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Friday, August 27, 2021 Futures Up/Down % Last Dow 84.00 0.24% 35,244 S&P 500 13.25 0.30% 4,479 Nasdaq 54.50 0.35% 15,328 U.S. futures are pointing to a rebound for U.S. stocks as markets prepare for a speech from Federal Reserve Chairman Jerome Powell that could provide with clues about the central bank’s timeline for pulling back on stimulus. The yield on the benchmark 10-year Treasury dipped Friday to 1.345% as investors awaited Powell’s speech at the Jackson Hole symposium, while U.S. stocks bounce after yesterday’s decline. Wall Street closed lower on Thursday, ending a streak of all-time closing highs on concerns over developments in Afghanistan, while fears of a potential shift in U.S. Federal Reserve policy prompted a broad but shallow sell-off. All three major U.S. stock indexes ended the session in the red, with the S&P and the Nasdaq notching their first down day in six. The sell-off firmed after hawkish commentary Dallas President Robert Kaplan who said he believes the economic recovery warrants tapering to commence in October, St. Louis’s James Bullard called for a start in the fall, while Kansas City’s Esther George said a move should be made sometime this year (none are policy voters in 2021). Meanwhile, the economy grew at a slightly faster pace than originally reported in the second quarter, fully recovering its losses from the most abrupt downturn in U.S. history, according to the Commerce Department. But jobless claims, though still on a downward trajectory, ticked higher last week. In Asian markets, The Nikkei Index fell -101 points to 27,641, the Shanghai Index rose 20 points to 3,522, and the Hang Seng Index was down slightly at 25,407. In Europe, the German DAX is little changed at 15,790, while the FTSE 100 is also little changed at 7,125. Events Calendar for Today 8:30 AM ET Personal Income MoM for July…est. 0.2% 8:30 AM ET Personal Spending MoM for July…est. 0.3% 8:30 AM ET PCE Price Index MoM for July…est. 8:30 AM ET PCE Price Index YoY for July 8:30 AM ET Core PCE Price Index MoM for July…est. 0.3% 8:30 AM ET Core PCE Price Index YoY for July…est. 3.6% 8:30 AM ET Advance Goods Trade Balance for July 10:00 AM ET University of Michigan Confidence, Aug-F…est. 70.7 1:00 PM EST Baker Hughes Weekly rig count data Earnings Calendar: Earnings Before the Open: BIG, HIBB Other Key Events: UBS China Telco, Media, Internet Virtual Conference 2021, 8/23-8/27 Jackson Hole 2021 Economic Policy Symposium, 8/26-8/28 Market Closing Prices Yesterday The S&P 500 Index slumped -26.19 points, or 0.58%, to 4,470.00 The Dow Jones Industrial Average fell -192.38 points, or 0.54%, to 35,213.12 The Nasdaq Composite dropped -96.05 points, or 0.64%, to 14,945.81 The Russell 2000 Index declined -25.29 points, or 1.13% to 2,213.98 Macro Up/Down Last Nymex 1.10 68/52 Brent 1.06 72.13 Gold 2.85 1,795.25 EUR/USD 0.0005 1.1757 JPY/USD 0.04 110.13 10-Year Note +0.00 1.344% Sector News Breakdown Consumer Gap Inc. ($GPS) 2Q adj EPS $0.70 vs est. $0.46 on revs $4.2B vs est. $4.13B, Gap global comps -5%, ON global comps flat; guides FY adj EPS $2.10-2.25 from $1.60-$1.75 and vs est. $1.80, sees FY sales about +30% vs est. +24.3% Peloton ($PTON) disappoints as misses top/bottom line, slashes price on bikes and warns of higher costs; 4Q revs $937Mm vs est. $927.2Mm, EPS loss ($1.05) vs est. ($0.45), 4Q avg net monthly connected fitness churn 0.73%; guides 1Q revs about $800Mm below est. $1B; identified material weakness over financial reporting with respect to identification and valuation of inventory; won’t result in any restatements of historical results Big Lots ($BIG) shares fall -8%; Q2 EPS $1.09 vs. est. $1.13; Q2 revs $1.46B vs. est. $1.48B; Q2 comp store sales fell (-13.2%) vs. est. decline (-11.4%); sees Q3 EPS loss (20c-10c) vs. est. +$0.09; expects full-year EPS of $5.90 to $6.05, which is below expectations of $6.66 Hibbett Sports ($HIBB) Q2 EPS $2.86 vs. est. $1.42; Q2 revs $419.3M vs. est. $320.89M; Q2 comp store sales fell (-6.4%) as brick-and-mortar comparable sales declined (-3.8%) and e-commerce sales decreased (-20.4%); raises FY22 GAAP EPS view to $11.00-$11.50 from $8.50-$9.00 (est. $9.19); raises year comp sales view to positive mid-teens, up from prior range of positive high-single digits to positive low-double digits F45 Training Holdings Inc. ($FXLV) 2Q EPS ($1.04) vs est. $0.02 on revs $26.8Mm vs est. $24.5Mm, comps +126%; guides FY revs $132-137Mm vs est. $131.5Mm Ollie’s Bargain ($OLLI) Q2 adj EPS $0.52 vs. est. $0.55; Q2 revs $415.9M vs. est. $435.9M; Q2 comp store sales down (-28.0%) from prior year Energy, Industrials and Materials Select Energy ($WTTR) files to sell 3.6M shares of Class A common stock for holders Financials WesBanco Inc. ($WSBC) board authorized adoption of new stock repurchase plan for purchase of up to an additional 3.2 mln shares WEX Inc. ($WEX), announced that its Board of Directors has extended its share repurchase program that was initiated in 2017 and was set to expire on September 30, 2021. Under the renewed repurchase program, the Company may repurchase up to $150 million worth of the company’s common stock. Technology, Media & Telecom com Holdings ($BILL) Q4 Non-GAAP EPS loss (-$0.07) vs. est. loss (-$0.04); Q4 revs rose 86% to $78.3M vs. est. $62.1M; Q4 Organic Core Revenue Increased 73% YoY; Q4 Transaction Fees Increased 204% YoY; Subscription fees were $31.2M, up 32% YoY; sees Q1 EPS loss 921c-20c) on revs %=$103.2M-$104.2M vs. est. loss (5c) and $67.8M Dell Inc. ($DELL) Q2 Non-GAAP EPS $2.24 vs. est. $2.03; Q2 revs $26.1B vs. est. $25.53B; client solutions group revenue for q2 was up 27% to $14.3B; said qtrly VMware revenue was $3.15B, up 8%; said expects to pay down at least $16.0B in debt for FY 2022; ended qtr with remaining performance obligations of $46B, up 24% and cash and investments of $13.6B Domo Inc. ($DOMO) 2Q adj EPS ($0.30) vs est. ($0.36) on revs $62.8Mm vs est. $60.9Mm; guides 3Q revs $63.5-64.5Mm vs est. $63.4Mm, sees adj EPS loss $0.33-0.37 vs est. loss $0.37; guides FY adj EPS loss $1.31-1.39 vs est. loss $1.34 Hewlett-Packard ($HPQ) 3Q adj EPS $1.00 vs est. $0.84 on revs $15.3B vs est. $15.9B; guides 4Q adj EPS $0.84-0.90 vs est. $0.81; guides FY adj EPS $3.69-3.75 vs est. $3.49 Marvell Technology (MRVL) Q2 adj EPS $0.34 vs. est. $0.31; Q2 revs $1.076B vs. est. $1.08B; sees Q3 EPS $0.10 plus/minus $0.04 vs. est. $0.37; sees Q3 revs $1.145B plus/minus 3% vs. est. $1.15B NXP Semiconductor ($NXPI) approved a $2 bln expansion of its 2021 share repurchase program and has approved payment of an interim dividend of $0.5625 per ordinary share for Q3 VMWare ($VMW) Q2 Non-GAAP EPS $1.75 vs. est. $1.64; Q2 revs $3.14B vs. est. $3.1B; said Q2 Subscription and SaaS ARR increasing 26% year-over-year to $3.2 billion; said remain on track for planned spin-off from Dell Technologies Inc. in early Nov 2021; combination of subscription and SaaS and license revenue was $1.51 billion, an increase of 12% QoQ; subscription and SaaS revenue for Q2 was $776 million, an increase of 23% YoY Workday ($WDAY) Q2 EPS $1.23 vs. est. $0.78; Q2 revs $1.26B vs est. $1.24B, subscription revs $1.11B +19.5%; qtr end subscription revenue backlog $10.58B +23.1%; adj op margin 23.2% vs est. 19.6% Mogu ($MOGU) announces new $10M share repurchase program Apple Inc ($AAPL) on Thursday said it had reached a proposed settlement on a class-action lawsuit brought by small developers on its App Store and would make changes to its business as a result. Alibaba ($BABA) shares fall after China is seeking to tighten oversight of the algorithms technology companies use to drive their business, issuing far-reaching draft rules in Beijing’s latest move to crackdown on its internet sector.
