Earnings Previews: Big Lots, Canopy Growth, Costco, Farfetch, Gap
The three major U.S. equity indexes closed mixed on Tuesday. The Dow Jones industrial blue-chippers added about 0.2%, while the S&P 500 closed down 0.8% and the Nasdaq retreated nearly 2.4%. The Federal Reserve releases the minutes of its April meeting Wednesday afternoon, an event that is watched closely for hints about what the U.S. central bank may do next. Equities traded slightly lower in Wednesday’s premarket session.
After markets closed Tuesday afternoon, Intuit reported results, beating estimates for both the top and bottom lines. Shares traded up about 2.8% in the premarket.
Nordstrom missed earnings per share (EPS) expectations but beat the revenue estimate and issued upside guidance for the 2023 fiscal year. The stock was up more than 9% Wednesday morning.
Toll Brothers also beat top-line and bottom-line estimates but noted that, while demand is solid for now, it is not equal to the runup of the past two years because home buyers are reacting to higher interest rates and macroeconomic conditions. The stock traded up 3.6%.
Grindrod Shipping reported better than expected results on both the top and bottom lines. Shares traded down about 4.5% in Wednesday’s premarket session.
Star Bulk Carriers also reported beats to earnings and revenue estimates. Shares traded higher by about 3.4% Wednesday morning.
Dick’s Sporting Goods beat top-line and bottom-line estimates but gave downside guidance well below analysts’ estimates for full-year EPS. Shares traded down more than 12% in Wednesday’s premarket.
After Wednesday’s closing bell, results are due from Nvidia, Snowflake and Splunk. Thursday morning has earnings on tap from Alibaba, Baidu, Dollar Tree and Macy’s.
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Here is a look at five firms set to report earnings late Thursday or early Friday.
Big Lots
Discount retailer Big Lots Inc. (NYSE: BIG) has had a share price decline of 58% over the past 12 months. The stock’s 52-week high was posted in early June and shares have been sliding ever since. Rising inflation and a challenging macroeconomic environment have made the past year a dismal one for investors. In March, an activist investor called for the company to do a sale-and-leaseback deal and take fuller advantage of its borrowing power. Big Lots reports results before markets open on Friday.
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