Shoe Carnival, Inc.
25.03 - 26.9368
25.03 - 45.98
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/*============================================= = Tuesday, June 22, 2021 = =============================================*/ Futures Up/Down % Last Dow -15.00 0.04% 33,746 S&P 500 -2.25 0.05% 4,211 Nasdaq -4.50 0.03% 14,126 U.S. stock futures are looking flat to down slightly ahead of testimony from Federal Reserve Chairman Jerome Powell, who is expected to tell Congress the economy has shown “sustained improvement” but that the recovery has accelerated inflation – similar comments from last week’s FOMC meeting results. Stocks surged on Monday as the Dow completed its strongest session in over three months as investors piled back in to cyclical stocks as energy, transports, industrials and financials outperformed. The small-cap Russell 2000 and the Dow Jones Transports Average, barometers of economic health, both jumped about 2%. The gains were a sharp reversal from last week, when the Fed’s hawkish signals on monetary policy sparked a round of profit taking that wiped out value stocks’ lead over growth this month and triggered the worst weekly performance for the Dow and the S&P 500 in months. All 11 S&P 500 sector indexes rose on Monday led by energy jumping 4.3% followed by financials up 2.4%. In Asian markets, The Nikkei Index jumped 873 points to 28,884, the Shanghai Index gained 28 points to 3,557, and the Hang Seng Index declined -179 points to settle at 28,309. In Europe, the German DAX is down about -10 points to 15,590, while the FTSE 100 is up around 20 points to 7,080. Bitcoin fell as much as 4.3% Tuesday to $31,171 after People’s Bank of China reiterated its ban on crypto services on Monday, while the rest of the crypto space also declines. Market Closing Prices Yesterday The S&P 500 Index jumped 58.34 points, or 1.40%, to 4,224.79 The Dow Jones Industrial Average surged 586.89 points, or 1.76%, to 33,876.97 The Nasdaq Composite climbed 111.10 points, or 0.79%, to 14,141.48 The Russell 2000 Index advanced 48.35 points, or 2.16% to 2,286.09 Events Calendar for Today 7:45 AM ET ICSC Weekly Retail Sales 8:55 AM ET Johnson/Redbook Weekly Sales 10:00 AM ET Existing Home Sales MoM for May…est. 5.72M 10:00 AM ET Richmond Fed Index for June…prior reading 18 4:30 PM ET API Weekly Inventory Data Earnings Calendar: Earnings Before the Open: $KFY, $JRSH Earnings After the Close: none Other Key Events: Goldman Sachs 17th Business Services, Transport & Leisure Conference (virtual), 6/21-6/23 Raymond James Human Health Innovation Conference (virtual), 6/21-6/23 Roth London Conference (virtual), 6/21-6/23 Jefferies Consumer Conference (virtual), 6/22-6/23 JPMorgan 2021 Energy, Power & Renewables Conference (virtual), 6/22-6/23 JPMorgan Payment & FinTech Forum (virtual), 6/23-6/24 Sidoti Investor Conference (virtual), 6/23-6/24 Macro Up/Down Last Nymex -0.49 73.17 Brent -0.39 74.51 Gold 1.30 1,784.20 EUR/USD -0.0026 1.1893 JPY/USD 0.12 110.39 10-Year Note -0.013 1.472% Sector News Breakdown Consumer Sanderson Farms Inc. ($SAFM) is exploring a sale, according to people familiar with the matter, as demand for chicken products rises, the WSJ reported late yesterday. Sanderson Farms has tapped Centerview Partners for advice on the potential sale and has attracted interest from suitors including agricultural investment firm Continental Grain Co., which owns a smaller chicken processor https://on.wsj.com/3gKGhmH Shoe Carnival ($SCVL) announces a two-for-one stock split; guides year EPS above $6.00 vs. est. 45.34 and year sales above $1.15B vs. est. $1.13B Nikola ($NKLA) registers 18M shares for shareholder Tumim Stone Capital at $16.33 for a total value of $294M (recall on 6/14: NKLA announced purchase agreement w Tumim Stone Cap to buy up to $300M in