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/*============================================= = FRIDAY - 05/28221 Morning = =============================================*/ U.S. futures adding to yesterday gains, looking higher across the board ahead of another busy morning of economic data, as the S&P 500 look to close out May with its 4th straight monthly advance. Improving sentiment about the economic recovery, an accommodative Fed, improving earnings results this past quarter as companies come out of the pandemic and bullish market momentum has fueled the market rally. Reports yesterday indicated that President Joe Biden will unveil a budget of $6 trillion in the coming fiscal year, which help boosted equities, particularly those that would benefit most from increased federal spending. SmallCap stock have been the biggest beneficiaries this week as the Russell 2000 index comes into the trading day with a 2.6% advance this week. Still absolutely no concern or fear in the market with the CBOE Volatility index (VIX) holding around 16.75 (down from levels around 27 just 2-weeks ago). In Asian markets, The Nikkei Index jumped 600 points to 29,149, the Shanghai Index dipped -8 points to 3,600 and the Hang Seng Index inched higher 11 points to 29,124. In Europe, the German DAX is up 75 points to 15,480, while the FTSE 100 is up a few points to 7,025. Market Closing Prices Yesterday The S&P 500 Index edged higher 4.89 points, or 0.12%, to 4,200.88 The Dow Jones Industrial Average rose 141.59 points, or 0.41%, to 34,464.64 The Nasdaq Composite dipped -1.72 points, or 0.01%, to 13,736.28 The Russell 2000 Index advanced 23.80 points, or 1.06% to 2,273.07 Events Calendar for Today 8:30 AM EST Personal Income MoM for April…est. -14.1% 8:30 AM EST Personal Spending MoM for April… 8:30 AM EST PCE Price Index MoM for April 8:30 AM EST PCE Prices Index YoY for April 8:30 AM EST Core PCE Price Index MoM for April…est. 0.6% 8:30 AM EST Core PCE Prices Index YoY for April…est. 2.9% 8:30 AM EST Advance Goods Trade Balance for April…prior -$90.6B 9:45 AM EST Chicago PMI for May…est. 68.0 10:00 AM EST University of Michigan Sentiment, May-F…est. 82.9 1:00 PM EST Baker Hughes Weekly rig count data Earnings Calendar: Earnings Before the Open: BIG, CAL, HIBB Macro Up/Down Last Nymex 0.25 67.10 Brent 0.17 69.63 Gold -2.75 1,893.75 EUR/USD -0.0006 1.2189 JPY/USD 0.06 109.87 10-Year Note +0.001 1.611% World News The U.S. Senate on Thursday advanced a sweeping package of legislation intended to boost the country’s ability to compete with Chinese technology, as Congress increasingly seeks to take a tough line against Beijing. Senators voted 68-30 to end debate on the $250 billion U.S. Innovation and Competition Act of 2021 Sector News Breakdown Consumer Big Lots ($BIG) Q1 EPS $2.62 vs. est. $1.69; Q1 revs $1.63B vs. est. $1.53B; Q1 comp sales rose 11.3%; sees Q2 EPS in the range of $1.00 to $1.15 (est. $1.04), based on a low double digit comparable sales decline which equates to a two-year stacked comparable sales increase of around 20% Hibbett Sports (HIBB) Q1 EPS $5.00 vs. est. $2.77; Q1 revs $506.9M vs. est. $412.92M; Q1 comp sales jumped 87.3%; raises FY22 EPS view to $8.50-$9.00 from $5.00-$5.50 (est. $5.80); says year comp sales vs. the prior year are expected to be in a range from positive high-single digits to positive low-double digits, up from previous guidance of negative low-single digits to positive low-single digits Costco ($COST) Q3 EPS $2.75 vs. est. $2.34; Q3 revs $44.38B vs. est. $43.64B; Q3 total comp sales ex-fuel +15.1% vs. est. 12.7%; comparable sales including gas up 20.6% vs. est. 16%; Q3 comparable e-commerce sales up 41.2%; Q3 Membership fees $901 million, +11% YoY Gap