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Tell me if this sounds familiar: market indices couldn’t hold onto morning gains. That’s what happened again today, when the Dow, S&P 500, Nasdaq and Russell 2000 all came in at the opening bell in the green, only to see trading slip away and close near session lows. There was a slight reprieve just ahead of the 3:00 hour, but the Dow wound up -0.12%, the S&P 500 -0.58%, the small-cap Russell 2000 -0.98% and the Nasdaq -1.51%. It’s now the fourth-straight day lower on the S&P and Nasdaq.
Clearly, the market is still digesting its new interest rate outlook. After three 25 basis-point (bps) cuts were baked into the cake (with hopes there would be more), since last week’s hotter CPI report, it’s become obvious that three cuts will be harder to obtain, especially if there is no cut for June and with the September meeting just six week’s before the November General Election. Economic prints to be released will help add some color to the proceedings, as will Q1 earnings reports over the next month.
Speaking of Q1 earnings, Las Vegas Sands LVS has reported after today’s close. The casino and entertainment giant outpaced estimates by 4 cents to 66 cents per share in the quarter, with $2.96 billion a smidge ahead of the $2.94 billion in sales, for +39.6% growth year over year. This marks the third earnings beat in the last four quarters, thanks to a rebound in the Macau business. Prior to this, the Zacks Rank #3 (Hold) posted nine earnings misses in the previous 12 quarters. The Chinese business means a lot to LVS.
Transportation major CSX CSX also marginally beat estimates on both top and bottom lines. Earnings of 46 cents per share edged out the Zacks consensus by a penny (though 2 cents lower than the year-ago quarter) on $3.68 billion in quarterly revenues, just north of the $3.65 billion expected. Total volumes were up +3% year over year, while Operating Income is down -8% from Q1 2023 figures. No forward guidance was given in the company’s press release after Wednesday’s market close, but shares are up a tad in late trading.
New York office REIT SL Green RealtySLG also reported Q1 results after the bell. Funds from operations (FFO, a real estate metric used, instead of earnings per share) reached $3.07 for the quarter, well ahead of the Zacks consensus $2.17 — and double the $1.53 FFO reported in the year-ago quarter. Full-year FFO guidance ramped up to a range of $7.35-7.65 from a previously derived $6.06 FFO, and shares are up +3.6% in after-hours trading for the Zacks Rank #2 (Buy)-rated company at this time.
Before the market opens tomorrow, we’ll hear from a slew of other companies regarding quarterly earnings, including homebuilding major D.R. HortonDHI, which is expected to grow earnings +13.2% on +3.7% higher revenues year over year. After Thursday’s close, NetflixNFLX will try to bounce back from an earnings miss last quarter and gain +56.6% on its bottom line, +13.5% on the top. We’ll also see Initial and Continuing Jobless Claims, Philly Fed manufacturing and Existing Home Sales. Questions or comments about this article and/or author" Click here>>
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Wells Fargo continues to benefit from deposit growth, strong capital position and a solid liquidity profile. Also, cost-efficiency initiatives might support bottom-line growth in the upcoming period.
Arista is well-poised for growth in data-driven cloud networking business with a leadership position in 100-gigabit Ethernet switches, industry-leading capacity, low latency, port density and power efficiency.
Product enhancements and introductions, robust GPS technology, improving mix of software and services revenues, and acquisition benefits are positives.
Improving supply chains and accretive acquisitions are expected to buoy Zebra Technologies’ performance. The company’s commitment to handsomely reward shareholders is impressive.
Tractor Supply has been witnessing strength in its Life Out Here Strategy. The company’s e-commerce business and Neighbor's Club loyalty program are impressive.
Kroger is making investments to enhance product freshness and quality, and expand digital capabilities. Impressively, it has been introducing new items under its ‘Our Brands’ portfolio.
Rising demand for the SWP, solid total asset balance, SEI Investments’ partnership interest in LSV, strategic buyouts and global presence will continue supporting growth in the quarters ahead.
Hibbett’s performance might have been hurt by inflation, higher interest rates and weak consumer confidence. A tough retail landscape also remains an added deterrent.
Alibaba's business structure involves certain risks due to the strict laws in China, which along with lower mobile monetization, increasing competition and integration risks are concerns.
The operational constraints may adversely impact results. Weaker methanol prices are also hurting margins. Lower deliveries are likely to affect margins.
Sun Life faces earnings pressure due to volatility in equity markets and interest rates, increased expenses weighing on margin expansion and regulatory uncertainties are concerns.
Softening housing starts may affect the company's sales volumes. Its PVC resin and epoxy businesses also face headwinds. Turnarounds may also adversely impact results.
Tyson Foods continues to invest in brand building and innovation to grow its market share. Management expects robust volumes for the Prepared Foods segment due to continued foodservice momentum.
Netflix’s growing subscriber base, driven by content strength, focus on originals across various genres and languages, rapid international expansion and partnerships with telcos are key drivers.
Broadcom is a leading player in the semiconductor market based on its expanding product portfolio, multiple target markets, accretive acquisitions and strong cash flow.
Kroger is making investments to enhance product freshness and quality, and expand digital capabilities. Impressively, it has been introducing new items under its ‘Our Brands’ portfolio.
Central Garden & Pet has been advancing digital capabilities, optimizing its supply chain, expanding data analytics capability and focusing on marketing activities to better engage with customers.