{"id":70070,"date":"2023-08-23T08:58:51","date_gmt":"2023-08-23T12:58:51","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=70070"},"modified":"2023-08-23T08:58:51","modified_gmt":"2023-08-23T12:58:51","slug":"coffee-with-greta-waiting-for-nvda","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/08\/23\/coffee-with-greta-waiting-for-nvda\/","title":{"rendered":"Coffee With Greta: Waiting For NVDA"},"content":{"rendered":"

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

DJIA Futures: <\/b>+35 (+0.1%)<\/span><\/p>\n

SPX Futures: <\/b>+7 (+0.2%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+39 (+0.3%)<\/span><\/p>\n

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

Futures are rising as traders digest the latest batch of retail earnings and look ahead to <\/span>Nvidia\u2019s <\/b>(NVDA) earnings this afternoon.<\/span><\/p>\n

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

Foot Locker Plummets<\/span><\/h2>\n

Foot Locker <\/b>(FL) shares are plummeting 30.1% ahead of the open after missing Q2 sales expectations and slashing its outlook for the second time this year.<\/span><\/p>\n

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

    \n
  • Adjusted EPS: $0.04 as expected<\/span><\/li>\n
  • Revenue: $1.86 billion vs $1.88 billion expected<\/span><\/li>\n<\/ul>\n

    Sales dropped 9.9% year over year as consumers pull back on discretionary spending.<\/span><\/p>\n

    Foot Locker now expects full-year sales to drop between 8% and 9% vs its previous forecast for a 6.5% to 8% decline.\u00a0<\/span><\/p>\n

    The company sees same-store sales falling 9% to 10% vs 7.5% to 9% in previous guidance.\u00a0<\/span><\/p>\n

    Foot Locker also cut its full-year adjusted earnings guidance to between $1.30 to $1.50 per share vs $2.00 to $2.25 previously.\u00a0<\/span><\/p>\n

    Abercrombie Surges<\/span><\/h2>\n

    Abercrombie & Fitch <\/b>(ANF) shares are rallying 16.4% in premarket trade after crushing Q2 expectations and hiking its outlook.\u00a0<\/span><\/p>\n

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

      \n
    • EPS: $1.10 vs $0.17 expected<\/span><\/li>\n
    • Revenue: $935.3 million vs $842.4 million expected<\/span><\/li>\n<\/ul>\n

      Comparable sales jumped 13% year over year with Abercrombie\u2019s namesake brand sales up 23% and Hollister sales rising 5%.<\/span><\/p>\n

      Inventory dropped 30% year over year as the company better-managed orders based on demand.\u00a0<\/span><\/p>\n

      Abercrombie now expects net sales to rise 10% this fiscal year, up from its previous outlook for 2% to 4% growth.<\/span><\/p>\n

      The company also expects operating margins to improve to between 8% to 9% vs prior expectations of 5% to 6%.\u00a0<\/span><\/p>\n

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

      Kohl\u2019s <\/b>(KSS) shares are up 1.1% ahead of the open after beating Q2 profit expectations.<\/span><\/p>\n

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

        \n
      • Adjusted EPS: $0.52 vs $0.22 expected<\/span><\/li>\n
      • Revenue: $3.68 billion vs $3.69 billion expected<\/span><\/li>\n<\/ul>\n

        Revenue was down 4.8% year over year and Kohl\u2019s maintained its full-year outlook.\u00a0<\/span><\/p>\n

        The CEO said, \u201cOur second-quarter earnings were in line with our expectations. We maintained strong sales momentum in Sephora at Kohl\u2019s, reduced inventory by 14%, and managed expenses tightly.\u201d<\/span><\/p>\n

        Peloton Plunges<\/span><\/h2>\n

        Peloton <\/b>(PTON) shares are plunging 29.3% in premarket trade after reporting a wider than expected fiscal Q4 loss.\u00a0<\/span><\/p>\n

        Here\u2019s how the exercise equipment maker\u2019s results compared to analysts\u2019 estimates:\u00a0<\/span><\/p>\n

          \n
        • Loss per share: $0.68 vs $0.38 expected<\/span><\/li>\n
        • Revenue: $642.1 million vs $639.9 million expected<\/span><\/li>\n<\/ul>\n

          Peloton blamed the loss on the massive recall of its Bike seat post and seasonal changes in demand.\u00a0<\/span><\/p>\n

          The company had 3.08 million subscribers at the end of the quarter, up 4% from a year ago but down by 29,000 from the previous quarter.\u00a0<\/span><\/p>\n

          The CEO said, \u201cPeloton\u2019s FYQ4 performance is a reminder we operate a seasonal business.\u201d<\/span><\/p>\n

          Mortgage Demand Hits 28-Year Low<\/span><\/h2>\n

          Mortgage demand dropped last week as rates hit the highest level in 23 years.\u00a0<\/span><\/p>\n

          The Mortgage Bankers Association reported total application fell 4.2% last week.\u00a0<\/span><\/p>\n

          The average 30-year fixed contract rate rose to 7.31% from 7.16%.<\/span><\/p>\n

          Purchase applications dropped 5% weekly and 30% year over year.\u00a0<\/span><\/p>\n

          That put buyer demand at the lowest level since December 1995.\u00a0<\/span><\/p>\n

          Amid high rates, the adjustable-rate mortgage share of applications jumped to 7.6%, the highest level in 5 months.<\/span><\/p>\n

          ARM applications rose 4% weekly.\u00a0<\/span><\/p>\n

          Refinance applications fell 3% weekly and 35% annually.\u00a0<\/span><\/p>\n

          Mortgage rates have continued to climb this week with Mortgage News Daily showing the current rate at 7.49%.<\/span><\/p>\n

