Comparable club sales not including gasoline were lower than anticipated. ( BJ) shares declined more than 7% after the retailer reported revenue that came in below analysts' expectations. ( PFE) rose after a study showed positive weight-loss results for patients taking the drug maker’s oral diabetes treatment.īJ's Wholesale Club Holdings, Inc. The company also raised its full-year guidance. ( ZM) shares dropped more than 7% after the videoconferencing software company posted a beat on their results for its fiscal first quarter. Shares of the tech giant slid more than 1%.Įlsewhere, shares of Dick's Sporting Goods ( DKS) moved lower after the company topped its first fiscal quarter sales and earnings while maintaining its outlook for this year While Apple ( AAPL) said it has entered a multi-billion dollar deal with chipmaker Broadcom Inc. ( LOW) shares gained more 2% after the home-improvement company cut its full-year sales forecast Tuesday, citing lower demand as high inflation impacts discretionary spending. ( YELP) rallied over 5% as activist investor TCS Capital Management confirmed its stake in the company and asked the company to explore strategic alternatives including a sale, according to an open letter to the Yelp board of directors on Tuesday. In single stock moves, shares of Yelp Inc. That's still 11.8% above the year-ago level and higher than the Bloomberg consensus expectations of 665,000 units for April. Separately, new single-family home sales rose 4.1% in April to an annualized pace of 683,000, above the revised rate of 656,000, according to a report from the Census Bureau. On the economic front, S&P Global's flash US composite PMI, which captures activity in both the services and manufacturing sectors, came in at 54.5 in May, up from 53.4 in April and better than the 53.0 estimated by economists, marking a 13-month gain for the index. “We expect a temporary/comprehensive deal on the debt ceiling to negatively impact federal spending and for a likely contentious budget negotiation process later this year,” Lakos added. “Our base case remains that the debt ceiling ultimately does get lifted/suspended though the journey to that end could be at the eleventh hour and drive significantly higher market instability than appreciated by the market currently,” Dubravko Lakos, chief US equity strategist at JPMorgan, wrote in a note Monday. The back-and-forth has left investors on edge in the countdown to the June 1 "X-date", which is when Treasury Secretary Janet Yellen said a default is likely to come. That followed optimistic remarks from President Biden and House Speaker Kevin McCarthy the previous day.īut McCarthy reportedly said in a closed-door meeting to Republican colleagues that "we are nowhere near a deal yet" hours after saying in the Oval Office "I think, at the end of the day, we can find common ground." Tuesday's negotiation talks initially provided some hope a deal could be reached.
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