{"id":71401,"date":"2023-09-28T09:04:57","date_gmt":"2023-09-28T13:04:57","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=71401"},"modified":"2023-09-28T09:04:57","modified_gmt":"2023-09-28T13:04:57","slug":"coffee-with-greta-traders-assess-strong-jobs-data","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/09\/28\/coffee-with-greta-traders-assess-strong-jobs-data\/","title":{"rendered":"Coffee With Greta: Traders Assess Strong Jobs Data"},"content":{"rendered":"

I will be out of office from September 29 through October 6, Coffee With Greta will resume like normal on Monday, October 9.<\/b><\/p>\n

 <\/p>\n

DJIA Futures: <\/b>-43 (-0.1%)<\/span><\/p>\n

SPX Futures: <\/b>-8 (-0.2%)<\/span><\/p>\n

NASDAQ Futures: <\/b>-48 (-0.3%)<\/span><\/p>\n

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

Futures are falling as traders digest stronger than expected jobless claims data.<\/span><\/p>\n

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

Weekly Jobless Claims Rise Less Than Expected<\/span><\/h2>\n

Weekly jobless claims rose less than expected last week amid continued strength in the labor market.\u00a0<\/span><\/p>\n

The Labor Department reported 204,000 Americans filed initial claims for unemployment benefits.\u00a0<\/span><\/p>\n

That was up by 2,000 from the previous week and lower than 214,000 expected.<\/span><\/p>\n

Continuing jobless claims rose by 12,000 to 1.67 million in the week ending September 16.<\/span><\/p>\n

Micron Drops On Weak Forecast\u00a0<\/span><\/h2>\n

Micron <\/b>(MU) shares are down 2.6% ahead of the open after beating fiscal Q4 expectations but issuing weak earnings guidance.\u00a0<\/span><\/p>\n

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

    \n
  • Adjusted loss per share: $1.07 vs $1.15 expected<\/span><\/li>\n
  • Revenue: $4.01 billion vs $3.9 billion expected<\/span><\/li>\n<\/ul>\n

    For the full fiscal 2023 year, Micron\u2019s revenue totaled $15.5 billion, down 49% year over year.\u00a0<\/span><\/p>\n

    The company lost $4.45 per share on a non-GAAP basis vs profit of $7.75 per share last year.<\/span><\/p>\n

    For the fiscal first quarter, Micron forecast $4.4 billion in revenue vs $4.2 billion expected and a non-GAAP loss of $1.07 per share vs $1.04 expected.\u00a0<\/span><\/p>\n

    CarMax Slides<\/span><\/h2>\n

    CarMax <\/b>(KMX) shares are tumbling 12.2% in premarket trade after reporting a sharp decline in fiscal Q2 revenue.\u00a0<\/span><\/p>\n

    Here\u2019s how the used car dealer\u2019s results compared to a year ago:<\/span><\/p>\n

      \n
    • EPS: $0.75 vs $0.79 last year<\/span><\/li>\n
    • Revenue: $7.1 billion, down 7.4% from a year ago<\/span><\/li>\n<\/ul>\n

      Comparable store sales dropped 9% year over year with the average selling price down by $1,200 per unit, about 4%.\u00a0<\/span><\/p>\n

      CarMax said, \u201cWe believe vehicle affordability challenges continued to impact our second quarter unit sales performance, as headwinds remained due to widespread inflationary pressures, higher interest rates, tightened lending standards and prolonged low consumer confidence.\u201d<\/span><\/p>\n

      Peloton Rallies On Lululemon Partnership<\/span><\/h2>\n

      Peloton <\/b>(PTON) shares are up 9.3% ahead of the open after announcing a new strategic partnership with <\/span>Lululemon <\/b>(LULU).<\/span><\/p>\n

      Lulu shares are up 0.1%.\u00a0<\/span><\/p>\n

      The two companies announced a five-year partnership after the close on Wednesday.\u00a0<\/span><\/p>\n

      The partnership will bring Peloton\u2019s content to Lululemon\u2019s exercise app and Lululemon will become Peloton\u2019s primary athletic apparel partner.\u00a0<\/span><\/p>\n

