow, meanwhile, added just 0.02% — just enough to post a second straight record close.
Wall Street is keeping an eye on Nvidia, the leader of the artificial intelligence trade, to gauge the broader sustainability of the broader tech and AI trade. The semiconductor giant has surged 159% in 2024, raising questions of how much more room there is for the stock to run.
Focal points for investors include the delivery schedule for Nvidia’s Blackwell chips and an update on the demand for AI.
“It’s hard to say that there’s not a lot of optimism priced into the market tomorrow,” Erin Browne, Pimco managing director and portfolio manager, told CNBC’s “Closing Bell” on Tuesday.
Browne noted that other AI stocks are trading around 10% below their all-time highs. Nvidia’s current valuation is not expensive relative to the five-year average, she added.
“So while certainly there’s a lot of optimism priced in, I think that they still can deliver upside and surprise the market to the upside,” Browne said.
Elsewhere on the earnings front, Bath & Body Works, Foot Locker and Kohl’s are some of the names slated to report their quarterly results Wednesday morning. In addition to Nvidia in the afternoon, investors will also be looking toward Salesforce’s earnings.
STOCK FUTURES CURRENTLY:
(CLICK HERE FOR STOCK FUTURES CHARTS!)
YESTERDAY'S MARKET MAP:
(CLICK HERE FOR YESTERDAY'S MARKET MAP!)
TODAY'S MARKET MAP:
(CLICK HERE FOR TODAY'S MARKET MAP!)
YESTERDAY'S S&P SECTORS:
(CLICK HERE FOR YESTERDAY'S S&P SECTORS CHART!)
TODAY'S S&P SECTORS:
(CLICK HERE FOR TODAY'S S&P SECTORS CHART!)
TODAY'S ECONOMIC CALENDAR:
(CLICK HERE FOR TODAY'S ECONOMIC CALENDAR!)
THIS WEEK'S ECONOMIC CALENDAR:
(CLICK HERE FOR THIS WEEK'S ECONOMIC CALENDAR!)
THIS WEEK'S UPCOMING IPO'S:
(CLICK HERE FOR THIS WEEK'S UPCOMING IPO'S!)
THIS WEEK'S EARNINGS CALENDAR:
(CLICK HERE FOR THIS WEEK'S EARNINGS CALENDAR!)
THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
(CLICK HERE FOR THIS MORNING'S EARNINGS CALENDAR!)
EARNINGS RELEASES BEFORE THE OPEN TODAY:
(CLICK HERE FOR THIS MORNING'S EARNINGS RELEASES!)
THIS AFTERNOON'S AFTER-HOURS EARNINGS CALENDAR:
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS CALENDAR!)
EARNINGS RELEASES AFTER THE CLOSE TODAY:
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK!)
YESTERDAY'S ANALYST UPGRADES/DOWNGRADES:
(CLICK HERE FOR YESTERDAY'S ANALYST UPGRADES/DOWNGRADES LINK #1!)
(CLICK HERE FOR YESTERDAY'S ANALYST UPGRADES/DOWNGRADES LINK #2!)
YESTERDAY'S INSIDER TRADING FILINGS:
(CLICK HERE FOR YESTERDAY'S INSIDER TRADING FILINGS!)
TODAY'S DIVIDEND CALENDAR:
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR!)
THIS MORNING'S STOCK NEWS MOVERS:
(source: cnbc.com)
Abercrombie & Fitch — Shares of the retailer, which owns the Abercrombie and Hollister banners, fell more than 9% after it reported a 21% increase in its revenue during its fiscal second quarter and issued bullish guidance for the current period. Abercrombie posted earnings of $2.50 per share on revenue of $1.13 billion, surpassing earnings expectations of $2.22 per share on $1.10 billion in revenue, per analysts polled by LSEG.
STOCK SYMBOL: ANF
(CLICK HERE FOR LIVE STOCK QUOTE!)
Nordstrom — Stock in the retailer climbed more than 1% after second-quarter earnings beat estimates, while the company raised the low end of its full-year outlook. Nordstrom expects fiscal 2024 earnings in the range of $1.75 to $2.95 per share, compared with a previous estimate of $1.65 to $2.05. The department store earned 96 cents per share in the second quarter, while analysts polled by LSEG had expected 71 cents.