NKLA shares) P&O Cruises, a part of Carnival Corporation ($CCL) unveils re-start plan for the remainder of 2021 and early 2022. Energy, Industrials and Materials OPEC+ is discussing a further easing of oil output cuts from August as oil prices rise on demand recovery, but no decision had been taken yet on the exact volume to bring back to the market, two OPEC+ sources said, Reuters reported. OPEC+ is returning 2.1 million (bpd) to the market from May through July as part of a plan to gradually unwind last year’s record oil output curbs Russian producers see August as a good time to further ease oil output cuts despite the expected return of Iranian oil to the market as the market is in deficit, an industry source told Reuters According to a report from Politico, the Biden administration is considering barring imports of polysilicon from Xinjiang, China, which produces about 45% of the world’s supply of solar-grade polysilicon. A ban could also undermine Biden’s aggressive goal of placing the U.S. on a path to eliminate carbon dioxide emissions from the power grid by 2035 (watch shares of JKS and DQ on the reports) Alaska Air Group Inc. (A$LK) increases in expected q2 cash flow from ops are primarily driven by ongoing strength in demand for travel dates across Q2, Q3; sees Q2 total revenue % change of down about 33% to 35%; sees Q2 cash flow from operations about $650M-$750M Sonoco ($SON) implementing price a $50 per ton price increase for all grades of uncoated recycled paperboard in United States and Canada Nutrien ($NTR) raises 1H21 adjusted EPS view to $2.30-$2.50 from $2.00-$2.20 saying they expect the midpoints of both 2021 adjusted EBITDA and adjusted EPS guidance to be above the top end of the ranges previously provided at the time of our first quarter results Full Truck Alliance ($YMM)5M share IPO priced at $19.00 Torchlight Energy ($TRCH) discloses it upsized its stock offering to $250M from the $100M it planned previously. Financials Bitcoin investment products and funds posted their sixth consecutive week of outflows, according to data from digital asset manager CoinShares. Last week, bitcoin outflows totaled $89 million. For the year, bitcoin outflows hit $487 million, or 1.6% of assets under management, data showed. The crypto sector as a whole saw a third consecutive week of outflows amounting to $79 million last week– Reuters Focus Financial ($FOCS)42M share Spot Secondary priced at $50.30 UDR ($UDR) prices 6.1M share offering at $49.38 per share Welltower ($WELL) to acquire holiday retirement’s 86-property seniors housing portfolio for $1.58 billion in conjunction with Atria’s acquisition of holiday Healthcare Cassava Sciences ($SAVA) selects clinical research organization for phase 3 clinical program in Alzheimer’s disease; consistent with previous guidance, cassava sciences plans to initiate phase 3 program in second half of 2021 NextGen Healthcare ($NXGN) affirmed its outlook for fiscal year 2022 seeing revenue between $574 and $584 million, and non-GAAP earnings per share range between $0.89 and $0.95; said NextGen® Enterprise Spring ‘21 platform rollout, which is experiencing positive early momentum, will not be impacted by the leadership transition. Fennec Pharmaceuticals ($FENC) rises after the FDA has accepted for filing the resubmission of its New Drug Application (NDA) for PEDMARK for the prevention of ototoxicity Technology, Media & Telecom The European Commission has opened a fresh probe into Google ($GOOG, $GOOGL) to determine whether the company abused its role in the ad technology sector MicroVision ($MVSN) announces $140M at-the-market equity offering
