DJIA Futures: -51 (-0.2%)
SPX Futures: -9 (-0.2%)
NASDAQ Futures: -46 (-0.3%)
Good morning friends!
Futures are slipping as traders remain on edge over debt ceiling negotiations.
Let’s get right to it!
There is still no deal to raise the debt ceiling after President Biden met with House Speaker Kevin McCarthy on Monday.
McCarthy told reporters that Monday’s meeting was “productive” and “professional”.
He said, “I think the tone tonight was better than any other night we’ve had discussions.”
Both teams of negotiators reportedly reconvened overnight to come up with a compromise deal.
McCarthy said, “The president and I know the deadline, so I think we’re going to talk every day … until we get this done.”
The deadline to raise the debt limit is June 1.
Lowe’s (LOW) shares are falling 1.6% ahead of the open after cutting its full-year outlook despite beating Q1 expectations on the top and bottom line.
Here’s how the home improvement retailer’s results compared to analysts’ estimates:
Comparable sales dropped 4.3% year over which was higher than the 3.4% decline analysts were expecting.
Lowe’s now expects full-year sales to range between $87 billion and $89 billion vs the previous forecast for $88 billion to $90 billion.
The company also expects adjusted EPS of $13.20 to $13.60 vs $13.60 to $14.00 previously.
Dick’s Sporting Goods (DKS) shares are up 2.6% in premarket trade after beating Q1 estimates on the top and bottom line.
Here’s how the sporting goods retailer’s results compared to analysts’ expectations:
Same-store sales jumped 3.4% year over year.
Dick’s reaffirmed its full-year outlook for EPS between $12.90 and $13.80 vs $13.38 expected by analysts.
Zoom Video Communications (ZM) shares are falling 1.4% before the opening bell despite beating fiscal Q1 expectations on the top and bottom line.
Here’s how the video calling platform’s results compared to analysts’ estimates:
Zoom also hiked its Q2 and full-year outlooks after the beat.
The company now expects Q2 adjusted EPS of $1.04 to $1.06 on $1.11 billion to $1.12 billion expected.
That topped analysts’ estimates for adjusted EPS of $1.05 on $1.11 billion in revenue.
Zoom forecast full-year adjusted EPS of $4.25 to $4.31 on $4.47 billion to $4.49 billion in revenue vs EPS of $4.21 on $4.45 billion in revenue expected.
The CEO said, “The solid start to the year has enabled us to raise our outlook for fiscal-year 2024 while continuing to invest in innovations such as AI to help make interactions more meaningful and communications more effective.”