{"id":70060,"date":"2023-08-22T08:58:34","date_gmt":"2023-08-22T12:58:34","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=70060"},"modified":"2023-08-22T08:58:34","modified_gmt":"2023-08-22T12:58:34","slug":"coffee-with-greta-tech-bounce","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/08\/22\/coffee-with-greta-tech-bounce\/","title":{"rendered":"Coffee With Greta: Tech Bounce"},"content":{"rendered":"

Register now<\/a> for tomorrow's free pro trader Q&A on LinkedIn with me and T3 Trading Group's Josh Lefler!<\/strong><\/p>\n

DJIA Futures: <\/b>+66 (+0.2%)<\/span><\/p>\n

SPX Futures: <\/b>+21 (+0.5%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+108 (+0.7%)<\/span><\/p>\n

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

Futures are rising as tech stocks continue to rally.\u00a0\u00a0<\/span><\/p>\n

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

More Bank Downgrades<\/span><\/h2>\n

Several banks were downgraded by S&P Global late Monday night.\u00a0<\/span><\/p>\n

Trading in both the <\/span>Financial Select Sector SPDR ETF <\/b>(XLF) and <\/span>SPDR S&P Regional Banking ETF <\/b>(KRE) is halted premarket.\u00a0<\/span><\/p>\n

S&P Global downgraded <\/span>Associated Banc-Corp <\/b>(ASB) and <\/span>Valley National Bancorp <\/b>(VLY) on funding risks and a higher reliance on brokered deposits.<\/span><\/p>\n

The agency also cute the ratings of <\/span>UMB Financial Corp <\/b>(UMBF), <\/span>Comerica Bank<\/b> (CMA), and <\/span>Keycorp <\/b>(KEY), citing large deposit outflows and prevailing higher interest rates.\u00a0<\/span><\/p>\n

S&P Global warned that funding risks and weaker profitability will likely test the banking sector\u2019s credit strength.<\/span><\/p>\n

This move comes after Moody\u2019s downgraded 10 banks earlier this month and placed six large banks on review for potential downgrades.<\/span><\/p>\n

Lowe\u2019s Tops Q2 Earnings Estimates<\/span><\/h2>\n

Lowe\u2019s <\/b>(LOW) shares are up 2.8% ahead of the open after beating Q2 profit expectations.\u00a0<\/span><\/p>\n

Here\u2019s how the home improvement retailer\u2019s results compared to analysts\u2019 estimates:\u00a0<\/span><\/p>\n

    \n
  • EPS: $4.56 vs $4.49 expected<\/span><\/li>\n
  • Revenue: $24.96 billion vs $24.99 billion expected<\/span><\/li>\n<\/ul>\n

    Comparable sales decreased 1.6% year over year, better than expectations for a 2.6% decline.\u00a0<\/span><\/p>\n

    Lowe\u2019s maintained its full-year forecast for adjusted EPS between $13.20 and $13.60 on sales between $87 billion and $89 billion. <\/span>
    \n<\/span>
    \n<\/span>The company expects comparable sales to drop between 2% and 4% this fiscal year.<\/span><\/p>\n

    Macy\u2019s Earnings Beat<\/span><\/h2>\n

    Macy\u2019s <\/b>(M) shares are falling 4.1% in premarket trade after beating Q2 expectations but reiterating its cautious outlook.\u00a0<\/span><\/p>\n

    Here\u2019s how the department store\u2019s results compared to analysts\u2019 estimates:\u00a0<\/span><\/p>\n

      \n
    • Adjusted EPS: $.026 vs $0.13 expected<\/span><\/li>\n
    • Revenue: $5.13 billion vs $5.09 billion expected<\/span><\/li>\n<\/ul>\n

      Comparable sales dropped 7.3% year over year, worse than expectations for a 6.5% decline.\u00a0<\/span><\/p>\n

      Sales at stores were down 8% while digital sales dropped 10%.\u00a0<\/span><\/p>\n

      The retailer reiterated its lower forecast from early June.\u00a0<\/span><\/p>\n

      The company expects full-year comparable sales to fall 6% to 7.5%, adjusted EPS between $2.70 and $3.20, and revenue of $22.8 billion to $23.2 billion.<\/span><\/p>\n

      Dick\u2019s Sporting Goods Slashes Outlook<\/span><\/h2>\n

      Dick\u2019s Sporting Goods <\/b>(DKS) shares are plunging 20.2% ahead of the open after missing Q2 expectations and slashing its outlook.\u00a0<\/span><\/p>\n

      Here\u2019s how the sporting goods retailer\u2019s results compared to analysts\u2019 estimates:<\/span><\/p>\n