STOCK SYMBOL: JWN
(CLICK HERE FOR LIVE STOCK QUOTE!)
J M Smucker — The consumer foods company slipped about 4% after it lowered its full-year guidance and posted quarterly revenue of $2.13 billion, in line with analysts’ estimates, according to FactSet. Earnings of $2.44 per share beat expectations, however, as analysts had called for earnings of $2.17 for the period.
STOCK SYMBOL: SJM
(CLICK HERE FOR LIVE STOCK QUOTE!)
Nvidia — Shares were little changed as Wall Street readied for the chip giant’s earnings report after the bell. Analysts will be paying close attention to the company’s forecast and commentary on production of its Blackwell chips following reports of delays.
STOCK SYMBOL: NVDA
(CLICK HERE FOR LIVE STOCK QUOTE!)
Bath & Body Works — The fragrance seller shed about 4% after reporting disappointing revenue for the second quarter and lowering its full-year guidance. Bath & Body works posted earnings of 37 cents per share, excluding items, on $1.53 billion for the quarterly period. Analysts polled by FactSet, meanwhile, had called for adjusted earnings of 36 cents per share on $1.54 billion in revenue. The company’s management said it is “taking a prudent approach” to its outlook given sales trends and a chopper macroeconomic environment.
STOCK SYMBOL: BBWI
(CLICK HERE FOR LIVE STOCK QUOTE!)
Box — The cloud storage company jumped 6% on the back of better-than-expected second-quarter earnings and revenue. Box posted adjusted earnings of 44 cents per share on $270 million in revenue, while analysts surveyed by LSEG expected Box to earn 40 cents per share on $269 million in revenue.
STOCK SYMBOL: BOX
(CLICK HERE FOR LIVE STOCK QUOTE!)
Foot Locker — Shares were down more than 8% in the premarket after the company reported lackluster second-quarter results. The company posted a loss 5 cents per share, excluding items, on revenue of $1.9 billion. Analysts polled by LSEG expected a loss of 7 cents per share on revenue of $1.89 billion. However, the retailer posted same-store sales growth for the first time in six quarters.
STOCK SYMBOL: FL
(CLICK HERE FOR LIVE STOCK QUOTE!)
nCino — Shares dropped nearly 14%. The cloud-based banking platform issued weaker-than-expected third-quarter guidance, though second-quarter results topped estimates. nCino forecasted adjusted third-quarter earnings per share of 15 cents to 16 cents, which was slightly below to in line with the FactSet consensus earnings estimate of 16 cents per share. Revenue guidance of $136 million to $138 million came in below the anticipated $138.6 million.
STOCK SYMBOL: NCNO
(CLICK HERE FOR LIVE STOCK QUOTE!)
Super Micro Computer — Shares of the server company fell more than 2% as investors continued to digest a report from a short-seller on Tuesday that targeted the company’s accounting practices. The stock closed down 2.6% in Tuesday’s trading session after the report was released.
STOCK SYMBOL: SMCI
(CLICK HERE FOR LIVE STOCK QUOTE!)
PVH — The company, which owns Tommy Hilfiger and Calvin Klein, saw its shares fall more than 8% after it offered a bleak outlook for the third quarter. PVH forecasted third-quarter adjusted earnings of $2.50 per share, which is substantially lower than the $3.12 per share expected from analysts polled by LSEG. The company also expects revenue will decline 6% to 7% from the year-ago period, greater than analysts’ expectation for a 4.6% decline.
STOCK SYMBOL: PVH
(CLICK HERE FOR LIVE STOCK QUOTE!)
Ambarella — The semiconductor developer popped nearly 20% after it gave a positive third-quarter revenue outlook of between $77 million to $81 million. That compares with a forecast of $69 million from analysts polled by LSEG. Ambarella also exceeded analysts’ top and bottom-line estimates for the second quarter.
STOCK SYMBOL: AMBA
(CLICK HERE FOR LIVE STOCK QUOTE!)
FULL DISCLOSURE:
/u/bigbear0083 has no positions in any stocks mentioned. Reddit, moderators, and the author do not advise making investment decisions based on discussion in these posts. Analysis is not subject to validation and users take action at their own risk.
DISCUSS!
What's on everyone's radar for today's trading day ahead here at r/stocks?
Leave a Reply