American Woodmark Corp.
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Tuesday, August 31, 2021 Futures Up/Down % Last Dow 37.00 0.10% 35,389 S&P 500 2.25 0.06% 4,527 Nasdaq -0.50 0.00% 15,597 U.S. equity futures are again extending gains as the backdrop remains the same, with softer bond yields boosting tech stocks after last night’s record high close, and as investors continue to bet on the prospect of central bank stimulus lasting over the final months of the year. The S&P 500 and the Nasdaq Composite added to their record-setting pace of gains on Monday, driven by a rally in information technology stocks, but the Dow Jones Industrial Average lagged behind its equity benchmark peers. The S&P 500 closed up 0.4% at around 4,529, establishing an intraday record high at 4,537.36, while the Nasdaq Composite Index ended 0.9% higher at roughly 15,266, following its own intraday record on Monday at 15,288.08. Growth stocks have led the market Friday and today, after Federal Reserve Chairman Jerome Powell recently stressed that the central bank should not overreact to a recent jump in inflation. While the central bank is expected to begin reducing its bond purchases later this year, Fed officials have emphasized that the timing of such a move won’t impact any later decision to raise interest rates from near zero. China’s post-COVID recovery appears to have stalled in August, with an official economic activity reading coming in barely above the 50-point mark that separates growth from contraction. Still overseas markets moved higher. In Asian markets, The Nikkei Index jumped 300 points to 28,8089, the Shanghai Index rose 15 points to 3,543 and the Hang Seng Index climbs 339 points (1.33%) to 25,878. In Europe, the German DAX is higher by about 30 points to 15,915, while the FTSE 100 is down about 30-points to 7,120. In stock news, shares of Zoom Video ($ZM), the face of the pandemic stay at home trade tumbled overnight on disappointing earnings results. Market Closing Prices Yesterday The S&P 500 Index gained 19.42 points, or 0.43%, to 4,528.79 The Dow Jones Industrial Average fell -55.96 points, or 0.16%, to 35,399.84 The Nasdaq Composite surged 136.39 points, or 0.90%, to 15,265.89 The Russell 2000 Index declined -11.16 points, or 0.49% to 2,265.99 Events Calendar for Today 7:45 AM ET ICSC Weekly Retail Sales 8:55 AM ET Johnson/Redbook Weekly Sales 9:00 AM ET CaseShiller 20 City Index for June…est. 1.8% 9:00 AM ET Monthly Home Price Index MoM for June 9:45 AM ET Chicago PMI for Aug…est. 68.0 10:00 AM ET Consumer Confidence for Aug…est. 124.0 4:30 PM ET API Weekly Inventory Data Earnings Calendar: Earnings Before the Open: $CHS, $DBI, $DXLG Earnings After the Close: $AMBA, $AMWD, $CAL, $CRWD, $PVH, $PYCR Other Key Events: Jefferies Semiconductor, IT Hardware & Comm Infrastructure Summit 2021 (virtual), 8/31-9/1 Citigroup Asia Tech, Media & telecom Virtual Conference, 8/27-8/31 Piper Sandler 2021 Texas Bank Forum (virtual), 8/30-9/1 Piper Houston E&P Bus Tour, 8/30-8/31 China Caixin Manufacturing PMI for Aug Macro Up/Down Last Nymex -0.59 68.62 Brent -0.45 72.96 Gold 6.50 1,816.85 EUR/USD 0.0034 1.1831 JPY/USD -0.03 109.89 10-Year Note +0.003 1.287% World News Chinese Manufacturing PMI Aug 50.1 vs. expected 50.2 and previous 50.4; the Non-Manufacturing PMI Aug 47.5 below expected 52.0 and prior reading of 53.3; the Composite PMI Aug 48.9 below previous 52.4 S. completes withdrawal of forces from Afghanistan after 20-year war; U.S. ends its military presence in Afghanistan on Tuesday with the final flight out of Kabul – Reuters Japan Aug consumer Conference lower:7 vs 37.5 previous; Japan July Housing Starts beat at 9.9% y/y vs 4.8% consensus; Japan July Unemployment