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Market Update

Marvell Technology Inc soared 23.7% to $61.45 after the advanced semiconductor company delivered first quarter results ahead of expectations and said second quarter sales are expected to accelerate.

Revenue in the fiscal first quarter ending in April declined 9% to $1.32 billion and net loss increased to $168.9 million from $165.7 million and diluted loss per share was flat at 20 cents from a year ago.

The company estimated second quarter revenue of $1.33 billion with a band of 5% and gross margin between 44.3% and 46.8%.

26 May, 2023

RH declined 5.4% to $240.86 after the home improvement retailer reported better-than-expected sales and earnings in the fiscal first quarter.

Revenue in the first quarter declined to $739 m.1illion from $957.3 million and net income fell to $41.9 million from $200.7 million and diluted earnings per share fell to $1.76 from $7.22 a year ago.

However, the retailer estimated higher-than-expected markdowns "to clear discontinued inventory" in the second quarter and estimated weaker-than-expected fiscal second quarter revenue.

The retailer raised revenue outlook for fiscal 2023 to a range of $3.0 to $3.1 billion and lowered outlook for adjusted operating margin to a range of 14.5% to 15.5%, which includes an approximate 150 basis point drag due to the ramp up of global expansion.

26 May, 2023

Ulta Beauty plunged 11.3% to $431.17 despite the company reporting higher revenue and earnings in the first quarter.

Net sales in the first quarter increased 12.3% to $2.6 billion from $2.3 billion and comparable sales slowed to 9.1% from 18.0% a year ago. Net income increased to $347.1 million from $331.4 million and diluted earnings per share rose to $6.88 from $6.30 a year ago.

The retailer lifted its full year sales outlook slightly and reiterated its earnings per share.

Full year 2023 sales range was revised higher to $11.0 billion from $11.1 billion from the previous range between $10.95 and $11.05 billion. The company reiterated its comparable sales growth range between 4% and 5% and diluted earnings per share between $24.70 and $25.40.

26 May, 2023

Costco Wholesale Corporation declined 0.3% to $485.31 after the retailer reported mixed quarterly results.

Net sales in the fiscal third quarter ending in May increased 1.9% to $52.6 billion from $51.6 billion and comparable sales at the U.S. stores excluding gasoline sales increased 1.8%.

Total comparable sales across all regions, excluding gasoline sales, increased 3.5% and e-commerce sales declined 9.0%.

Net income attributable to shareholders decreased to $1.3 billion from $1.35 billion and diluted earnings per share fell to $2.93 from $3.04 a year ago.

26 May, 2023

Dollar Tree Inc dropped 12.5% to $135.50 after the deep discount retailer reported mixed quarterly results.

Consolidated net sales increased 6.1% to $7.32 billion, driven by companywide same store sales increase of 4.8%.

Dollar Tree same store sales increased 3.4%, driven by a 5.5% increase in traffic, partially offset by a 2.1% decline in average ticket.

Family Dollar’s 6.6% same store sales increase comprised of a 4.3% increase in traffic along with a 2.2% increase in average ticket.

Companywide net sales increased to $7.3 billion from $6.9 billion and net income declined to $299 million from $536.4 million and diluted earnings per share fell to $1.35 from $2.37 a year ago.

In the quarter, the company repurchased 1.025 million shares for $151.1 million.

The retailer guided full-year sales between $30 billion and $40.5 billion, driven by low- to mid-single-digit comparable same store sales.

The company guided second quarter sales between $7.0 billion and $7.2 billion and same store sales to increase in mid-single-digit sales and earnings per share between 79 cents and 89 cents.

25 May, 2023

American Eagle Outfitters Inc dropped 16.4% to $10.30 after the specialty apparel retailer estimated second quarter revenue to decline on tough comparison.

Revenue in the first quarter increased 2% to $1.1 billion, driven by 5% increase in retail store revenue and 4% decline in online sales.

Net income declined to $18.5 million from $31.7 million and diluted earnings per share fell to 9 cents from 16 cents a year ago.

The retailer estimated second quarter revenue to decline in "low single-digits" compared to last year and operating income in the range of $25 million to $35 million.

25 May, 2023

Best Buy Company Inc jumped 1.9% to $70.49 after the electronics retailer reported slightly better-than-expected adjusted earnings in its latest quarter ending in April.

Revenue in the fiscal 2024 first quarter declined to $9.5 billion from $10.6 billion, driven by 11% fall in domestic revenue to $8.8 billion on 10.4% fall in comparable sales.