      A select number of Peloton instructors will also become Lululemon ambassadors.\u00a0<\/span><\/p>\n

      Lululemon\u2019s exercise app has about 13 million members, nearly double Peloton\u2019s global member count.\u00a0<\/span><\/p>\n

      GameStop Names Ryan Cohen CEO<\/span><\/h2>\n

      GameStop <\/b>(GME) shares are jumping 7.8% in premarket trade after appointing Ryan Cohen as its new CEO, chairman, and president.\u00a0<\/span><\/p>\n

      The change is effective immediately and Cohen will not collect a salary.\u00a0<\/span><\/p>\n

      GameStop\u2019s board unanimously voted to appoint Cohen as CEO on Wednesday.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

      I will be out of office from September 29 through October 6, Coffee With Greta will resume like normal on Monday, October 9.   DJIA Futures: -43 (-0.1%) SPX Futures: -8 (-0.2%) NASDAQ Futures: -48 (-0.3%) Good morning friends! Futures are falling as traders digest stronger than expected jobless claims data. Let\u2019s get right to it! Weekly Jobless Claims Rise Less Than Expected Weekly jobless claims rose less than expected last week amid continued strength in the labor market.\u00a0 The Labor Department reported 204,000 Americans filed initial claims for unemployment benefits.\u00a0 That was up by 2,000 from the previous week and lower than 214,000 expected. Continuing jobless claims rose by 12,000 to 1.67 million in the week ending September 16. Micron Drops On Weak Forecast\u00a0 Micron (MU) shares are down 2.6% ahead of the open after beating fiscal Q4 expectations but issuing weak earnings guidance.\u00a0 Here\u2019s how the chipmaker\u2019s results compared to analysts\u2019 estimates:\u00a0 Adjusted loss per share: $1.07 vs $1.15 expected Revenue: $4.01 billion vs $3.9 billion expected For the full fiscal 2023 year, Micron\u2019s revenue totaled $15.5 billion, down 49% year over year.\u00a0 The company lost $4.45 per share on a non-GAAP basis vs profit of $7.75 per share last year. For the fiscal first quarter, Micron forecast $4.4 billion in revenue vs $4.2 billion expected and a non-GAAP loss of $1.07 per share vs $1.04 expected.\u00a0 CarMax Slides CarMax (KMX) shares are tumbling 12.2% in premarket trade after reporting a sharp decline in fiscal Q2 revenue.\u00a0 Here\u2019s how the used car dealer\u2019s results compared to a year ago: EPS: $0.75 vs $0.79 last year Revenue: $7.1 billion, down 7.4% from a year ago Comparable store sales dropped 9% year over year with the average selling price down by $1,200 per unit, about 4%.\u00a0 CarMax said, \u201cWe believe vehicle affordability challenges continued to impact our second quarter unit sales performance, as headwinds remained due to widespread inflationary pressures, higher interest rates, tightened lending standards and prolonged low consumer confidence.\u201d Peloton Rallies On Lululemon Partnership Peloton (PTON) shares are up 9.3% ahead of the open after announcing a new strategic partnership with Lululemon (LULU). Lulu shares are up 0.1%.\u00a0 The two companies announced a five-year partnership after the close on Wednesday.\u00a0 The partnership will bring Peloton\u2019s content to Lululemon\u2019s exercise app and Lululemon will become Peloton\u2019s primary athletic apparel partner.\u00a0 A select number of Peloton instructors will also become Lululemon ambassadors.\u00a0 Lululemon\u2019s exercise app has about 13 million members, nearly double Peloton\u2019s global member count.\u00a0 GameStop Names Ryan Cohen CEO GameStop (GME) shares are jumping 7.8% in premarket trade after appointing Ryan Cohen as its new CEO, chairman, and president.\u00a0 The change is effective immediately and Cohen will not collect a salary.\u00a0 GameStop\u2019s board unanimously voted to appoint Cohen as CEO on Wednesday.\u00a0<\/p>\n","protected":false},"author":41,"featured_media":71429,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-71401","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\/71401","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=71401"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/71401\/revisions"}],"predecessor-version":[{"id":71432,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/71401\/revisions\/71432"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/71429"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=71401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=71401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=71401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}