{"id":63508,"date":"2022-08-23T08:54:04","date_gmt":"2022-08-23T12:54:04","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=63508"},"modified":"2022-08-23T08:54:04","modified_gmt":"2022-08-23T12:54:04","slug":"coffee-with-greta-stocks-slip-after-worst-day-since-june","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2022\/08\/23\/coffee-with-greta-stocks-slip-after-worst-day-since-june\/","title":{"rendered":"Coffee With Greta: Stocks Slip After Worst Day Since June"},"content":{"rendered":"

DJIA Futures: <\/b>-22 (-0.1%)<\/span><\/p>\n

SPX Futures: <\/b>-2 (-0.04%)<\/span><\/p>\n

NASDAQ Futures: <\/b>-4 (-0.03%)<\/span><\/p>\n

Good morning friends!<\/span><\/p>\n

Futures are down slightly following the worst day since June as traders digest a mix of Q2 earnings.<\/span><\/p>\n

Let\u2019s get right to it!<\/span><\/p>\n

Macy\u2019s Tops Q2 Expectations<\/span><\/h2>\n

Macy\u2019s <\/b>(M) shares are up 1.5% ahead of the open after beating fiscal Q2 expectations.\u00a0<\/span><\/p>\n

The retailer reported adjusted earnings of $1 per share on $5.6 billion in revenue.<\/span><\/p>\n

That was better than analysts\u2019 expectations for adjusted EPS of $0.85 on $5.49 billion in revenue.\u00a0<\/span><\/p>\n

Despite the strong quarter, Macy\u2019s cut its full-year forecast in anticipation of slowing consumer spending on discretionary items like clothing.<\/span><\/p>\n

The company now expects 2022 revenue between $24.34 billion and $24.58 billion vs its previous outlook for $24.46 billion to $24.7 billion.<\/span>
\n<\/span>
\n<\/span>Macy\u2019s forecast annual adjusted EPS between $4.00 and $4.20, down from $4.53 to $4.95.\u00a0<\/span><\/p>\n

Analysts were estimating adjusted EPS of $4.51 on $24.36 billion in revenue.\u00a0<\/span><\/p>\n

Dick\u2019s Sporting Goods Hikes Outlook After Strong Q2<\/span><\/h2>\n

Dick\u2019s Sporting Goods <\/b>(DKS) shares are up 2.4% in premarket trade after beating Q2 expectations and hiking its full-year outlook.\u00a0<\/span><\/p>\n

The sporting goods retailer reported adjusted earnings of $3.68 per share on $3.11 billion in revenue.\u00a0<\/span><\/p>\n

That was better than analysts\u2019 expectations for adjusted EPS of $3.58 on $3.07 billion in revenue.\u00a0<\/span><\/p>\n

Dick\u2019s now expects full-year adjusted earnings to be between $10 and $12 per share vs its previous forecast of $9.15 to $11.70.<\/span><\/p>\n

The company expects comparable store sales to decline between 6% and 2% this year, down from its previous forecast for an 8% to 2% decline.\u00a0<\/span><\/p>\n

Zoom Tumbles After Cutting Forecast<\/span><\/h2>\n

Zoom Video Communications <\/b>(ZM) shares are tumbling 11.8% ahead of the open after reporting mixed fiscal Q2 results and cutting its full-year forecast.\u00a0<\/span><\/p>\n

The video-calling software company reported adjusted earnings of $1.05 per share on $1.10 billion in revenue.\u00a0<\/span><\/p>\n

That topped analysts\u2019 expectations for adjusted EPS of $0.94 but missed estimates for $1.12 billion in revenue.\u00a0<\/span><\/p>\n

Revenue rose 8% year over year, down from 12% growth in fiscal Q1.\u00a0<\/span><\/p>\n

The CFO said, \u201cWe have implemented initiatives focused on driving new online subscriptions, which have shown early promise but were not enough to overcome the macro dynamics in the quarter.\u201d<\/span><\/p>\n

Zoom forecast adjusted fiscal Q3 earnings of $0.82 to $0.83 per share on $1.095 billion to $1.100 billion in revenue.<\/span><\/p>\n

That was lower than analysts\u2019 estimates for adjusted EPS of $0.91 on $1.15 billion in revenue.\u00a0<\/span><\/p>\n

The also lowered its full-year outlook, calling for adjusted earnings of $3.66 to $3.69 per share and $4.385 billion to $4.395 billion in revenue.\u00a0<\/span><\/p>\n

The mid-range of that forecast would represent revenue growth of just 7% annually.<\/span><\/p>\n

Oil Prices Climb on Supply Concerns<\/span><\/h2>\n

Oil prices are climbing higher today as supply concerns take focus again.\u00a0<\/span><\/p>\n

West Texas Intermediate crude futures are up 1.2% to $91.50 bbl while Brent crude futures are up 1.1% to $97.50 bbl.<\/span><\/p>\n

The jump comes after Saudi Arabia\u2019s energy minister floated the idea of OPEC+ cutting production in the months ahead to support prices.\u00a0<\/span><\/p>\n

The latest data is also expected to show another drop in U.S. crude inventories.\u00a0<\/span><\/p>\n

The American Petroleum Institute releases its inventory report today followed by the Energy Information Administration on Wednesday.<\/span><\/p>\n

In Case You Missed It<\/span><\/h2>\n