US stock futures drifted sideways on Wednesday, after the S&P 500 secured record highs during the last three consecutive trading days.
The benchmark index rose +0.35% yesterday, as the street cheered headlined trade progress between officials in Washington and Beijing.
Despite this, volatility in the stock market has for the most part been
muted throughout August; the peak US and EU vacation period.
Ahead, today's economic calendar includes; Durable Goods Orders for July at 8:30am, followed by Crude Oil Inventories at 10:30am EST.
Earnings reports are expected today from; Splunk (SPLK), Express (EXPR), Tiffany (TIF), Dick's Sporting Goods (DKS), Box Inc. (BOX), Williams-Sonoma (WSM), NetApp (NTAP) and PVH (PVH).
TODAY'S TOP HEADLINES
US: Hurricane Laura Forecast To Intensify To Category 4. (CNBC)
Hurricane Laura is forecast to power up into a Category 4 hurricane.
Today's Economical Announcements.
08:30AM - ★★★ - Core Durable Goods (Jul) (Previous: 3.6%)
10:30AM - ★★★ - Crude Oil Inventories (Previous: -1.632M)
STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
Urban Outfitters (URBN): [EARNINGS] Reported a profit of 35 cents per share for its latest quarter, compared with expectations of a 40 cents per share loss. The apparel retailer also reported better-than-expected revenue despite a 13% drop in comparable-store sales, benefiting from an increase in digital sales amid pandemic-related store closures.
Dick’s Sporting Goods (DKS): [EARNINGS] Earned $3.21 per share for the second quarter, well above the consensus estimate of $1.30 a share. Revenue was also well above forecasts, with comparable-store sales up 20.7% compared to a 9.9% FactSet consensus estimate. Dick’s also saw e-commerce sales nearly triple during the quarter.
Salesforce.com (CRM): [EARNINGS] Reported quarterly earnings of $1.44 per share, more than double the 67 cents a share consensus estimate. The business software company’s revenue also exceeded Street forecasts, and it also raised its full-year revenue forecast as it benefits from the increase in remote work and e-commerce.
Nordstrom (JWN): [EARNINGS] Lost $1.62 per share for the second quarter, wider than the loss of $1.48 per share that analysts were anticipating. The department store operator also saw revenue come in below consensus, with net sales falling 53% from a year earlier as stores closed due to the pandemic.
Hewlett Packard Enterprise (HPE): [EARNINGS] Reported quarterly earnings of 32 cents per share, 9 cents a share above estimates. Revenue beat Wall Street forecasts as well. The enterprise computing company also resumed forward guidance, giving a better-than-expected forecast for the current quarter and the full year.
Roku (ROKU): [RATING] Citi initiated coverage of the streaming video device maker with a “buy” rating, pointing to expectations of strong account growth as well as rising economic value per account.
Carnival Corp. (CCL): [NEWS] Carnival’s Princess Cruises unit canceled cruises scheduled for early 2021 for two of its ships, the Island Princess and Pacific Princess, citing Covid-19 related restrictions. This comes a day after Carnival’s Cunard brand extended cancellations for that line’s cruises through mid-May 2021.
Apple (AAPL): [REVIEW] Wedbush raised its price target on Apple to a Street-high $600 per share from $515 a share, on expectations of what it calls an iPhone 12 “supercycle.” Wedbush maintained its “outperform” rating on the stock.
Teva Pharmaceutical (TEVA): [NEWS] The Justice Department charged the drugmaker of conspiring with other pharmaceutical companies to raise prices for generic drugs. Reuters reports that the charges came after Teva refused a settlement that would have required it to admit wrongdoing and pay a penalty. Teva said it firmly rejects the allegations and will vigorously defend itself in court.
Keurig Dr Pepper (KDP): [UPGRADE] Morgan Stanley upgraded Keurig Dr Pepper to “overweight” from “equal weight,” citing an increase in at-home coffee consumption among other factors.
Toll Brothers (TOL): [EARNINGS] Beat estimates by 19 cents a share, with quarterly earnings of 90 cents per share. The luxury home builder’s revenue also exceeded consensus. Orders surged more than 26% during the quarter, and Toll also gave an upbeat forecast for home deliveries during the current quarter.
Bed Bath & Beyond (BBBY): [NEWS] Will cut about 2,800 jobs as part of a restructuring, in a move that the housewares retailer expects will save about $150 million per year.
Intuit (INTU): [EARNINGS] Reported quarterly profit of $1.81 per share, beating the consensus estimate of $1.05 a share. The financial software company’s revenue also above Wall Street forecasts. The maker of TurboTax, QuickBooks and Mint saw an 83% sales surge, with activity picking up following the completion of a delayed tax season.
GAINERS: GPS, CKNG, CCH, AMBA, AMGN, SBUX
DECLINERS: CWH, SLQT, HAIN, THO
FTAC Olympus Acquisition (FTOCU) (Price: 10) (Est. Vol: $750.0M)
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