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DJIA Futures: -27 (-0.1%)
SPX Futures: -2 (-0.1%)
NASDAQ Futures: -17 (-0.1%)
Good morning friends!
Futures are flat but lower as traders await key economic data later today.
Let’s get right to it!
Best Buy Inc (BBY) shares are up 2.7% ahead of the open after beating Q2 expectations on the top and bottom line.
Here’s how the consumer electronics retailer’s results compared to analysts’ estimates:
Comparable sales fell 6.2% year over year while online sales dropped 7.1%.
The CEO said Best Buy expects this year to be the “low point in tech demand” before sales bounce back next year.
The company forecast full-year revenue between $43.8 billion and $44.5 billion vs $43.8 billion to $45.2 billion previously.
Best Buy expects comparable sales to decline 4.5% to 6% this year vs 3% to 6% previously.
Big Lots (BIG) shares are surging 14.3% in premarket trade after reporting a narrower than expected Q2 loss.
Here’s how the retailer’s results compared to analysts’ estimates:
Big Lots did not provide a Q3 earnings forecast but said it expects comparable store sales to decline in the low-teen range.
The company said that would be “modestly improved” from Q2.
The retailer then expects comparable store sales to improve further in Q4.
Big Lots’ CEO said, “Our core lower-income customer remains under significant pressure and has limited capacity for higher-ticket discretionary purchases. However, we did see some sequential improvement in the quarter, and were pleased to come in ahead of or in line with our guidance on all key metrics.”
Nio (NIO) shares are dropping 6.3% ahead of the open after reporting a widening loss in the second quarter and missing expectations.
Here’s how the Chinese electric vehicle makers results compared to analysts’ estimates:
That loss was more than twice the loss Nio reported a year ago.
The company’s gross margin on vehicles rose to 6.2% from 5.1% in Q1 but down from 16.7% a year ago.
Nio delivered just 23,520 vehicles in Q2 as it sold down the last of its outgoing models.
Since then the company has launched two new models and delivered 20,462 vehicles in July alone.
The CEO said, “We expect a solid growth in vehicle deliveries in the second half of 2023.”
The company forecast Q3 deliveries between 55,000 and 57,000 vehicles.
The first piece of this week’s important labor market data is set to be released today.
The Labor Department releases its July Job Openings and Labor Turnover Survey (JOLTS) at 10:00 a.m. ET.
That report is expected to show the number of available jobs fell to 9.5 million in July from 9.58 million in June.
The Conference Board also releases its August consumer confidence index at 10:00 a.m.
That survey is expected to slip to 116 from 117 in July.