Stores ($GPS) Q1 adj EPS 48c vs. est. loss (5c); Q1 revs $4B vs. est. $3.44B; expects fiscal 2021 net sales to grow in the low-to-mid 20% range from a year ago, compared with its prior projection of mid-to-high teens (est. 17.85); raises year EPS view to $1.55-$1.70 from its prior forecast of $1.20-$1.35; Q1 Gap comp sales up 28% YoY, old Navy comps 27% Guess Inc. ($GES) Q1 adj EPS 21c vs. est. loss (19c); Q1 revs $520M vs. est. $497.44M; says not providing detailed guidance for q2 or full fiscal year; sees Q2 revs to be down mid-single digits versus Q2 of fiscal 2020; said Q1 Americas retail comp sales including e-commerce increased 6% in U.S. dollars and 5% in constant currency; says for FY22 revs expect revenues to be down mid-single digits versus fiscal 2020 Ollie’s Bargain ($OLLI) Q1 EPS 80c vs. est. 63c; Q1 revs $452.5M vs. est. $422.07M; Q1 comp store sales increased 18.8% vs. est. 9.6%; opened 11 new stores, including two relocations, ending the quarter with 397 stores in 25 states, a year-over-year increase in store count of 10.3%; still not providing guidance for the year O’Reilly Automotive ($ORLY) increases buyback authorization by $1.5B Tesla ($TSLA) Model 3 loses CR top pick status and IIHS safety award after dropping features – Consumer Reports Ulta Beauty ($ULTA) Q1 EPS $4.10 vs. est. $1.92; Q1 sales $1.9B vs. est. $1.64B; Q1 comp sales surged 65.9% driven by a 52.5% increase in transactions and an 8.8% increase in average ticket; raises year outlook; boosts FY21 EPS view to $11.50-$11.95 from $8.85-$9.30 (est. $9.85) and raises FY21 revenue view to $7.7B-$7.8B from $7.2B-$7.3B (est. $7.41B) Energy, Industrials and Materials Boeing Co. ($BA) has halted deliveries of its 787 Dreamliners, adding fresh delays for customers following a recent five-month suspension in handing over the aircraft due to production problems, the WSJ reported. Federal air-safety regulators have requested more information about Boeing’s proposed solution to address the previously identified quality lapses https://on.wsj.com/3fQaDm7 Jacobs ($J) was awarded the Idaho Cleanup Project (ICP) at the Idaho National Laboratory (INL), and estimates the contract value at $6.4 billion, to be awarded over a 10-year period. LyondellBasell ($LYB) boosts quarterly dividend by 7.6% to $1.13 per share Titan Machinery ($TITN) upgraded to Overweight from Equal Weight at Stephens and raise tgt to $40 from $26 Healthcare Biohaven Pharmaceutical Holding Company Ltd. (BHVN) said the FDA has approved NURTEC(R) ODT (rimegepant 75 mg) for the preventive treatment of migraine Bristol Myers ($BMY) said the FDA approves its Zeposia® (ozanimod), an oral treatment for adults with moderately to severely active ulcerative colitis1 Centessa Pharma ($CNTA)5M share IPO priced at $20.00 Technology, Media & Telecom Autodesk ($ADSK) Q1 non-Gaap EPS $1.03 vs. est. $0.94; Q1 revs $989M vs. est. $965.2M; Total billings increased 10 percent to $974M; remain on track to achieve our fy23 financial goals; raising our fy22 revenue guidance to reflect a partial year contribution from acquisitions; qtrly subscription plan revenue was $948 mln, an increase of 18% as reported Box Inc. ($BOX) Q1 adj EPS 18c vs. est. 17c; Q1 revs $202.4M vs. est. $200.48M; Q1 Billings were $159.4M, up 24% YoY; mixed guidance as cuts FY22 adjusted EPS view to 71c-76c from 76c-81c (est. 80c) though boosts FY22 revs view to $845M-$853M from $840M-$848M (est. $844.71M) Dell Inc. ($DELL) Q1 adj EPS $2.13 vs. est. $1.61; Q1 revs $24.5B vs. est. $23.4B; revised debt paydown target for fy22 to at least $16b upon completion of spin-off of VMW; Q1 Product revenue was $18 billion, up 12%; services revenue was $6.5 billion, up 10%; Gross margin was flat with a year