Thursday, August 29th, 2024
Another record high close for the Dow is the quick take on today’s trading session, +243 points (+0.59%) to 41,335. This is off intra-day highs, however, of +480 points. Still, an historic high is an historic high.
Otherwise, we were flat once again on the S&P 500: 0.00%, while the Nasdaq slipped slightly, -0.23% and the small-cap Russell 2000 gained +0.73% on the day. The VIX is at a typically breezeless 16, -6.4% in today’s session. We have Personal Consumption Expenditures (PCE) out in Friday’s pre-market, which is the second-most-important report of the week, after NVIDIA’s NVDA earnings yesterday.
Q2 Earnings Roundup: LULU, ADSK, DELL, MRVL, MDB
Lululemon Athletica LULU was mixed in its Q2 report after Thursday’s close, beating on the bottom line while missing on the top. Earnings of $3.15 per share outperformed the $2.92 in the Zacks consensus, though revenues of $21.37 billion came up short of the $2.40 billion estimate. Revenue guidance for both Q3 and the full fiscal year are lower than current projections. The Americas saw comps dip -3% in the quarter, and after initially selling off -7% on the news, LULU shares are now down -4%.
AutoDesk ADSK put up solid beats on both earnings and sales in its Q2 report after the bell, with earnings of $2.15 per share easily surpassing expectations of $2.00 on revenues of $1.51 billion, ahead of the $1.48 billion anticipated. Total billings for the quarter grew +13%, and next-quarter guidance has been raised for both top and bottom lines. Shares were up +6% on the news.
Dell Technologies DELL is having an even stronger late-trading session, +7.5%, after reporting nice beats on earnings — $1.89 per share versus $1.74 expected — and sales: $25.03 billion, compared with $24.29 billion in the Zacks consensus. A substantial beat in its record-high Servers and Networking segment — $7.67 billion versus $6.3 billion estimated — was the big surprise mover to the upside.
Marvell Technology MRVL also outpaced expectations in its Q2 report after hours Thursday, though not by as big of margins: 30 cents per share beat estimates by a penny, while $1.27 billion in quarterly sales bettered the $1.25 billion anticipated. A higher guide on next-quarter revenues is also helping late trading for the digital supplier to data centers and the auto industry.
Having the strongest late-trading session of all today is MongoDB MDB, up +15% on a huge earnings beat: 70 cents per share versus the expected 48 cents. Revenues of $478 million was well ahead of the $462.9 million analysts had been looking for, and next-quarter guidance on both top and bottom lines are up for generative AI services firm.
Ulta Beauty ULTA, however, missed estimates on both top and bottom lines this afternoon, with earnings of $5.30 per share beneath the consensus $5.49 (and below the $6.02 per share reported in the year-ago quarter) and sales reaching $2.55 billion, short of the $2.63 billion in the Zacks consensus. Same-store sales swung to a slight negative versus expectations for slightly positive growth. Shares are -7% in after-market trading.
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Today, See These 5 Potential Home Runs >>Dell Technologies Inc. (DELL) : Free Stock Analysis Report
NVIDIA Corporation (NVDA) : Free Stock Analysis Report
Autodesk, Inc. (ADSK) : Free Stock Analysis Report
Ulta Beauty Inc. (ULTA) : Free Stock Analysis Report
Marvell Technology, Inc. (MRVL) : Free Stock Analysis Report
lululemon athletica inc. (LULU) : Free Stock Analysis Report
MongoDB, Inc. (MDB) : Free Stock Analysis Report
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