        \n
      • EPS: $2.82 vs $3.81 expected<\/span><\/li>\n
      • Revenue: $3.22 billion vs $3.24 billion expected<\/span><\/li>\n<\/ul>\n

        Profits tumbled 23% year over year while sales rose slightly.\u00a0<\/span><\/p>\n

        The CEO blamed that profit miss on \u201cshrink\u201d, an industry term that refers to theft.<\/span><\/p>\n

        She said, \u201cOur Q2 profitability was short of our expectations due in large part to the impact of elevated inventory shrink, an increasingly serious issue impacting many retailers.\u201d<\/span><\/p>\n

        Dick\u2019s now expects full-year EPS between $11.33 and $12.13 vs $12.90 to $13.80 previously.\u00a0<\/span><\/p>\n

        The company reaffirmed its comparable store sales forecast of flat to up 2%.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

        Register now for tomorrow’s free pro trader Q&A on LinkedIn with me and T3 Trading Group’s Josh Lefler! DJIA Futures: +66 (+0.2%) SPX Futures: +21 (+0.5%) NASDAQ Futures: +108 (+0.7%) Good morning friends! Futures are rising as tech stocks continue to rally.\u00a0\u00a0 Let\u2019s get right to it! More Bank Downgrades Several banks were downgraded by S&P Global late Monday night.\u00a0 Trading in both the Financial Select Sector SPDR ETF (XLF) and SPDR S&P Regional Banking ETF (KRE) is halted premarket.\u00a0 S&P Global downgraded Associated Banc-Corp (ASB) and Valley National Bancorp (VLY) on funding risks and a higher reliance on brokered deposits. The agency also cute the ratings of UMB Financial Corp (UMBF), Comerica Bank (CMA), and Keycorp (KEY), citing large deposit outflows and prevailing higher interest rates.\u00a0 S&P Global warned that funding risks and weaker profitability will likely test the banking sector\u2019s credit strength. This move comes after Moody\u2019s downgraded 10 banks earlier this month and placed six large banks on review for potential downgrades. Lowe\u2019s Tops Q2 Earnings Estimates Lowe\u2019s (LOW) shares are up 2.8% ahead of the open after beating Q2 profit expectations.\u00a0 Here\u2019s how the home improvement retailer\u2019s results compared to analysts\u2019 estimates:\u00a0 EPS: $4.56 vs $4.49 expected Revenue: $24.96 billion vs $24.99 billion expected Comparable sales decreased 1.6% year over year, better than expectations for a 2.6% decline.\u00a0 Lowe\u2019s maintained its full-year forecast for adjusted EPS between $13.20 and $13.60 on sales between $87 billion and $89 billion. The company expects comparable sales to drop between 2% and 4% this fiscal year. Macy\u2019s Earnings Beat Macy\u2019s (M) shares are falling 4.1% in premarket trade after beating Q2 expectations but reiterating its cautious outlook.\u00a0 Here\u2019s how the department store\u2019s results compared to analysts\u2019 estimates:\u00a0 Adjusted EPS: $.026 vs $0.13 expected Revenue: $5.13 billion vs $5.09 billion expected Comparable sales dropped 7.3% year over year, worse than expectations for a 6.5% decline.\u00a0 Sales at stores were down 8% while digital sales dropped 10%.\u00a0 The retailer reiterated its lower forecast from early June.\u00a0 The company expects full-year comparable sales to fall 6% to 7.5%, adjusted EPS between $2.70 and $3.20, and revenue of $22.8 billion to $23.2 billion. Dick\u2019s Sporting Goods Slashes Outlook Dick\u2019s Sporting Goods (DKS) shares are plunging 20.2% ahead of the open after missing Q2 expectations and slashing its outlook.\u00a0 Here\u2019s how the sporting goods retailer\u2019s results compared to analysts\u2019 estimates: EPS: $2.82 vs $3.81 expected Revenue: $3.22 billion vs $3.24 billion expected Profits tumbled 23% year over year while sales rose slightly.\u00a0 The CEO blamed that profit miss on \u201cshrink\u201d, an industry term that refers to theft. She said, \u201cOur Q2 profitability was short of our expectations due in large part to the impact of elevated inventory shrink, an increasingly serious issue impacting many retailers.\u201d Dick\u2019s now expects full-year EPS between $11.33 and $12.13 vs $12.90 to $13.80 previously.\u00a0 The company reaffirmed its comparable store sales forecast of flat to up 2%.<\/p>\n","protected":false},"author":41,"featured_media":70066,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-70060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coffee-with-greta"],"_links":{"self":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/70060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/comments?post=70060"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/70060\/revisions"}],"predecessor-version":[{"id":70068,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/70060\/revisions\/70068"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/70066"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=70060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=70060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=70060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}