Coffee With Greta: Stocks Bounce
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DJIA Futures: +67 (+0.2%)
SPX Futures: +16 (+0.4%)
NASDAQ Futures: +86 (+0.6%)
Good morning friends!
Futures are higher as traders hope to bounce back from a losing week on Wall Street.
Let’s get right to it!
Earnings Season Winds Down
Although earnings season is winding down, this week includes some important results.
From major retailers to big tech, here are the highlights:
- Tuesday AM: Lowe’s (LOW), Dick’s Sporting Goods (DKS), Macy’s (M)
- Wednesday AM: Kohl’s (KSS), Peloton (PTON)
- Wednesday PM: Nvidia (NVDA), Snowflake (SNOW)
- Thursday AM: Dollar Tree (DLTR)
- Thursday PM: Intuit (INTU), Affirm (AFRM), Gap (GPS), Nordstrom (JWN)
Yields Jump
Treasury yields are rising this morning as investors look ahead to comments from Fed officials this week and other economic data.
The 2-year yield is up 22 basis points to 4.97% while the 10-year yield is up 49 basis points to 4.30%.
The Fed’s Jackson Hole Symposium is set to kickoff on Thursday with the Fed Chair’s speech scheduled for Friday morning.
Here’s a look at the other economic data scheduled to be released this week:
- Tuesday: July existing home sales
- Wednesday: S&P flash services and manufacturing PMIs, July new home sales
- Thursday: Weekly jobless claims, durable goods orders
- Friday: August consumer sentiment
Palo Alto Surges
Palo Alto Networks (PANW) shares are surging 12.6% ahead of the open after beating fiscal Q4 profit expectations.
Here’s how the security software company’s results compared to analysts’ estimates:
- Adjusted EPS: $1.44 vs $1.28 expected
- Revenue: $1.95 billion vs $1.96 billion expected
Revenue jumped 26% year over year.
The company forecast fiscal Q1 revenue of $1.82 billion to $1.85 billion and full-year revenue between $8.15 billion and $8.2 billion.
That outlook fell short of analysts’ expectations for fiscal Q1 revenue of $1.93 billion and full-year sales of $8.38 billion.
Earthstone Energy Jumps On Buy Out
Earthstone Energy (ESTE) shares are jumping 9.1% in premarket trade after announcing Permian Resources (PR) agreed to buy the oil company.
Permian Resources will acquire Earthstone in an all-stock transaction valued at $4.5 billion.
Each Earthstone shareholder will receive 1.446 shares of Permian Resources common stock for each Earthstone share they own.
That implies a value of $18.64 per share of Earthstone stock.
The deal has been unanimously approved by both companies’ boards of directors and is expected to close by the end of this year.