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Markets were mixed but flattish this Hump Day, aside from a -1.46% drop on the small-cap Russell 2000 today. The Dow was up marginally, +0.27%, while the Nasdaq and S&P 500 were down -0.07% and -0.03%, respectively. Only the Nasdaq started the trading day in the red.
I mean, at this point, what exactly is there to say? Market participants have no mojo, and there are plenty of good reasons for this everyone already knows. We’re still a couple weeks away from the heart of Q2 earnings season — and, btw, investors are bracing for downward revisions to sales estimates that have thus far failed to show up en masse — and even the big economic prints, like monthly jobs totals, don’t come out until next week.
Actually, right as I’m typing that companies have yet to downwardly revise expectations, RH (RH - Free Report) comes out with a fiscal year and Q2 new revenue growth into the negative. Citing a deteriorating macroeconomic outlook and expecting demand for its luxury furniture and accessories to slow, RH has now set a more muted table about a month ahead of its earnings report. Expect more of the same elsewhere.
Cruise lines had a particularly hard day, with Carnival (CCL - Free Report) getting gouged -14% on a slashed price target from Morgan Stanley (MS - Free Report) . The analyst cited weaker demand and higher costs for the vacation firm, and this action brought Royal Caribbean (RCL - Free Report) and Norwegian Cruise Lines (NCLH - Free Report) down -10% and -9%, respectively, as well.
One company that did perform well today was cereal giant General Mills (GIS - Free Report) , which reported fiscal Q4 earnings of $1.21 per share beating the $1.01 in the Zacks consensus, +23% year over year, on $4.89 billion in sales — ahead of the $4.80 billion expected. The company has been proactive in realigning its businesses through its “Accelerate” strategy, and this looks to be doing the job at the stage. Shares were up +6.3% on the day. For a detailed acccount on GIS' earnings, click here.
Finally today, an article from right here at Zacks earlier today talked about whether Bath & Body Works (BBWI - Free Report) was in trouble based on options behavior (read the full story here), and it turns out it was: -9% on the day, and now -35% in the past month and -62% year to date. I mean, dang — not even Meta’s (META - Free Report) doing that poorly.
Image: Bigstock
Flattish Markets Have No Mojo
Markets were mixed but flattish this Hump Day, aside from a -1.46% drop on the small-cap Russell 2000 today. The Dow was up marginally, +0.27%, while the Nasdaq and S&P 500 were down -0.07% and -0.03%, respectively. Only the Nasdaq started the trading day in the red.
I mean, at this point, what exactly is there to say? Market participants have no mojo, and there are plenty of good reasons for this everyone already knows. We’re still a couple weeks away from the heart of Q2 earnings season — and, btw, investors are bracing for downward revisions to sales estimates that have thus far failed to show up en masse — and even the big economic prints, like monthly jobs totals, don’t come out until next week.
Actually, right as I’m typing that companies have yet to downwardly revise expectations, RH (RH - Free Report) comes out with a fiscal year and Q2 new revenue growth into the negative. Citing a deteriorating macroeconomic outlook and expecting demand for its luxury furniture and accessories to slow, RH has now set a more muted table about a month ahead of its earnings report. Expect more of the same elsewhere.
Cruise lines had a particularly hard day, with Carnival (CCL - Free Report) getting gouged -14% on a slashed price target from Morgan Stanley (MS - Free Report) . The analyst cited weaker demand and higher costs for the vacation firm, and this action brought Royal Caribbean (RCL - Free Report) and Norwegian Cruise Lines (NCLH - Free Report) down -10% and -9%, respectively, as well.
One company that did perform well today was cereal giant General Mills (GIS - Free Report) , which reported fiscal Q4 earnings of $1.21 per share beating the $1.01 in the Zacks consensus, +23% year over year, on $4.89 billion in sales — ahead of the $4.80 billion expected. The company has been proactive in realigning its businesses through its “Accelerate” strategy, and this looks to be doing the job at the stage. Shares were up +6.3% on the day. For a detailed acccount on GIS' earnings, click here.
Finally today, an article from right here at Zacks earlier today talked about whether Bath & Body Works (BBWI - Free Report) was in trouble based on options behavior (read the full story here), and it turns out it was: -9% on the day, and now -35% in the past month and -62% year to date. I mean, dang — not even Meta’s (META - Free Report) doing that poorly.
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