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Only Nasdaq Keeps String Alive; LULU, AVGO Beat on Earnings
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Except for the Nasdaq, major market indices could not sustain a fifth-straight trading day higher. This was thanks to a big drop in the final minutes before today’s closing bell. Perhaps the bulls are giving a wide berth to tomorrow’s jobs number ahead of the open, perhaps it’s something else. In any case, the Dow closed -150 points, -0.43%, the Nasdaq was +0.11%, the S&P 500 -0.17% and the small-cap Russell 2000 -0.22% on the day.
In-line Personal Consumption Expenditures (PCE) this morning and a continually well-behaved weekly jobless claims series helped keep the indices buoyant through at least the noon hour, for the most part, but it has been a slog throughout the afternoon. Seasonally low volume keeps this from being a dire situation, as does a lack of any major news reports affecting the markets this afternoon.
Lululemon Athletica (LULU - Free Report) reported Q2 earnings after the close today, beating estimates on both top and bottom lines: earnings of $2.68 per share was well ahead of the $2.53 expected (and $2.20 per share from the year-ago quarter). Revenues of $2.2 billion amounted to +18% growth year over year, and topped the Zacks consensus $2.17 billion expected. Comps grew +11% overall, while Direct-to-Consumer was up +15% in the quarter.
Guidance for Q3 is also higher in this report: +17-18% to a range of $12.02-12.17 per share. The Zacks estimate had previously been for $11.93. We’ll have to wait for the conference call to see how well the company did on China for the quarter. In general, though, Lululemon continues an impressive string of earnings beats, with a trailing 4-quarter average up +9.9%; it’s last earnings miss was back in 2020.
Broadcom (AVGO - Free Report) shares are falling -3% in late trading today, following its fiscal Q3 earnings report that also saw beats on its top and bottom lines. Earnings of $10.54 per share outpaced the $10.42 analysts were looking for, while $8.88 billion in sales notched a slim beat over the $8.86 billion in the Zacks consensus, and +5% year over year. Next-quarter revenues of $9.27 billion are narrowly above expectations, as well. But at +66.7% year to date, this looks like a sell-the-news story.
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Only Nasdaq Keeps String Alive; LULU, AVGO Beat on Earnings
Except for the Nasdaq, major market indices could not sustain a fifth-straight trading day higher. This was thanks to a big drop in the final minutes before today’s closing bell. Perhaps the bulls are giving a wide berth to tomorrow’s jobs number ahead of the open, perhaps it’s something else. In any case, the Dow closed -150 points, -0.43%, the Nasdaq was +0.11%, the S&P 500 -0.17% and the small-cap Russell 2000 -0.22% on the day.
In-line Personal Consumption Expenditures (PCE) this morning and a continually well-behaved weekly jobless claims series helped keep the indices buoyant through at least the noon hour, for the most part, but it has been a slog throughout the afternoon. Seasonally low volume keeps this from being a dire situation, as does a lack of any major news reports affecting the markets this afternoon.
Lululemon Athletica (LULU - Free Report) reported Q2 earnings after the close today, beating estimates on both top and bottom lines: earnings of $2.68 per share was well ahead of the $2.53 expected (and $2.20 per share from the year-ago quarter). Revenues of $2.2 billion amounted to +18% growth year over year, and topped the Zacks consensus $2.17 billion expected. Comps grew +11% overall, while Direct-to-Consumer was up +15% in the quarter.
Guidance for Q3 is also higher in this report: +17-18% to a range of $12.02-12.17 per share. The Zacks estimate had previously been for $11.93. We’ll have to wait for the conference call to see how well the company did on China for the quarter. In general, though, Lululemon continues an impressive string of earnings beats, with a trailing 4-quarter average up +9.9%; it’s last earnings miss was back in 2020.
Broadcom (AVGO - Free Report) shares are falling -3% in late trading today, following its fiscal Q3 earnings report that also saw beats on its top and bottom lines. Earnings of $10.54 per share outpaced the $10.42 analysts were looking for, while $8.88 billion in sales notched a slim beat over the $8.86 billion in the Zacks consensus, and +5% year over year. Next-quarter revenues of $9.27 billion are narrowly above expectations, as well. But at +66.7% year to date, this looks like a sell-the-news story.
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