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Thursday, May 20, 2021 Futures Up/Down % Last Dow -151.00 0.45% 33,680 S&P 500 -16.00 0.41% 4,094 Nasdaq -49.00 0.37% 13,184 Stock futures are looking lower to start, on track for a 4th straight day of losses (S&P hasn’t fell 4-straight days since 2/16-2/22) as markets were surprised in the Fed’s discussion on easing back bond purchases if the economy improves quickly, in its minutes from their April FOMC meeting released yesterday. Energy and Materials were the biggest drags on the market, along with a plunge across the crypto currency space, led by Bitcoin, Ethereum, and the like. Today however, the crypto space is rebounding from overnight weakness with Bitcoin back above the $40K level (after dropping to $30K on Wednesday). The Nasdaq Composite Index is on pace for its worst monthly performance since September 2020, off by more than 5%, as rising inflation fears dent high growth stocks. Treasury yields are down slightly after topping 1.68% on Wednesday. In Asian markets, The Nikkei Index rose 53 points to 28,098, the Shanghai Index slipped -4 points to 3,506, and the Hang Seng Index dropped -143 points to 28,450. In Europe, the German DAX is up about 65 points to 15,180, while the FTSE 100 is little changed at 6,950. Dow component Cisco Systems (CSCO) slips after issuing a lower Q4 outlook. Market Closing Prices Yesterday The S&P 500 Index slipped -12.15 points, or 0.29%, to 4,115.638 The Dow Jones Industrial Average fell -164.62 points, or 0.48%, to 33,896.04 The Nasdaq Composite dipped -3.90 points, or 0.03%, to 13,299.74 The Russell 2000 Index declined -17.24 points, or 0.78% to 2,193.64 Events Calendar for Today 8:30 AM ET Weekly Jobless Claims…est. 450K 8:30 AM EST Continuing Claims…est. 3.64M 8:30 AM EST Philly Fed Business Survey for May…est. 43.0 10:00 AM EST Leading Index MoM for April…est. 1.4% 10:30 AM ET Weekly EIA Natural Gas Inventory Data Earnings Calendar: Earnings Before the Open: BJ, BRC, HRL, KSS, MNRO, PLCE, RL, WMS, WOOF Earnings After the Close: AINV, AMAT, DECK, PANW, ROST Other Key Events: S. Commerce Secretary Gina Raimondo plans to hold a May 20 meeting with senior U.S. auto industry leaders and other industry officials on a semiconductor shortage that has cut production JPMorgan Homebuilding & Building Products Conference (virtual), 5/19-5/20 UBS Financial Institutions Conference (virtual), 5/19-5/21 American gas Association Financial Forum (virtual), 5/19-5/20 Virtual Display Week 2021, 5/17-5/21 Macro Up/Down Last Nymex -0.92 62.44 Brent -1.41 65.25 Gold -2.95 1,866.65 EUR/USD 0.0012 1.2187 JPY/USD -0.26 108.96 10-Year Note -0.02 1.661% Sector News Breakdown Consumer Lithia Motors (LAD)11M share Secondary priced at $322.00 Oatly Group (OTLY)376M share IPO priced at $17.00 per ADS Chipotle Mexican Grill (CMG) upgraded to Buy from Neutral with a price target of $1,700, up from $1,575 at UBS Copart Inc. (CPRT) Q3 EPS $1.09 vs. est. $0.80; Q3 revs $733.9M vs. est. $629.6M; Q3 revenue, gross profit, and net income were $733.9 million, $381.3 million, and $286.8 million, respectively L Brands (LB) Q1 adj EPS $1.25 vs. est. $1.21; q1 revs $3.02B vs. est. $3.01B; guides Q2 EPS $0.80-$1.00 vs. est. $0.76; nit providing yearly guidance; appoints CFO’s for Bath & Body Works and Victoria Secret standalone businesses; Victoria’s Secret total comparable sales for q1 ended May 1, 2021 increased 9% YoY; Q1 L Brands Stores & direct comp +21% vs. +4% Yoy Hormel Foods (HRL) Q1 EPS 42c vs. est. 41c; Q1 sales $2.61B vs. erst. $2.41B Shoe Carnival (SCVL) 1Q EPS $3.02 vs. est. $1.40 on sales $328.5Mm vs. est. $274.4Mm; guides 2Q sales $268-278Mm vs. est. $281.9Mm, sees 2Q EPS $1.00-1.20 vs. est. $0.94; says plans to modernize about 100 stores by May 2022 with goal of modernizing 2/3 of store fleet in next 3-5 years; will continue to evaluate repurchase of shares during remainder of 2021; not providing 2H21 guide at this time Energy, Industrials