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Stock Futures Rise on Strong Retail Earnings and Housing Data
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Stock futures rise in pre-market trade on impressive second-quarter earnings results by retail giants. Investors heaved a sigh of relief as coronavirus failed to deter the strong showing of retail majors. Moreover, housing data has confirmed the industry's strength over the last three months.
U.S. Housing Starts jumped 22.6% in July to a seasonally adjusted 1.496 million units compared to the consensus estimate of 1.241 million units. June's data was revised to 1.22 million units from 1.186 million units reported earlier. Building Permits came in at 1.495 million units in July compared to the consensus estimate of 1.333 million units. In this case as well, June's data was revised to 1.258 million units from 1.241 million units reported earlier.
The Home Depot Inc. (HD - Free Report) , the world's largest home-improvement retailer, smashed analysts' expectations in second-quarter fiscal 2020. Quarterly adjusted earnings of $4.02 per share surpassed the Zacks Consensus Estimate of $3.70 per share and increased from $3.17 reported a year-ago. Revenues of $38.05 billion exceeded the Zacks Consensus Estimate of $34.42 billion.
Overall comparable sales jumped 23.4% year over year and for the United States alone this metric climbed 25% year over year. The board of directors announced a quarterly dividend of $1.50 per share. For more on HD's earnings, click here.
International retail behemoth Walmart Inc. (WMT - Free Report) breezed past the second-quarter fiscal 2021 consensus earnings estimate buoyed by an astonishing 97% improvement in the U.S. online sales. The pandemic-stricken quarter boosted the ecommerce sales of the company as a lockdown was imposed for most part of the last quarter. U.S. comparable-store sales also climbed 9.3% year over year.
Meanwhile, adjusted earnings per share of $1.56, easily beat the Zacks Consensus Estimate of $1.22 per share. Year-ago earnings were $1.27 per share. Revenues of $137.74 billion outpaced the Zacks Consensus Estimate of $134.23 billion and grew 5.6% year over year. For more on WMT's earnings, click here.
Leading U.S. auto parts retailer Advance Auto Parts Inc. (AAP - Free Report) reported stronger-than-expected second-quarter 2020 earnings number supported by the best same stores sales, which rose 7.5% year over year, in nearly 10 years. Adjusted earnings per share of $2.92 surpassed the Zacks Consensus Estimate of $1.97 and increased from the year-ago figure of $2 per share. Revenues of $2.50 billion outpaced the Zacks Consensus Estimate of $2.36 billion and increased from the year-ago revenues of $2.33 billion. For more on AAP's earnings, click here.
Regional department stores operator Kohl's Corp. (KSS - Free Report) posted second-quarter fiscal 2020 loss per share of 25 cents, narrower than the Zacks Consensus Estimate of a loss of 92 cents. It had however reported earnings of $1.55 per share a year earlier. Revenues of $3.41 billion outpaced the Zacks Consensus Estimate of 3.17 billion, but deteriorated from the year-ago figure of $4.43 billion. For more on KSS' earnings, click here.
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Stock Futures Rise on Strong Retail Earnings and Housing Data
Stock futures rise in pre-market trade on impressive second-quarter earnings results by retail giants. Investors heaved a sigh of relief as coronavirus failed to deter the strong showing of retail majors. Moreover, housing data has confirmed the industry's strength over the last three months.
U.S. Housing Starts jumped 22.6% in July to a seasonally adjusted 1.496 million units compared to the consensus estimate of 1.241 million units. June's data was revised to 1.22 million units from 1.186 million units reported earlier. Building Permits came in at 1.495 million units in July compared to the consensus estimate of 1.333 million units. In this case as well, June's data was revised to 1.258 million units from 1.241 million units reported earlier.
The Home Depot Inc. (HD - Free Report) , the world's largest home-improvement retailer, smashed analysts' expectations in second-quarter fiscal 2020. Quarterly adjusted earnings of $4.02 per share surpassed the Zacks Consensus Estimate of $3.70 per share and increased from $3.17 reported a year-ago. Revenues of $38.05 billion exceeded the Zacks Consensus Estimate of $34.42 billion.
Overall comparable sales jumped 23.4% year over year and for the United States alone this metric climbed 25% year over year. The board of directors announced a quarterly dividend of $1.50 per share. For more on HD's earnings, click here.
International retail behemoth Walmart Inc. (WMT - Free Report) breezed past the second-quarter fiscal 2021 consensus earnings estimate buoyed by an astonishing 97% improvement in the U.S. online sales. The pandemic-stricken quarter boosted the ecommerce sales of the company as a lockdown was imposed for most part of the last quarter. U.S. comparable-store sales also climbed 9.3% year over year.
Meanwhile, adjusted earnings per share of $1.56, easily beat the Zacks Consensus Estimate of $1.22 per share. Year-ago earnings were $1.27 per share. Revenues of $137.74 billion outpaced the Zacks Consensus Estimate of $134.23 billion and grew 5.6% year over year. For more on WMT's earnings, click here.
Leading U.S. auto parts retailer Advance Auto Parts Inc. (AAP - Free Report) reported stronger-than-expected second-quarter 2020 earnings number supported by the best same stores sales, which rose 7.5% year over year, in nearly 10 years. Adjusted earnings per share of $2.92 surpassed the Zacks Consensus Estimate of $1.97 and increased from the year-ago figure of $2 per share. Revenues of $2.50 billion outpaced the Zacks Consensus Estimate of $2.36 billion and increased from the year-ago revenues of $2.33 billion. For more on AAP's earnings, click here.
Regional department stores operator Kohl's Corp. (KSS - Free Report) posted second-quarter fiscal 2020 loss per share of 25 cents, narrower than the Zacks Consensus Estimate of a loss of 92 cents. It had however reported earnings of $1.55 per share a year earlier. Revenues of $3.41 billion outpaced the Zacks Consensus Estimate of 3.17 billion, but deteriorated from the year-ago figure of $4.43 billion. For more on KSS' earnings, click here.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>