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Coffee With Greta: Closing Out Q1

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DJIA Futures: +42 (+0.1%)

SPX Futures: +1 (+0.01%)

NASDAQ Futures: -2 (-0.1%)

Good morning friends!

Futures are flat as traders gear up for the final session of the first quarter. 

Let’s get right to it!

Weekly Jobless Claims Fall

Weekly jobless claims were lower than expected last week in a sign of continued tightness for the labor market. 

The Labor Department reported 210,000 Americans filed initial claims for unemployment benefits. 

That was down by 2,000 from the previous week and lower than 215,000 expected. 

Continuing claims rose by 24,000 to 1.82 million in the week ending March 16. 

Q4 GDP Revised Higher

The U.S. economy expanded more than previously estimated in the fourth quarter. 

The Bureau of Economic Analysis’ second revision of Q4 GDP came in at 3.4%, up from 3.2% previously. 

BEA said, “The update primarily reflected upward revisions to consumer spending and nonresidential fixed investment that were partly offset by a downward revision to private inventory investment.”

Full-year growth in 2023 remained at 2.5%.

Walgreens Slips After Narrowing Outlook

Walgreens Boots Alliance (WBA) shares are down 2.7% ahead of the open after topping fiscal Q2 expectations but lowering its full-year profit outlook. 

Here’s how the pharmacy chain’s results compared to analysts’ estimates:

  • Adjusted EPS: $1.20 vs $0.82 expected
  • Revenue: $37.05 billion vs $35.86 billion expected

Revenue rose 6% year over year. 

Sales in the company’s U.S. health-care division jumped 33% from a year ago to $2.18 billion. 

The U.S. retail pharmacy segment saw sales rise 5% to $28.86 billion. 

And retail sales fell 4.5%. 

Walgreens now expects full-year adjusted EPS between $3.20 and $3.35 vs the previous outlook for $3.20 to $3.50 per share. 

Analysts are expecting full-year adjusted earnings of $3.24 per share. 

AMC Tumbles On Stock Sale Announcement

AMC Entertainment (AMC) shares are dropping 14.3% in premarket trade after filing to sell up to $250 million of stock. 

In a filing this morning, the company said it plans to use the proceeds from that sale to bolster liquidity to repay, refinance, redeem, or repurchase its existing debt. 

AMC said, “Among other reasons, the offering is being conducted to enhance the Company’s liquidity in light of the low first quarter box office.”

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