Rate lower: 2.8% vs 2.9% consensus German Aug Unemployment Change lower: -53k vs -40k consensus; and German Aug Unemployment Rate lower: 5.5% vs 5.6% consensus Sector News Breakdown Consumer American Woodmark ($AMWD) Q1 adj EPS $0.70 vs. est. $1.48; Q1 revs $442.6M vs. est. $461.79M; said while delivering sales growth across all channels our adjusted EBITDA margins of 7.3% were below expectations Bed Bath & Beyond Inc. ($BBBY) announced that Cindy Davis has stepped down from her positions as Executive Vice President, Chief Brand Officer, and President of Decorist effective August 30, 2021. The Company also announced the appointment of Rafeh Masood, Executive Vice President and Chief Digital Officer, as Chief Digital Officer & interim Chief Brand Officer, to lead the combined brand, marketing and digital teams effective immediately. Performance Food Group ($PFGC) is moving into the S&P MidCap 400 following its planned acquisition of Core-Mark Holding Co. ($CORE) while taking CORE’s place in the SmallCap 600 is TreeHouse Foods ($THS), which is being displaced in the Midcap 400 by PFGC Energy, Industrials and Materials Nordson (NDSN) 3Q EPS $2.42 vs est. $2.08 on revs $647Mm vs est. $604.3Mm; guides FY revs +11-12% from 8%-10% and vs est. +10.3%, sees FY EPS $4.75-7.95 vs est. $7.58 ReneSola (SOL) Q2 adj EPS $0.11 vs. est. $0.05; Q2 revs $18.5M vs. est. $20.75M; sees Q3 revenue $19M-$21M vs. est. $26.93M; sees FY21 revenue $90M-$100M vs. est. $97.49M Saudi Aramco may reduce the official selling price of its flagship Arab Light crude by 58c/bbl from its previous month for October sales to Asia – Bloomberg Financials StoneCo (STNE) 2Q qtrly payment volume +58.6%, revs -8.1%, SMB net adds 188K; suspending Fy take rate and adjusted net margin views Tradeweb Markets (TW) announced it has appointed Sara Furber as its Chief Financial Officer, effective September 7, 2021. She succeeds Robert Warshaw, who will leave the company following a period of transition Healthcare Inspire Medical Systems, Inc. ($INSP) said that a Centers for Medicare and Medicaid Services ($CMS) panel has unanimously approved a recommendation to increase the previously proposed reimbursement for Inspire procedure performed in Ambulatory Surgical Centers (ASCs) as indicated on the CMS website as posted today. Ligand ($LGND) headed to the SmallCap 600 to replace Cincinnati Bell (CBB), which is to be acquired by Macquarie Infrastructure and Real Assets Galapagos ($GLPG) announced the planned retirement of CEO Onno van de Stolpe Sonnet ($SONN) announces successful completion of the discovery phase for its next preclinical pipeline candidate (SON-1410) Technology, Media & Telecom Zoom Video ($ZM) 2Q adj EPS $1.36 vs est. $1.16 on revs $1.022B vs est. $991Mm; guides 3Q total revs $1.015-1.02B vs est. $1.013B, sees 3Q adj EPS $1.07-1.08 vs est. $1.09; guides FY revs $4.005-4.015B vs est. $4.007B, sees FY adj EPS $4.75-4.79 vs est. $4.67; 2Q number of customers contributing more than $100,000 in TTM rev up 131% YoY; 2Q GAAP Operating Margin of 28.8% and Non-GAAP Operating Margin of 41.6% Yandex ($YNDX) said it would buy Uber’s ($UBER) stakes in their joint foodtech, delivery and self-driving businesses, and increase its stake in a mobility-focused joint venture as part of a $1 billion deal; YNDX added that it had received a call option to purchase Uber’s remaining stake in mobility businesses for up to $2 billion. Google ($GOOGL) will invest $1.2 billion by 2030 to expand its cloud computing infrastructure in Germany and to increase the use of renewable energy. Apple ($AAPL) and Google ($GOOGL) must allow developers to use other payment systems, new Korean law declares; South Korea will require the companies to allow competing payment systems, threatening their 30% cut of most in-app digital sales – WSJ https://on.wsj.com/3yx4Qc8 Digital Turbine ($APPS) is moving into the MidCap 400, to replace Ligand Pharmaceuticals ($LGND)
