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It’s a busy time on the investment calendar, for sure: Q1 earnings season is still barely halfway over, economic prints on our present inflation situation, political brinksmanship (playing chicken with the debt ceiling) in Washington DC and continuing drama over regional banks destabilizing are all vying for attention. Yet this morning, we’re a little quiet here in the office.
Mostly, that’s because the biggest news items scheduled for this week — tomorrow morning’s Consumer Price Index (CPI) tomorrow afternoon’s Walt Disney Co. ((DIS - Free Report) earnings report — haven’t happened yet. There are no major economic prints hitting the tape before today’s opening bell. After the bell, we will hear from Fed Governor Philip Jefferson and New York Fed President John Williams. And after today’s close, we’ll see new earnings reports from Airbnb ((ABNB - Free Report) , Twilio ((TWLO - Free Report) and Wynn Resorts ((WYNN - Free Report) , among others.
This morning, UnderArmour ((UAA - Free Report) put out fiscal Q4 earnings results ahead of today’s open, improving over estimates on both top and bottom lines for the quarter. Earnings of 18 cents per share outpaced the 15 cents in the Zacks consensus (and vastly improved from the year-ago -$0.01 per share), for its third positive earnings surprise in the past four quarters. Revenues of $1.4 billion surpassed expectations on the top line by +1.23%, and beat the year-ago quarter by +7.7%.
Yet inventory issues — clearing out excessive glut of merchandise by way of offering additional promotions for longer — is expected to hit gross margins at UnderArmour going forward. Thus, fiscal year EPS for the company has been lowered to 47-51 cents; the Zacks consensus had previously been for 54 cents per share. This has led shares to come down -5% in today’s pre-market session. For more on UAA’s earnings, click here.
Also this morning, 150 new 737 MAX-10 planes have been ordered from Boeing ((BA - Free Report) by its long-time partner Ryanair ((RYAAY - Free Report) for a list price of $40.2 billion. (This is not the price Ryanair will ultimately pay for these planes; this would be the price you or I would be expected to pay if we were to try and buy them.) Assembly is expected to begin in 2024 and deliveries to begin in 2027. Both companies are up roughly +1% in pre-market trading on the news.
Otherwise, early market traders are in a giving mood this morning — the Dow is -80 points at this hour, the Nasdaq is -70 and the S&P 500 -15 points — from yesterday’s flat trading day overall. Perhaps we’ll see some market moves on the Fed officials’ take about interest rates, the debt ceiling, etc., but much more likely we’ll need to wait for tomorrow’s sub-5% (hopefully) CPI headline, year over year.
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Wall Street Awaits Economic and Earnings Data
It’s a busy time on the investment calendar, for sure: Q1 earnings season is still barely halfway over, economic prints on our present inflation situation, political brinksmanship (playing chicken with the debt ceiling) in Washington DC and continuing drama over regional banks destabilizing are all vying for attention. Yet this morning, we’re a little quiet here in the office.
Mostly, that’s because the biggest news items scheduled for this week — tomorrow morning’s Consumer Price Index (CPI) tomorrow afternoon’s Walt Disney Co. ((DIS - Free Report) earnings report — haven’t happened yet. There are no major economic prints hitting the tape before today’s opening bell. After the bell, we will hear from Fed Governor Philip Jefferson and New York Fed President John Williams. And after today’s close, we’ll see new earnings reports from Airbnb ((ABNB - Free Report) , Twilio ((TWLO - Free Report) and Wynn Resorts ((WYNN - Free Report) , among others.
This morning, UnderArmour ((UAA - Free Report) put out fiscal Q4 earnings results ahead of today’s open, improving over estimates on both top and bottom lines for the quarter. Earnings of 18 cents per share outpaced the 15 cents in the Zacks consensus (and vastly improved from the year-ago -$0.01 per share), for its third positive earnings surprise in the past four quarters. Revenues of $1.4 billion surpassed expectations on the top line by +1.23%, and beat the year-ago quarter by +7.7%.
Yet inventory issues — clearing out excessive glut of merchandise by way of offering additional promotions for longer — is expected to hit gross margins at UnderArmour going forward. Thus, fiscal year EPS for the company has been lowered to 47-51 cents; the Zacks consensus had previously been for 54 cents per share. This has led shares to come down -5% in today’s pre-market session. For more on UAA’s earnings, click here.
Also this morning, 150 new 737 MAX-10 planes have been ordered from Boeing ((BA - Free Report) by its long-time partner Ryanair ((RYAAY - Free Report) for a list price of $40.2 billion. (This is not the price Ryanair will ultimately pay for these planes; this would be the price you or I would be expected to pay if we were to try and buy them.) Assembly is expected to begin in 2024 and deliveries to begin in 2027. Both companies are up roughly +1% in pre-market trading on the news.
Otherwise, early market traders are in a giving mood this morning — the Dow is -80 points at this hour, the Nasdaq is -70 and the S&P 500 -15 points — from yesterday’s flat trading day overall. Perhaps we’ll see some market moves on the Fed officials’ take about interest rates, the debt ceiling, etc., but much more likely we’ll need to wait for tomorrow’s sub-5% (hopefully) CPI headline, year over year.