Deere, Foot locker’s earnings in focus/ Stocks 19th

market movers

Midday movers

Premarket active stocks

Expert’s pick and cuts

Stocks in news

MARKET MOVERS 

 Midday movers

Gainers

• Shares of Farfetch Ltd (NYSE:FTCH) increased 21% after the luxury clothes e-commerce business posted first-quarter results that above expectations due to higher gross merchandise value.

Losers

• Shares of Foot Locker Inc. (NYSE:FL) fell 26% after the sports clothing retailer released poor first-quarter earnings and lowered its full-year estimate, blaming a difficult economic environment.
• Shares of Applied Materials Inc (NASDAQ:AMAT) dropped 2.3% after the producer of chip fabrication equipment revealed that quarterly sales increased 6% more than anticipated and that its outlook for net sales and profits per share in the current quarter is higher than anticipated.
• Deere & Company (NYSE:DE) shares fell 2.3%; Despite exceeding forecasts and increasing its annual profit prediction, Deere & Company (NYSE:DE) shares decreased 2.3%. Tractor and precision farming equipment sales had a solid quarter, and the company’s order book is still full.
•  Morgan Stanley (NYSE:MS) dropped 2.3% Shares of investment banking and wealth management behemoth Morgan Stanley (NYSE:MS) dropped 2.3% after news broke that James Gorman intended to step down as CEO within the coming 12 months.

Pre-market active stocks

Gainers

• Take-Two (NASDAQ:TTWO) shares jumped 12% after the video game developer exceeded quarterly sales projections because of robust demand for classic games “NBA 2K” and “Grand Theft Auto.”
• Canada Goose (NYSE:GOOS) shares soared 10% after the premium winter apparel retailer forecasted higher-than-expected yearly sales growth, expecting a robust comeback in major luxury market China to outweigh a downturn in U.S. demand.
• Western Alliance (NYSE:WAL) and PacWest Bancorp (NASDAQ:PACW) both increased 2.8% and 6.9%, respectively, as investors returned to these battered regional lenders in the expectation that the worst of the country’s financial upheaval had passed.
• The shares of Micron (NASDAQ:MU) climbed 2% after the semiconductor disclosed plans to invest up to $500 billion ($1 = 137.75) in extreme ultraviolet technologies over the next few years, with Japanese government backing.
• Walmart (NYSE:WMT) shares jumped 1.6% after the retail giant upped its full-year expectations and posted better-than-expected first-quarter profits, aided by price-conscious buyers’ demand.The shares of Charles Schwab (NYSE:SCHW) increased 0.2% after the brokerage revealed intentions to raise up to $2.5 billion through a debt offering.

Losers

• Bath & Body Works (NYSE:BBWI) shares surged 9.8% after the specialty retailer exceeded first-quarter profit projections, with increased product pricing outweighing cost challenges and a slowdown in demand.
• Cisco (NASDAQ:CSCO) shares slumped 3.9% after the technology giant stated a big backlog of products owing to supply chain bottlenecks has impacted customer desire for fresh orders.
• Alibaba (NYSE:BABA) ADRs declined 1.1% as the Chinese e-commerce giant reported a 2% increase in fourth-quarter sales, which was lower than expected due to the country’s slowing consumer spending growth.

Upgrades by Experts

Tencent Music Entertainment (NYSE:TME) shares rose more than 8% after the business posted strong first-quarter profits and received upgrades from Citi, Macquarie, and China Renaissance.

 Snap (NYSE:SNAP) was raised to Buy from Neutral by Arete. Yesterday, the stock market climbed more than 8%.

Applovin (NASDAQ:APP) shares jumped more than 6% yesterday after BofA Securities boosted its price objective to $27.00 from $21.00 and upgraded the stock to Buy from Neutral.

Barclays upgraded Wynn Resorts (NASDAQ:WYNN) to Overweight from Equalweight and boosted its price objective to $135.00 from $120.00

Downgrades by Experts

Citi downgraded Nu (NYSE:NU) to Neutral from Buy and reduced its price objective to $6.10 from $7.00.

