DJIA Futures: -22 (-0.1%)
SPX Futures: -2 (-0.04%)
NASDAQ Futures: -4 (-0.03%)
Good morning friends!
Futures are down slightly following the worst day since June as traders digest a mix of Q2 earnings.
Let’s get right to it!
Macy’s (M) shares are up 1.5% ahead of the open after beating fiscal Q2 expectations.
The retailer reported adjusted earnings of $1 per share on $5.6 billion in revenue.
That was better than analysts’ expectations for adjusted EPS of $0.85 on $5.49 billion in revenue.
Despite the strong quarter, Macy’s cut its full-year forecast in anticipation of slowing consumer spending on discretionary items like clothing.
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.
Macy’s forecast annual adjusted EPS between $4.00 and $4.20, down from $4.53 to $4.95.
Analysts were estimating adjusted EPS of $4.51 on $24.36 billion in revenue.
Dick’s Sporting Goods (DKS) shares are up 2.4% in premarket trade after beating Q2 expectations and hiking its full-year outlook.
The sporting goods retailer reported adjusted earnings of $3.68 per share on $3.11 billion in revenue.
That was better than analysts’ expectations for adjusted EPS of $3.58 on $3.07 billion in revenue.
Dick’s now expects full-year adjusted earnings to be between $10 and $12 per share vs its previous forecast of $9.15 to $11.70.
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.
Zoom Video Communications (ZM) shares are tumbling 11.8% ahead of the open after reporting mixed fiscal Q2 results and cutting its full-year forecast.
The video-calling software company reported adjusted earnings of $1.05 per share on $1.10 billion in revenue.
That topped analysts’ expectations for adjusted EPS of $0.94 but missed estimates for $1.12 billion in revenue.
Revenue rose 8% year over year, down from 12% growth in fiscal Q1.
The CFO said, “We 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.”
Zoom forecast adjusted fiscal Q3 earnings of $0.82 to $0.83 per share on $1.095 billion to $1.100 billion in revenue.
That was lower than analysts’ estimates for adjusted EPS of $0.91 on $1.15 billion in revenue.
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.
The mid-range of that forecast would represent revenue growth of just 7% annually.
Oil prices are climbing higher today as supply concerns take focus again.
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.
The jump comes after Saudi Arabia’s energy minister floated the idea of OPEC+ cutting production in the months ahead to support prices.
The latest data is also expected to show another drop in U.S. crude inventories.
The American Petroleum Institute releases its inventory report today followed by the Energy Information Administration on Wednesday.