Stocks falter; Ether soars on ETF hopes

Macy’s stock falls despite lower-than-expected first-quarter results

54 minutes ago

Shares of iconic retailer Macy’s (M) fell in intraday trading on Tuesday despite release of first quarter results report this shows that the company’s turnaround is working.

The company, which was close stores and cut jobs After end a proxy fightannounced earnings and revenue for the first quarter of fiscal 2024 that beat analysts’ expectations.

Total revenue came in at $5 billion, just above the $4.97 billion expected by analysts, according to estimates compiled by Visible Alpha, but slightly below the $5.17 billion dollars generated by Macy’s in the first quarter of 2023.

The retailer, which operates the eponymous Macy’s brand along with Bloomingdale’s and Bluemercury, made just $62 million, or 22 cents per share, in profit for the quarter, less than half of the $155 million, or 56 cents per share, which it achieved during the quarter. quarter of last year. That figure, however, was higher than the $47.59 million and 16 cents per share analysts estimated.

Macy’s also updated its guidance for the full fiscal year, reducing its range of projected net sales to between $22.3 billion and $22.9 billion, raising the lower end of its February guidance by $22. .2 billion dollars. Full-year comparable sales are expected to range between a 1% decline and a 1.5% increase from last year’s levels, which is slightly more optimistic than the potential decline of 1%. 5% that Macy’s previously used as the low end of the range.

The company’s shares fell 1.6% and are down about 6% year to date.

–Aaron McDade

Nordson shares fall after company cuts sales and profit forecasts

2 hours 32 minutes ago

Nordson (NDSN) shares fell sharply in early trading Tuesday after the industrial equipment maker cut its annual sales and profit outlook due to weak orders for electronics and agricultural challenges in Europe.

The Westlake, Ohio-based company said it now expects fiscal 2024 to be a full year. net sales growth is expected to range between stagnation and an increase of 2%, significantly below its previous forecast of 4% to 7% growth. Analysts expected annual revenue to reach $2.77 billion, representing year over year (YOY) growth of around 5%.

Nordson also revised its annual turnover downwards net profit advice, saying it now projects adjusted profit of $9.35 to $9.75 per share, below its prior forecast range of $10.00 to $10.50 per share.

Source: TradingView.com.

Nordson’s stock price has been on an upward trend since the release of a multi-month period. Trading range in mid-December last year. However, the stock is poised to fall back to the mid-range on Tuesday following the company’s moderate guidance.

If selling intensifies over the next few trading sessions, investors should keep an eye on the $230 level, an area where buyers could step in near a $230 level. horizontal line connecting a series of price actions over the past 20 months that are near a Golden Cross trend that formed late last year.

Nordson stock was down more than 7% Tuesday morning, plunging into negative territory.

–Timothy Smith

Stocks Make Biggest Moves Premarket

3 hours 42 minutes ago

Earnings :

• Search Lam (LRCX): Shares of the semiconductor manufacturing equipment maker rose more than 4% after announcing that its board had authorized a $10 billion stock repurchase program and stock split. shares at 10 to 1.
• Coinbase Global (PIECE OF MONEY): Shares of the cryptocurrency exchange rose more than 3% as the price of ether soared amid optimism that the Securities and Exchange Commission (SEC) could approve a spot ether ETF.
• Lowe’s (WEAK): Shares of the home improvement retailer rose more than 2% after the release of revenues better than expected despite the fact that consumers are forgoing spending on big-ticket items.

Losses:

• Palo Alto Networks (PANW): Shares of cybersecurity company fell more than 6% after offering poor profit forecast in a replay from last quarter “Spending Fatigue” Warning which caused the shares to fall.
• JD.com (J.D.): Shares of the Chinese e-commerce company fell 5% after announcing plans to raise capital through a $1.5 billion convertible bond offering.
• Zoom video (ZM): Shares of the video conferencing company fell 2% after its profit forecast for the current quarter fell slightly below Wall Street estimates.

Stock futures slip near records

4 hours 13 minutes ago

Dow futures were little changed in premarket trading Tuesday.

S&P 500 futures fell 0.1%.

Nasdaq 100 futures were down 0.2%.

Source