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/*============================================= = MORNING UPDATE - Thursday 05/27/21 = =============================================*/ Futures Up/Down % Last Dow -9.00 0.03% 34,271 S&P 500 -8.25 0.20% 4,184 Nasdaq -54.50 0.40% 13,646 Stock futures are edging slightly lower ahead of a busy morning of economic data, as investors await monthly GDP (2nd estimate for Q1 with estimate about 6.4% – in-line with prior reading), jobless claims data, durable goods and pending home sales. The narrative remains the same day after day as the U.S. economy continues to show improvement/rebound from pandemic lows, which has raised concerns over rising inflation and fears the Fed could pull back on its asset purchases/monetary policy – but most official have said over the last week they don’t feel it will be necessary to change course since rising price pressures likely will just be transitory. Market fears remain non-existent again as the CBOE Volatility Index (VIX) comes into the day below the 18 level (was above 27 just over a week ago). In Asian markets, The Nikkei Index fell -93 points to 28,549, the Shanghai Index rose 15 points to 3,608 and the Hang Seng Index fell -52 points to 29,113. In Europe, the German DAX is down over 40 points to 15,400, while the FTSE 100 is down a few points to 7,015. Stocks edged higher on Wednesday, with the SmallCap Russell 2000 index leading (up nearly 2%), and the tech heavy Nasdaq Composite, as markets were once again spurred by further reassuring talk from Federal Reserve officials that spiking inflation will be “transitory” with Treasury yields remaining lower. Fed Vice Chair Randal Quarles was the latest Fed official to ease worries about inflation. Outside of SmallCap and tech, momentum related sectors fueled the rally with social media “meme” stocks surging ($GME, $AMC, $EXPR, $KOSS), along with electric vehicle names and Bitcoin leveraged stocks. Events Calendar for Today 8:30 AM EST Gross Domestic Product (GDP) Q1 (2nd) …est. 6.5% 8:30 AM EST GDP Price Deflator Q1 (2nd) …est. 4.1% 8:30 AM EST GDP Consumer Spending for Q1 (2nd) 8:30 AM EST Core PCE Prices for Q1…est. 2.3% 8:30 AM EST PCE Prices Prelim for Q1 8:30 AM EST Weekly Jobless Claims…est. 425K 8:30 AM EST Continuing Claims…est. 3.68M 8:30 AM EST Durable Goods for April…est. 0.7% 8:30 AM EST Durable Goods Ex Transports for April…est. 0.8% 10:00 AM EST Pending Home Sales MoM for April…est. 0.8% 10:30 AM ET Weekly EIA Natural Gas Inventory Data 11:00 AM EST Kansas City Fed Manufacturing for May Earnings Calendar: Earnings Before the Open: $AMWD, $BBY, $BURL, $DG, $DLTR, $DXLG, $GCO, $HLNE, $MOV, $PLAN, $SAFM, $TITN Earnings After the Close: $ADSK, $BOX, $COST, $CRM, $DELL, $DOMO, $GPQ, $HPQ, $KRT, $LGF.A, $OLLI, $ULTA, $VEEV, $VMX, $YEXT Other Key Events: Goldman Sachs TechNet Conference Asia Pacific 2021 (virtual), 5/24-5/28 Microsoft Build Conference (virtual), 5/25-5/27 New Relic Future Stack Conference (virtual), 5/25-5/27 UBS Global Oil & Gas Conference (virtual), 5/25-5/27 Wolfe Research Transport & Industrials Conference (virtual), 5/25-5/27 Cowen Digital Dining Summit (virtual), 5/27 Market Closing Prices Yesterday The S&P 500 Index climbed 7.86 points, or 0.19%, to 4,195.99 The Dow Jones Industrial Average rose 10.59 points, or 0.03%, to 34,323.05 The Nasdaq Composite jumped 80.82 points, or 0.59%, to 13,738.00 The Russell 2000 Index surged 43.52 points, or 1.97% to 2,249.27 Macro Up/Down