Coffee With Greta: Tough Week

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DJIA Futures: -180 (-0.5%)

SPX Futures: -27 (-0.6%)

NASDAQ Futures: -136 (-0.9%)

Good morning friends!

Futures are dropping as traders gear up for another down session.

Let’s get right to it!

Ross Earnings Beat

Ross Stores (ROST) shares are up 5.4% ahead of the open after beating Q2 expectations on the top and bottom line.

Here’s how the discount retailer’s results compared to analysts’ estimates:

Ross raised its full-year outlook following the beat.

The company now expects fiscal year earnings between $5.15 and $5.26 per share vs $5 expected and $4.77 to $4.99 previously.

Ross forecast Q3 EPS between $1.16 and $1.21 and Q4 EPS between $1.58 and $1.64.

Xpeng (XPEV) shares are tumbling 7.9% in premarket trade after reporting the largest quarterly loss in company history.

Here’s how the Chinese EV maker’s Q2 results compared to analysts’ estimates:

Revenue dropped 31% year over year and it was the biggest quarterly loss Xpeng has reported since going public in August 2020.

The company’s vehicle margin dropped to -8.9% during the quarter vs 9.1% a year ago.

Xpeng blamed that decline on “inventory write-downs and losses on inventory purchase commitments”.

The company is relying on its new G6 electric vehicle to turn around performance.

Xpeng expects between 39,000 and 41,000 vehicle deliveries in Q3, up from Q2 and 31.9% to 38.7% higher year over year.

The company also forecast Q3 revenue between 8.5 billion yuan and 9 billion yuan, which would be an annual increase of 24.6% to 31.9%.

Bitcoin prices abruptly plunged Thursday evening to just over $26,000.

The coin is currently down 7.5% at $26,364.

The drop comes after a Wall Street Journal report that SpaceX wrote down the value of its bitcoin holding by $373 million in 2022 and 2021.

The report also said the space travel company sold the crypto currency.

CVS Health (CVS) shares tumbled 8.1% on Thursday after insurance giant Blue Shield of California said it will drop the company’s pharmacy services. CVS Health’s Caremark has been Blue Shield’s pharmacy benefit management partner for more than 5 years. Blue Shield will now partner with Cost Plus Drugs company and Amazon Pharmacy instead. The health insurer said the change will provide “convenient, transparent access to medications while lowering costs.”