          In Case You Missed It<\/span><\/h2>\n
            \n
          • Existing home sales fell more than expected in July. The National Association of Realtors reported existing sales dropped 2.2% to a seasonally adjusted annual rate of 4.07 million units. That was lower than economists\u2019 expectations for 4.15 million. Sales were down 16.6% year over year and it was the slowest sales pace since July 2010. Supply remained tight amid high mortgage rates. There were 1.11 million homes for sale at the end of July, representing a 3.3-month supply. That was down 14.6% from a year ago and the lowest level since 1999. The median price of a home sold in July rose 1.9% year over year to $406,700.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

            Register now for today’s free pro trader Q&A on LinkedIn with me and T3 Trading Group’s Josh Lefler! DJIA Futures: +35 (+0.1%) SPX Futures: +7 (+0.2%) NASDAQ Futures: +39 (+0.3%) Good morning friends! Futures are rising as traders digest the latest batch of retail earnings and look ahead to Nvidia\u2019s (NVDA) earnings this afternoon. Let\u2019s get right to it! Foot Locker Plummets Foot Locker (FL) shares are plummeting 30.1% ahead of the open after missing Q2 sales expectations and slashing its outlook for the second time this year. Here\u2019s how the sneaker giant\u2019s results compared to analysts\u2019 estimates:\u00a0 Adjusted EPS: $0.04 as expected Revenue: $1.86 billion vs $1.88 billion expected Sales dropped 9.9% year over year as consumers pull back on discretionary spending. Foot Locker now expects full-year sales to drop between 8% and 9% vs its previous forecast for a 6.5% to 8% decline.\u00a0 The company sees same-store sales falling 9% to 10% vs 7.5% to 9% in previous guidance.\u00a0 Foot Locker also cut its full-year adjusted earnings guidance to between $1.30 to $1.50 per share vs $2.00 to $2.25 previously.\u00a0 Abercrombie Surges Abercrombie & Fitch (ANF) shares are rallying 16.4% in premarket trade after crushing Q2 expectations and hiking its outlook.\u00a0 Here\u2019s how the retailer\u2019s results compared to analysts\u2019 estimates:\u00a0 EPS: $1.10 vs $0.17 expected Revenue: $935.3 million vs $842.4 million expected Comparable sales jumped 13% year over year with Abercrombie\u2019s namesake brand sales up 23% and Hollister sales rising 5%. Inventory dropped 30% year over year as the company better-managed orders based on demand.\u00a0 Abercrombie now expects net sales to rise 10% this fiscal year, up from its previous outlook for 2% to 4% growth. The company also expects operating margins to improve to between 8% to 9% vs prior expectations of 5% to 6%.\u00a0 Kohl\u2019s Earnings Beat Kohl\u2019s (KSS) shares are up 1.1% ahead of the open after beating Q2 profit expectations. Here\u2019s how the retailer\u2019s results compared to analysts\u2019 estimates:\u00a0 Adjusted EPS: $0.52 vs $0.22 expected Revenue: $3.68 billion vs $3.69 billion expected Revenue was down 4.8% year over year and Kohl\u2019s maintained its full-year outlook.\u00a0 The CEO said, \u201cOur second-quarter earnings were in line with our expectations. We maintained strong sales momentum in Sephora at Kohl\u2019s, reduced inventory by 14%, and managed expenses tightly.\u201d Peloton Plunges Peloton (PTON) shares are plunging 29.3% in premarket trade after reporting a wider than expected fiscal Q4 loss.\u00a0 Here\u2019s how the exercise equipment maker\u2019s results compared to analysts\u2019 estimates:\u00a0 Loss per share: $0.68 vs $0.38 expected Revenue: $642.1 million vs $639.9 million expected Peloton blamed the loss on the massive recall of its Bike seat post and seasonal changes in demand.\u00a0 The company had 3.08 million subscribers at the end of the quarter, up 4% from a year ago but down by 29,000 from the previous quarter.\u00a0 The CEO said, \u201cPeloton\u2019s FYQ4 performance is a reminder we operate a seasonal business.\u201d Mortgage Demand Hits 28-Year Low Mortgage demand dropped last week as rates hit the highest level in 23 years.\u00a0 The Mortgage Bankers Association reported total application fell 4.2% last week.\u00a0 The average 30-year fixed contract rate rose to 7.31% from 7.16%. Purchase applications dropped 5% weekly and 30% year over year.\u00a0 That put buyer demand at the lowest level since December 1995.\u00a0 Amid high rates, the adjustable-rate mortgage share of applications jumped to 7.6%, the highest level in 5 months. ARM applications rose 4% weekly.\u00a0 Refinance applications fell 3% weekly and 35% annually.\u00a0 Mortgage rates have continued to climb this week with Mortgage News Daily showing the current rate at 7.49%. In Case You Missed It Existing home sales fell more than expected in July. The National Association of Realtors reported existing sales dropped 2.2% to a seasonally adjusted annual rate of 4.07 million units. That was lower than economists\u2019 expectations for 4.15 million. Sales were down 16.6% year over year and it was the slowest sales pace since July 2010. Supply remained tight amid high mortgage rates. There were 1.11 million homes for sale at the end of July, representing a 3.3-month supply. That was down 14.6% from a year ago and the lowest level since 1999. The median price of a home sold in July rose 1.9% year over year to $406,700.<\/p>\n","protected":false},"author":41,"featured_media":70073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-70070","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\/70070","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=70070"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/70070\/revisions"}],"predecessor-version":[{"id":70076,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/70070\/revisions\/70076"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/70073"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=70070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=70070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=70070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}