ago, at 31%; noted that cash flow from operations over the past 12 months was a record $14.4 billion; Dell’s Client Solutions Group (PC business), had revenue of $13.3 billion, up 20%, operating income for the group was $1.1 billion, up 84%. Domo Inc. ($DOMO) 1Q adj EPS ($0.26) vs. est. ($0.43) on revs $60.1Mm vs. est. $57.5Mm; guides 2Q revs $60-61Mm vs. est. $59.7Mm, sees 2Q adj EPS loss $0.35-0.39 vs. est. loss $0.40; guides FY revs $246-252Mm vs. est. $246Mm, sees FY adj EPS loss $1.33-1.41 vs. est. loss $1.54 HP Inc. ($HPQ) Q2 EPS 93c vs. est. 89c; Q2 revs 15.88B vs. est. $15B; net cash provided by operating activities in Q2 was $1.4B; Printing revenue rose 28% in the most recent quarter, driven by a 77% increase in consumer revenue; raised profit projections for the year, saying it now expects $3.24-$3.34 a share, or $3.40-$3.50 as adjusted, vs. previously projected $2.98-$3.08, or $3.15-$3.25 adj Lions Gate ($LGF) Q4 adj EPS 0c vs. est. loss (31c); Q4 revs $876.4M vs. est. $809.31M; global streaming subscribers increased 69% year over year to 16.7 mln at qtr end; says enter FY22 with full content pipelines and with STARZ projected to achieve even better net subscriber adds domestically and internationally than in FY21 com ($CRM) Q1 adj EPS $1.21 vs. est. $0.88; Q1 revs $5.96B vs. est. $5.89B; said raising our revenue guidance for this fiscal year by $250 million to approximately $26 billion and non-GAAP operating margin to 18%; sees Q2 EPS 91c-92c vs. est. 86c; sees Q2 revs $6.22B-$6.23B vs. est. $6.15B; raises FY22 adjusted EPS view to $3.79-$3.81 from $3.39-$3.41 Veeva Systems ($VEEV) Q1 adj EPS 91c vs. est. 78c; Q1 revs $433.6M vs. est. $410.03M; guides s Q2 adj EPS 85c-86c vs. est. 80c; sees Q2 revs $450M-$452M vs. est. $427.46M; sees FY22 adj EPS $3.49 vs. est. $3.24; sees FY22 revs $1.815B-$1.825B vs. est. $1.76B VMWare ($VMW) Q1 EPS $1.76 vs. est. $1.73; Q1 revs $2.9BB vs. est. $2.98B; Q1 combination of subscription and SaaS and license revenue was $1.39B, an increase of 12% YoY; Subscription and SaaS revenue for the first quarter was $741M, an increase of 29% year-over-year; boosts FY22 revenue view to $12.8B from $12.7B Yext Inc. ($YEXT) Q1 EPS loss (2c) vs. est. loss (6c); Q1 revs $92.0M vs. est. $88.55M; sees Q2 non-GAAP EPS loss of (9c)-(7c) vs. est. loss (5c); sees Q2 revs $94M-$96M vs. est. $92.96M; Q1 Total Customer Count Increased 22% Year-over-Year to Over 2,500; Q1 ARR rose 14% YoY to 4370M; raises FY22 revenue view to $381M-$386M from $375M-$380M (est. $377.75M)
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Some implied moves for #earnings next week - 470 companies reporting(1of3):$MELI 8.7% $LMND 15.9% $DDD 16.8% $SILK 13.2% $SWCH 9.9% $SRPT 7.9% $IPI 20.3% $ANF 12.5% $AZO 5.6% $CHS 35.3% $IGT 14.9% $LL 14.6% $VEEV 9.8% $AMBA 12.7% $DLTR 7.3% $WEN 7.9% $DY 15.3% $MRVL 7.9% $SE 11.6% $FUBO 11.9% $SNOW 11.6% $AVGO 5.6% $COST 3.8% $NIO 15.9% $ZM 12.9% $OKTA 8.0% $SPLK 10.1% $TGT 6.7% $AEO 8.9% $KSS 10.6% $BOX 12.4% $JWN 13.3% $WKHS 19.5% $SSYS 14.6% $CDLX 20.5% $YEXT 14.7% $BJ 11.3% $KR 5.6% $CIEN 9.6% $MIK 22.5% $BURL 7.2% $BZUN 17.0% $PRPL 18.3% $SDC 15.7% $SWBI 19.3% $HEAR 20.7% $BIG 16.4% $HIBB 15.9% $RUTH 15.1% $GSX 15.6% $NVAX 13.6%
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Hibbett, headquartered in Birmingham, Alabama, is a leading athletic-inspired fashion retailer with 1,067 stores under the Hibbett Sports and City Gear brands, primarily located in small and mid-sized communities. Founded in 1945, Hibbett has a rich history of convenient locations, personalized customer service and access to coveted footwear and apparel from top brands like Nike, Jordan and adidas.
CEO: Michael Longo
HQ: 2700 Milan Ct Birmingham, 35211 Alabama