Net income declined to $241 million from $341 million and diluted earnings per share fell to $1.11 from $1.49 a year ago.

In the fiscal first quarter, the company returned a total of $281 million to shareholders through dividends of $202 million and share repurchases of $79 million.

The electronics retailer reiterated its fiscal 2024 sales outlook between $43.8 billion and $45.2 billion and comparable sales to decline between 3% and 6%.

25 May, 2023

Nvidia Corporation soared 23.5% to $375.16 after the advanced chip maker reported better-than-expected quarterly sales and earnings.

The company also lifted its annual outlook on the back of demand for its AI chip.

Revenue in the fiscal first quarter declined 13% from a year ago and increased 19% from the previous quarter to $7.19 billion.

Net income increased 26% to $2.0 billion from $1.6 billion and diluted earnings per share rose to 82 cents from 64 cents a year ago.

The company estimated fiscal second quarter revenue of $11.0 billion with a band of 2% and GAAP gross margin of 68.5%.

In the first quarter of fiscal 2024, NVIDIA returned to shareholders $99 million in cash dividends and the company will pay its next quarterly cash dividend of 4 cents per share on June 30, to all shareholders of record on June 8.

Other semiconductor stocks traded higher after results from Nvidia boosted the prospects for the sector.

25 May, 2023

Zoom Video Communications Inc declined for the second day in a row and fell to $64.26 after the company reported higher sales but a sharp plunge in earnings.

Earnings in the first quarter declined to $15.44 million from $113.66 million and diluted earnings per share plunged to 5 cents from 37 cents a year ago.

24 May, 2023

Lowe's Companies declined 1.6% to 12,461.55 after the home improvement retailer reported better-than-expected sales and earnings but the company lowered its annual outlook.

Comparable sales fell 4.3%, driven by lumber deflation, unfavorable weather and lower DIY discretionary sales.

Net sales in the first quarter declined to $22.3 billion from $23.7 billion and net income fell to $2.26 billion from $2.33 billion and diluted earnings per share rose to $3.77 from $3.51 a year ago.

Sale of Canada retail operation contributed to 10 cents of earnings per share in the quarter.

Lowe's estimated full-year sales in the range of $87 billion to $89billion, lower than the previously estimated range between $88 billion and $90 billion.

Comparable sales are estimated to decline between 2% and 4%, compared to the previous estimate between flat and 2% decline.

24 May, 2023

Kohl's Corporation soared 10.1% to $21.21 after the department store chain reported better-than-expected quarterly results.

Sales in the first quarter declined 3.3% from a year ago $3.36 billion and net income was unchanged at $14 million and diluted earnings per share fell to 11 cents from 13 cents a year ago.

24 May, 2023

Children's Place Inc plunged 24.7% to $17.93 after the specialty retailer reported a decline in earnings and a loss in the first quarter.

Revenue declined 11.2% to $321.64 million from $362.35 million and the retailer swung to a net loss of $28.83 million compared to a profit of $19.83 million and diluted earnings per share was ($2.33) compared to $1.43 a year ago.

24 May, 2023

BJ's Wholesale Club Holdings Inc decreased 1.5% to $63.80 after the membership warehouse club reported weaker-than-expected sales.

Revenue in the first quarter increased to $4.72 billion from $4.49 billion and net income increased to $116.0 million from $112.4 million and diluted earnings per share rose to 85 cents from 82 cents a year ago.

24 May, 2023

Abercrombie & Fitch Company soared 24.5% to $28.64 after the specialty apparel retailer reported higher-than-expected profit and lifted its full-year outlook.

Net sales in the first quarter increased 3% to $835 million from $812 million and the company swung to a profit of $17.8 million from a loss of $14.8 million and diluted earnings per share was 33 cents compared to a loss of 32 cents a year ago.

The retailer revised its full-year net sales growth estimate to between 2% and 4% from the previous estimate of an increase between 1% and 3% from $3.7 billion sales in 2022.

24 May, 2023

Applied Materials, Inc fell 2.7% to $126.36 after the semiconductor equipment maker reported mixed quarterly results.

Revenue in the fiscal second quarter ending in April increased 6% to $6.6 billion and gross margin of 46.7%.

Net income increased 3% to $1.57 billion from $1.53 billion and diluted earnings per share increased to $1.84 from $1.74 a year ago.

19 May, 2023