Futu (NASDAQ:FUTU) was downgraded by JPMorgan and Morgan Stanley following the revelation that it will remove its app from China’s onshore app stores. TGT from both $46.00 (down from $65.00); $34.00 (down from $44.00).

Stifel downgraded Magellan Midstream Partners (NYSE:MMP) to Hold from Buy, but raised its price objective to $64.00 from $61.00.

Intercept Pharmaceuticals (NASDAQ:ICPT) was downgraded from Outperform to Market Perform by Raymond James.

Stocks In News

• Bath & Body Works (NYSE: BBWI) announced $0.33 EPS in the first quarter, $0.06 more than the average expectation of $0.27. Revenue for the quarter was $1.4 billion, compared to the average forecast of $1.39 billion.
•  Walmart (NYSE: WMT) announced first-quarter earnings per share of $1.47, $0.17 more than the expert consensus of $1.30. Revenue for the quarter was $152.3 billion, compared to the average forecast of $148.5 billion.
• Alibaba Group Holding Ltd (NYSE:BABA) said on Thursday that fourth-quarter sales increased by 2%, falling short of estimates. The 208.20 billion yuan ($30.12 billion) in revenue for the three months ended March compared to a Refinitiv average forecast of 210.3 billion yuan based on 26 analysts.
• Boot Barn Holdings; expects FY2024 earnings per share of $4.70-$5.00, compared to the average of $5.52. Boot Barn Holdings expects revenue of $1.69-1.723 million in FY2024, compared to the consensus of $1.67 million. Boot Barn Holdings expects Q1 2024 earnings per share of $0.79-$0.85, compared to the average of $1.17. Boot Barn Holdings expects revenue of $357-364 million in Q1 2024, compared to the consensus of $388.7 million.
• Take-Two Interactive Software (TTWO) posted Q4 non-GAAP EPS of $0.51, which may fall short of analysts’ expectations of $0.69. Net bookings for the quarter were $1.39 billion, compared to the average forecast of $1.35 billion. Take-Two Interactive Software expects net bookings of $5.45-5.55 billion in FY2024, compared to the consensus of $6.08 billion.
• Cisco Systems (CSCO); reported Q3 earnings per share of $1.00, $0.03 more than the average forecast of $0.97. Revenue for the quarter was $14.6 billion, compared to the average forecast of $14.4 billion. Cisco Systems expects Q4 2023 earnings per share of $1.05-$1.07, compared to the average of $1.04.
•  Bioventus (BVS) 1Q adj EPS ($0.26) vs est. ($0.15) on revs $119.1Mm vs est. $116.58Mm, adj EBITDA $17Mm vs est. $10.06Mm; says confident in achieving adj EBITDA of at least $68Mm for FY vs est. $68.6Mm.
•  NextGen Healthcare (NXGN) 4Q adj EPS $0.31 vs est. $0.29 on revs $178.55Mm vs est. $171.2Mm, recurring revs $161.9Mm; guides FY revs $712-722Mm vs est. $709.32Mm, adj EBITDA $125-131Mm vs est. $129.79Mm and adj EPS $1.04-1.11 vs est. $1.10.
• Agilysys (AGYS) 4Q adj EPS $0.26 vs est. $0.22 on revs $52.9Mm vs est. $52.01Mm, adj EBITDA $8.1Mm vs est. $8.09Mm; guides FY revs $230-235Mm vs est. $232.74Mm and adj EBITDA margin 13%.
• Kyndryl Holdings (KD) Q4 EPS loss (-$3.24) vs. est. loss (-$1.03); Q4 revs $4.26B vs est. $4.16B; Ad adj Ebitda $476M; Fiscal year 2023 revenues total $17.0B, net loss is $1.4B, adjusted EBITDA is $2.0B, and adjusted pretax loss is $217M;

Earnings Calendar

Friday, May 19, 2023

Deere & Company (DE),  Catalent Inc (CTLT).