Coffee With Greta: Strong Week
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DJIA Futures: +48 (+0.1%)
SPX Futures: +11 (+0.2%)
NASDAQ Futures: +54 (+0.4%)
Good morning friends!
Futures are higher with the S&P 500 on track for its best week since March.
Let’s get right to it!
Strong Week
The market is on track to log its strongest week in two months.
The S&P 500 is up nearly 3% this week, its best performance since March.
It’s also the fifth positive week in a row for the S&P 500, the longest streak since November 2021.
The Nasdaq is also on track for its best week since March, up nearly 4%.
The tech-heavy index has risen for 8 weeks in a row, its longest winning streak since 2019.
The Dow is also set to log its third positive week in a row.
Adobe Tops Earnings Expectations
Adobe (ADBE) shares are up 5.1% ahead of the open after beating fiscal Q2 expectations on the top and bottom line.
Here’s how the company’s results compared to analysts’ estimates:
- Adjusted EPS: $3.91 vs $3.79 expected
- Revenue: $4.82 billion vs $4.77 billion expected
The CEO said, “Adobe achieved record Q2 revenue demonstrating strong demand across Creative Cloud, Document Cloud and Experience Cloud. Adobe’s ground-breaking innovation positions us to lead the new era of generative AI given our rich datasets, foundation models, and ubiquitous product interfaces.”
The company also raised its fiscal Q3 and full-year forecasts.
Adobe now expects fiscal Q3 sales between $4.83 billion and $4.87 billion vs analysts’ estimates for $4.86 billion.
The company forecast full-year adjusted EPS between $15.65 and $15.75 on revenue between $19.25 billion and $19.35 billion in fiscal 2023.
Virgin Galactic Soars
Virgin Galactic (SPCE) shares are soaring 40.1% in premarket trade after the company said it plans to launch its first commercial space tourism flight this month.
Virgin said Thursday that the flight, Galactic 01, is targeting a launch window between June 27 and June 30.
The company is then planning its second commercial flight in “early August”.
Virgin said it’s aiming for “monthly” commercial flights after that.
The first flight will carry three members of the Italian Air Force to conduct microgravity research with science payloads.
The CEO said, “We are launching the first commercial spaceline for Earth with two dynamic products — our scientific research and private astronaut space missions.”
Cava Makes Massive Debut
Cava Group (CAVA) shares are up 5.4% ahead of the open, extending Thursday’s monster rally.
The Mediterranean restaurant chain had a gangbusters debut on Wall Street after pricing its IPO at $22 per share.
CAVA opened at $42 per share mid-session on Thursday and closed 99% higher at $43.78 per share.
Reminder: Long Weekend
Traders will get some extra time off this weekend with the Juneteenth holiday on Monday.
Both the stock market and the bond market will be closed on Monday.
Enjoy the long weekend!
