It’s a big morning for earnings reports, perhaps the final flurry of retail companies posting results from a mixed — but mostly successful — fiscal Q3 ahead of the opening bell. Pre-market futures are mixed, with the Dow and small-cap Russell 2000 — both coming off record closing highs yesterday — trading lower by -150 points and -9 points, respectively. The S&P 500 is up +13 and the Nasdaq +58.
Earnings Report Roundup: M, ANF, DKS, BBY
Macy’s (M) delayed releasing its full quarterly earnings report this morning, after saying a former employee of the big-box retailer has hid up to or more than $150 million, thus potentially skewing bottom-line numbers. Revenues were pre-reported at $4.742 billion, above the $4.72 billion expected but -2.4% from the year-ago quarter.
Abercrombie & Fitch (ANF) shares were flat immediately after its very successful Q3 earnings report this morning, with earnings of $2.50 per share speeding past the $2.32 of the Zacks consensus. But the Zacls Rank #2 (Buy)-rated stock is now up +4% in early trading. Revenues of $1.21 billion beat expectations by +2.37%, and the apparel icon raised forward guidance. Comps rose an impressive +16% from the year-ago quarter. Shares had already been up +69% year to date.
Dick’s Sporting Goods (DKS) posted its typical beat across the board, with earnings of $2.75 per share outpacing the Zacks consensus by 7 cents, and sales of $3.06 billion surpassing its estimate by +1.25%. Comps were up more than +4% more the third-straight quarter, and the company said in its press release that it does not have much exposure to tariffs expected to affect China, Canada and elsewhere.
Best Buy (BBY) shares, however, are trading down -5% at this hour after breaking its streak of 9-straight quarters with an earnings beat; its $1.26 per share missed expectations by 4 cents, and $9.45 billion in quarterly sales was beneath the $9.63 billion anticipated. Comps guidance is lower than analysts had been projecting, so the stock’s Zacks Rank #2 looks like it may be in jeopardy.
More Earnings After Today’s Close
We’ll see more earnings results on this final flurry of Q3 earnings season after today’s close. Dell Technologies (DELL) and Urban Outfitters (URBN) are among those well-known names posting results this afternoon.
After the opening bell, we expect Consumer Confidence numbers for November and New Home Sales for October. This afternoon, minutes of the latest FOMC meeting, where the Fed lowered interest rates 25 basis points to a range of 4.50-4.75%. Will there be some indication this will be the final move the Fed makes for 2024?
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>Macy's, Inc. (M) : Free Stock Analysis Report
Abercrombie & Fitch Company (ANF) : Free Stock Analysis Report
Best Buy Co., Inc. (BBY) : Free Stock Analysis Report
Dell Technologies Inc. (DELL) : Free Stock Analysis Report
Urban Outfitters, Inc. (URBN) : Free Stock Analysis Report
DICK'S Sporting Goods, Inc. (DKS) : Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
