Before the bell, take a look at the companies grabbing the headlines.
Acacia & Fitch — After reporting a 21% gain in revenue during its fiscal second quarter and providing optimistic expectations for the current period, the retailer—which owns the Abercrombie and Hollister banners—saw a more than 9% decline in its shares.
Nordstrom: The retailer’s stock increased by more than 1% on the release of second-quarter earnings that above analyst expectations and a rise in the low end of the company’s full-year outlook. Compared to a prior forecast of $1.65 to $2.05., Nordstrom now projects fiscal 2024 earnings per share to be between $1.75 and $2.95.
J. M. Smucker – The consumer products firm fell almost 4% after reporting quarterly revenue of $2.13 billion, in line with analysts’ projections, and lowering its full-year guidance, as reported by FactSet.
Ahead of the chip giant Nvidia’s earnings announcement following the bell, Wall Street was mostly anticipating this news. Analysts will be closely monitoring the company’s production forecast and remarks on its Blackwell chips after hearing about production setbacks.
The Bath & Body Works — After revealing weak second-quarter earnings and cutting its full-year expectations, the fragrance retailer saw a roughly 4% decline in shares.
Box: Better-than-expected second-quarter revenue and profitability helped the cloud storage company’s stock rise 6%. In contrast to the expectations of LSEG’s survey of analysts, Box reported adjusted earnings of 44 cents per share on $270 million in revenue, as opposed to 40 cents per share on $269 million.
Ambarella: Following the company’s encouraging third-quarter revenue projection of between $77 million and $81 million, the semiconductor producer saw a roughly 20% increase in shares. This contrasts with an expert estimate of $69 million based on an LSEG survey.
MicroStrategy, Coinbase — Crypto-related stocks started to decline as a wave of liquidations on the Bybit exchange caused the price of bitcoin to drop below $60,000. The stocks of MicroStrategy and Coinbase both dropped by more than 1%.
Super Micro Computer: The server manufacturer’s stock dropped more than 2% as investors continued to consider a short-seller’s report from Tuesday, which criticised the company’s bookkeeping procedures. Following the release of the study, the stock had a 2.6% decrease in trade on Tuesday.
PVH — The Tommy Hilfiger and Calvin Klein corporation witnessed a more than 8% decline in share price following the release of a dire forecast for the third quarter.
Shoe Locker: Following the release of the company’s unimpressive second-quarter earnings, shares fell more than 8% in the premarket. Despite items, the company reported a loss of five cents per share on revenue of $1.9 billion.
Cino — Stocks fell by about 14%. Although second-quarter results exceeded projections, the cloud-based banking platform provided weaker-than-expected third-quarter guidance.
Source (CNBC)