Last Nymex -0.48 65.73 Brent -0.50 68.37 Gold -1.00 1,895.70 EUR/USD 0.0012 1.2204 JPY/USD 0.02 109.17 10-Year Note +0.012 1.586% Sector News Breakdown Consumer American Eagle ($AEO) 1Q adj EPS $0.48 vs. est. $0.46 on revs $1.03B vs. est. $1.02B, says digital momentum continued with revs +57% (Aerie +158%, AE +20%); total inventory +2% vs 2019 Cavaco Industries ($CVCO) Q4 EPS $2.71 vs. est. $1.92; Q4 revs $306.5M vs. est. $293.79M; home sales order rates improved 50% over last year’s quarter; backlogs increased $131M during the quarter; Designer Brands ($DBI) 1Q adj EPS $0.12 vs. est. ($0.18) on sales $703.2Mm vs. est. $651Mm, comps +52.2% Elf Beauty ($ELF) Q4 adj EPS $0.71 vs. est. $0.10; Q4 sales $92.7M vs .est. $82.4M; sees 2022 adj EPS 64c-67c vs. est. 71c and sees year revs $343M-$350M vs. est. $334.3M; Q4 Selling, general and administrative expenses rose 23% to $57.9M Modine Manufacturing ($MOD) Q4 adj EPS $1.14 vs. est. $0.27; Q4 sales $514.9M vs. est. $493M; sees full-year 2022 YoY sales up 12%-18% William-Sonoma ($WSM) Q1 adj EPS $2.93 vs. est. $1.83; Q1 revs $1.75B vs. est. $1.52B; Q1 comp brand revenue growth accelerated to 40.4%, with all brands accelerating sequentially including West Elm at 50.9%, Pottery Barn at 41.3%, Williams Sonoma at 35.3% and Pottery Barn Kids and Teen at 27.6%; raising fiscal year 2021 outlook to low double-digit to mid-teen net revenue growth; for long-term, planning for net rev growth of mid-to-high single digits & non-Gaap operating margin expansion Azek ($AZEK) 15M share Secondary priced at $43.50 Crocs Inc. ($CROX) will replace Cantel Medical Corp. ($CMD) in the S&P MidCap 400, and Organogenesis Holdings Inc. ($ORGO) will take Crocs’ spot in the S&P SmallCap 600 before trading opens on June 2, according to S&P Dow Jones Indices. Energy, Industrials and Materials Vertex Energy ($VTNR) surged after hours after agreeing to acquire the Mobile refinery in Alabama from Royal Dutch Shell (RDS.A) for $75M Ranpak Holdings ($PACK) 5M share Spot Secondary priced at $21.00 The Department of Homeland Security issued a new security directive for pipeline owners and operators on Thursday after a hack of the Colonial Pipeline disrupted fuel supplies in the southeastern United States for days this month Healthcare Change Healthcare ($CHNG) 4Q adj EPS $0.42 vs. est. $0.36 on revs $855.2Mm vs. est. $840.2Mm; says due to recently announced transaction with Optuminsight, will no longer by providing guidance Ironwood Pharmaceuticals ($IRWD) announces agreement with Teva (TEVA) involving Linzess® (linaclotide) 72 mcg dosage strength Myovant Sciences ($MYOV) and Pfizer ($PFE) receive FDA approval for Myfembree®, the first once-daily treatment for heavy menstrual bleeding associated with uterine fibroids Nextgen Healthcare ($NXGN) Q4 adj EPS 21c vs. est. 19c; Q4 revs $144.2M vs. est. $140.1M; sees FY22 adj EPS 89c-95c vs. est. 99c; sees FY22 revs $574M-$584M vs. est. $577.2M; Subscription services revenue in Q4 generated $38.2M, or 16% growth over the prior year period, driven by demand for patient experience-related solutions. Day One ($DAWN) 10M share IPO priced at $16.00 Oak Street Health ($OSH)05M share secondary priced at $62.00 Ocugen ($OCGN) says it is on track to submit emergency use authorization application (EUA) to U.S. FDA for its COVID-19 vaccine, Covaxin, in June; awaiting feedback from FDA after master file regarding vaccine was submitted in March R1 RCM ($RCM) 15M share secondary priced at $22.50 Singular Genomics Systems ($OMIC)2M share IPO priced at $22.00 VIR Biotech ($VIR) received FDA emergency use approval for its antibody treatment co-developed with Glaxo ($GSK) to treat mild-to-moderate COVID-19 in people aged 12 years