Movers: Bed Bath & Beyond, Compass, Krispy Kreme, Lowe's, Target, TJX

Barry Adams
17 Aug, 2022
New York City

Stocks lacked direction in early trading after advancing for five days in a row and investors focused on the latest batch of retail earnings. 

Futures of crude oil edged up $1.42 to $87.97 a barrel and natural gas decreased 9 cents to $9.13 a thermal unit.  

The S&P 500 index fell 0.8% to 4,269.91 and the Nasdaq Composite index declined 1.5% to 12,908.96. 

The yield on 10-year Treasury notes increased to 2.88% and 3-year yield notes advanced to 3.32%. 

Bed Bath & Beyond soared 21.5% to $25.10 and the retailer extended gains to more than 400% after the Reddit message board followers piled in. 

Bed Bath stock has closed up every day for three weeks in a row.  

Compass Inc declined 9.5% to $4.03 after the real estate broker said second quarter revenues increased 4% to $2.0 billion and net loss soared to $101 million from $7 million a year ago. 

Compass guided third quarter revenues between $1.4 billion and $1.5 billion and full-tear 2022 revenues between $6.15 billion and $6.45 billion.  

The 2022 revenues estimate was significantly lowered from the previous estimate between $7.6 billion and $8.0 billion released at the time of first quarter results.  

Krispy Kreme Inc declined 11.8% to $12.80 after the doughnut chain operator reported weaker-than-expected revenues and earnings. 

Second quarter revenues increased 7.5% to $375.2 million and net loss declined to $2.4 million from $15.0 million a year ago. 

Diluted loss per share fell to 2 cents from 15 cents a year ago. 

Krispy Kreme lowered its 2022 revenues outlook in the range between $1.49 billion and $1.52 billion from the previous estimate between $1.53 billion and $1.56 billion.  

Lowe's Companies increased 1.6% to $217.45 after the home improvement retailer said second quarter revenues decreased to $27.5 billion from $27.6 billion a year ago. 

Second quarter net income was flat at $3 billion and diluted earning per share increased to $4.68 from $4.27 a year ago. 

Target Corporation declined 3.3% to $174,14 after the retailer reported a sharp decline in earnings after the company marked down items to clear excess inventories. 

Second quarter revenues increased 3.5% to $26.0 billion from $25.2 billion a year ago. 

Net income in the quarter plunged to $183 million from $1.82 billion a year ago. Diluted earnings per share dropped to 39 cents from $3.65 a year ago. 

Target reiterated its prior guidance for full-year revenue growth in the low- to mid-single digit range, and an operating margin rate in a range around 6% in the second-half of the year.

TJX Companies Inc increased 3.9% to $69.30 after the discount retailer lowered its annual revenues outlook. 

The parent of Marshalls, Home Goods, and T.J. Maxx retail chains said second quarter revenues declined to $11.8 billion from $12.1 billion. 

Net income increased to $809.3 million from $785.6 million a year ago and diluted earnings per share increased to 29 cents from 26 cents a year ago. 

Second quarter U.S. comparable sales at Marshalls and T.J. Maxx chains declined 2% after rising 18% in the period a year ago and at Home Goods declined 13% after rising 36% in the quarter a year ago.