and Materials Ingersoll-Rand (IR) upgraded to Buy from Hold at Deutsche Bank and raise tgt to $54 from $50 noting it is the third worst performer in the MI/EE group year-to-date, and sees the current level as an optimal entry point into a very high quality Canadian Solar (CSIQ) Q1 EPS 36c vs. est. 41c; Q1 revs $1.09B vs. est. $1.05B; Q1 total module shipments 3,139 MW, up 42% YoY and 5% quarter-over-quarter increase; of the total, 267 MW was shipped to the company’s own utility-scale solar power projects; sees Q2 revs $1.4B-$1.5B vs. est. $1.37B HollyFrontier (HFC) downgraded to Sell from Neutral with a price target of $34, down from $36 at Goldman Sachs SolarEdge (SEDG) upgraded to Buy from Neutral but cut target to $290 from $312 Sun Country Airlines (SNCY)25M share Secondary priced at $34.50 Triumph Group (TGI) Q4 adj EPS 10c vs. est. 8c; Q4 revs $466.83M vs. est. $436.26M; is not providing guidance for the year Valaris ltd (VAL) has been awarded a contract of about 45 days with W&T offshore in U.S. Gulf of Mexico for Valaris ju-117 ZTO Express (ZTO) Q1 adj EPS 14c vs est. 15c; Q1 revs $987.9M vs. est. $950.86M Healthcare Incyte (INCY) announced that data from the primary analysis of the Phase 2 OPTIC trial will be presented during an oral session at the 2021 American Society of Clinical Oncology (ASCO) Meeting June 4-8 Pfizer Inc. (PFE) and partner BioNTech SE (BNTX) said they have reached a new agreement with the European Commission to supply up to 1.8 billion additional doses of their COVID-19 vaccine; the agreement is to provide 900 million doses initially with an option for the EC to request up an additional 900 million doses Voyager Therapeutics (VYGR) announces strategic shift and leadership transitions Y-Mabs (YMAB) enters into exclusive distribution agreement with Adium Pharma S.A. for Danyelza® (naxitamab-GQGK) and omburtamab in Latin America Technology, Media & Telecom Cisco Systems (CSCO) Q3 EPS $0.83 vs. est. $0.82; Q3 revs $12.8B vs. est. $12.56B; sees Q4 rev growth 6%-8% YoY (est. $12.82B); sees Q4 EPS $0.81-$0.83 vs. est. $0.85; Continued momentum in transforming business to software and subscriptions: 81% of software revenue sold as a subscription, up from 76% last quarter Waymo is talking to outside investors about raising as much as $4 billion in additional capital to fuel its self-driving efforts. And the company has discussed plans to eventually list publicly, spinning out from its parent Alphabet Inc. (GOOGL), according to people familiar with the plans, Bloomberg reported https://bloom.bg/2Sas0Wk Keysight Technologies (KEYS) 2Q adj EPS $1.44 vs. est. $1.34 on revs $1.22B vs. est. $1.21B; guides 3Q revs $1.205-1.225B vs. est. $1.2B, guides 3Q adj EPS $1.39-1.45 vs. est. $1.38 Synopsys (SNPS) Q2 adj EPS $1.70 vs. est. $1.52; q2 revs $1.024B vs. est. $988.7M; said market demand is strong, and we see a new wave of growth on the horizon, driven by an increasing need for highly complex, connected, specialized, and secure chips and systems; raises FY21 non-GAAP EPS view to $6.38-$6.45 from $6.23-$6.30 and boosts FY21 revenue view to $4.04B-$4.09B from $4.0B-$4.05B, consensus $4.03B Silicon Labs (SLAB) to buy back up to $150M shares ViacomCBS (VIAC) upgraded to Buy from Neutral with a price target of $53, up from $38 at Bank America Procore (PCOR)47M share IPO priced at $67.00
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Headquartered in Evansville, IN, Shoe Carnival, Inc. is one of the nation’s largest family footwear retailers, offering a broad assortment of moderately priced dress, casual and athletic footwear for men, women and children with emphasis on national name brands. As of December 17, 2020, the Company operates 383 stores in 35 states and Puerto Rico, and offers online shopping at www.shoecarnival.com.