and older Technology, Media & Telecom NVIDIA ($NVDA) Q1 non-Gaap EPS $3.66 vs. est. $3.28; Q1 revs $5.66B vs. est. $5.41B; qtrly data center revenue of $2.05B, up 79% from a year earlier; Q1gaming revenue of $2.76B, up 106% from a year earlier; sees Q2 revs expected to be $6.30B, plus or minus 2% vs. est. $5.5B; Q2 Gaap and non-Gaap gross margins are expected to be 64.6% and 66.5%, respectively, plus or minus 50 bps after Q1 margins 64.1% vs 65.1% YoY and Q1 non-Gaap gross margin 66.2% vs 65.8% YoY Disneyland ($DIS) to allow non-California guests starting on June 15; Disneyland extends reservation window to 120 days DXC Technology ($DXC) Q4 adj EPS 74c vs. est. 70c; Q4 revs $4.385B vs. est. $4.28B; Q4 bookings were $4.7B; sees FY22 adj EPS $3.45-$3.65 vs. est. $3.44; sees FY22 revenue $16.6B-$16.8B vs. est. $16.91B Nutanix ($NTNX) Q3 adj EPS loss (41c) vs. est. loss (49c); Q3 revs $344.5M vs. est. $334.45M; Q3 billings down 3.2% YoY to $371.1M; guides Q4 ACV billings $170M-$175M and Q4 adjusted gross margin roughly 81.5%-82% Okta Inc. ($OKTA) 1Q adj EPS ($0.10) vs. est. ($0.20) on revs $251Mm vs. est. $238.3Mm; guides 2Q adj EPS loss $0.35-0.36 vs. est. loss $0.11, sees 2Q revs $295-297Mm vs. est. $258.2Mm; guides FY adj EPS loss $1.13-1.16 vs. est. loss $0.44, sees FY revs $1.215-1.225B vs. est. $1.09B; says CFO stepping down June 1st, Brett Tighe (Treasurer) will be interim CFO Ooma Inc. ($OOMA) Q1 EPS $0.11c vs. est. $0.08; Q1 revs $45.6M vs. est. $44.31M; sees Q2 EPS 8c-10c vs. est. 6c; guides Q2 revs $46.0M-$46.8M vs. est. $45.12M; sees FY22 EPS 30c-38c vs. est. 29c; sees year revs $185M-$187M vs. est. $183.64M Pure Storage ($PSTG) Q1 adj EPS 0c vs. est. loss (6c); Q1 revs $412.7M vs. est. $403.91M; sees Q2 revs $470M vs. est. $455.85M; sees Q2 non-GAAP operating income $15M; Q1 Subscription services revenue $162.8 million, up 35% YoY; Q1 GAAP gross margin 68.3%; non-GAAP gross margin 70.5% QAD Inc. ($QADA) 1Q EPS $0.09 vs. est. $0.12 on revs $83Mm vs. est. $78.9Mm, subscription revs $36.7Mm; guides 2Q subscription revs $38.5Mm, maintenance revs $26zmm, sees 2Q op income $1Mm incl stock comp exp $5Mm; guides FY subscription revs $160Mm, maintenance revs $102Mm, op inc $12Mm incl stock comp exp $17Mm Snowflake ($SNOW) 1Q EPS ($0.70) vs. est. ($0.16) on revs $228.9Mm vs. est. $212.9Mm, qtr-end total customers were 4,532; guides 2Q product revs $235-240Mm vs. est. $251Mm; guides FY product revs $1.02-1.04B vs. est. $1.09B Workday ($WDAY) 1Q adj EPS $0.87 vs. est. $0.73 on revs $1.18B vs. est. $1.16B, qtrly subscription revs $1.03B +17%; guides 2Q subscription revs $1.095-1.097B; raises FY subscription revs guide to $4.425-$4.44B, raises FY adj op mgn guide to 18-19%; Zuora ($ZUO) 1Q adj EPS ($0.02) vs. est. ($0.04) on revs $80.3Mm vs. est. $79Mm; guides 2Q adj EPS loss $0.04-0.03 vs. est. loss $0.02, sees 2Q revs $82.5-84.5Mm vs. est. $81.8Mm; guides FY adj EPS loss $0.10-0.06 vs. est. loss $0.08, sees FY revs $337-339Mm vs. est. $336.3Mm FIGS ($FIGS)4M share IPO priced at $22.00 Thryv Holdings ($THRY)24M share Secondary priced at $23.50
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American Woodmark Corporation manufactures and distributes kitchen, bath and home organization products for the remodeling and new home construction markets. Its products are sold on a national basis directly to home centers, builders and through a network of independent dealers and distributors. At January 31, 2021, the Company operated seventeen manufacturing facilities in the United States and Mexico and eight primary service centers and one distribution center located throughout the United States.
CEO: S. Cary Dunston
HQ: 3102 Shawnee Dr Winchester, 22601-4208 Virginia