We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Nordstrom (JWN) Beats After Close, Stock Sells Off
Read MoreHide Full Article
With no market catalysts today, as we mentioned in this space ahead of the open, indices still climbed throughout the day, closing at or around session highs. The Dow, which saw 27 of 30 components close higher, gained +397 points, or +1.18%. The S&P 500 and Nasdaq rose an identical +1.36%, with all 11 sectors in the S&P closing higher (with 10 of 11 up month to date [Consumer Discresh was lower]). Even the small-cap Russell 2000, which has been fighting to keep up of late, added +1.16% for the day.
Despite the overall gains, there didn’t seem to be much focus on market activity. If we want to talk retail — on the brink of holiday shopping season, as we are — we saw Best Buy (BBY - Free Report) , fresh off its morning Q3 report, +12.75% for today. But Dollar Tree (DLTR - Free Report) , which also beat this morning but was light on earnings forecasts, slipped -7.8% on the session. Thus, our current market appears to want to reward those companies performing strongly, but taking it from those who are doing less well.
Nordstrom (JWN - Free Report) is the latest retailer to report earnings this afternoon, posting its fourth-straight bottom-line beat with 20 cents per share outpacing the 14 cents in the Zacks consensus, on revenues of $3.55 billion in the quarter beyond the $3.51 billion analysts were looking for. These expectations had been ratcheted down on earlier guidance, so the beats don’t come as quite as much a surprise. Also, guidance looking ahead has been kept pat — instead of rising — indicating this is as good as it gets for the higher-end big-box retailer. Shares are -4.8% at this hour.
We are in a holiday-shortened week, with most of the possible market catalysts focused on tomorrow morning. This includes regular Thursday morning staple Weekly Jobless Claims, along with Durable Goods, Manufacturing and Services PMI, New Home Sales and the latest Fed meeting minutes. Of these, the biggest capacity for unexpected results may come from jobless claims, which are experiencing hits from select members of Big Tech, to the tune of thousands or tens of thousands of layoffs in the past few weeks or so. Eventually these are going to show up on claims rolls.
John Deere & Co. (DE - Free Report) is the final major earnings report expected ahead of Thanksgiving Day (no reports are scheduled for Thursday or Friday this week). The Zacks Rank #3 (Hold)-rated machine equipment manufacturer is expected to fetch +72% earnings growth year over year on +33% in revenue growth. Last quarter, the company broke an 11-straight-quarter earnings beat; with these metrics to overcome, it would would likely be a more meaningful beat than Nordstrom’s after the bell today.
Image: Bigstock
Nordstrom (JWN) Beats After Close, Stock Sells Off
With no market catalysts today, as we mentioned in this space ahead of the open, indices still climbed throughout the day, closing at or around session highs. The Dow, which saw 27 of 30 components close higher, gained +397 points, or +1.18%. The S&P 500 and Nasdaq rose an identical +1.36%, with all 11 sectors in the S&P closing higher (with 10 of 11 up month to date [Consumer Discresh was lower]). Even the small-cap Russell 2000, which has been fighting to keep up of late, added +1.16% for the day.
Despite the overall gains, there didn’t seem to be much focus on market activity. If we want to talk retail — on the brink of holiday shopping season, as we are — we saw Best Buy (BBY - Free Report) , fresh off its morning Q3 report, +12.75% for today. But Dollar Tree (DLTR - Free Report) , which also beat this morning but was light on earnings forecasts, slipped -7.8% on the session. Thus, our current market appears to want to reward those companies performing strongly, but taking it from those who are doing less well.
Nordstrom (JWN - Free Report) is the latest retailer to report earnings this afternoon, posting its fourth-straight bottom-line beat with 20 cents per share outpacing the 14 cents in the Zacks consensus, on revenues of $3.55 billion in the quarter beyond the $3.51 billion analysts were looking for. These expectations had been ratcheted down on earlier guidance, so the beats don’t come as quite as much a surprise. Also, guidance looking ahead has been kept pat — instead of rising — indicating this is as good as it gets for the higher-end big-box retailer. Shares are -4.8% at this hour.
We are in a holiday-shortened week, with most of the possible market catalysts focused on tomorrow morning. This includes regular Thursday morning staple Weekly Jobless Claims, along with Durable Goods, Manufacturing and Services PMI, New Home Sales and the latest Fed meeting minutes. Of these, the biggest capacity for unexpected results may come from jobless claims, which are experiencing hits from select members of Big Tech, to the tune of thousands or tens of thousands of layoffs in the past few weeks or so. Eventually these are going to show up on claims rolls.
John Deere & Co. (DE - Free Report) is the final major earnings report expected ahead of Thanksgiving Day (no reports are scheduled for Thursday or Friday this week). The Zacks Rank #3 (Hold)-rated machine equipment manufacturer is expected to fetch +72% earnings growth year over year on +33% in revenue growth. Last quarter, the company broke an 11-straight-quarter earnings beat; with these metrics to overcome, it would would likely be a more meaningful beat than Nordstrom’s after the bell today.
Questions or comments about this article and/or its author? Click here>>