Tag: stock market

Canada Goose Holdings Inc. sank 17.6% in Thursday trading despite the outerwear company’s fiscal third-quarter earnings and sales beat. Net income was $61.3 million, or 56 cents per share, up from $38.8 million, or 38 cents per share, year-over-year. Adjusted EPS was 58 cents, exceeding the 48-cents FactSet consensus. Revenue was $265.8 million, up from $209.1 million last year and ahead of the $242.9 million FactSet consensus. All figures are in Canadian dollars. “While results were very strong and fundamentals here remain extremely robust, they simply fell short of the extremely bullish view that most investors had coming into the print,” wrote Wells Fargo analysts led by Ike Boruchow in a note published Thursday. Analysts note that shares have been “on a tear,” up 45% for the last three months, outpacing the S&P 500 index , which is up 1.4% for the period. “[A]ctually today’s pullback creates a healthy buying opportunity, in our view, for investors who feel they may have ‘missed it’ before.” Wells Fargo rates Canada Goose shares outperform with a price target of C$46, up from C$35.

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The Japanese yen strengthened against the U.S. dollar on Thursday, as a selloff in U.S. equities gathered steam in late-morning trade on Thursday. All three major benchmarks, the Dow Jones Industrial Average , S&P 500 and Nasdaq Composite Index were trading down by as much as 1.3%. The yen is perceived as a haven, drawing bids as concerns about increasing risks climb. The same trading dynamic was seen on Monday, when global equities also fell and the dollar-yen pair hit a multiday low. The dollar had been trading in positive territory versus the yen earlier in the session, but slumped to an intraday low of ￥108.89, a three-day nadir. One dollar last bought ￥109.07, down from ￥109.34 late Wednesday in New York.

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The Senate Banking panel on Thursday approved Marvin Goodfriend’s nomination to a seat on the Federal Reserve board, in a close 13-12 vote that followed party lines. Final approval by the full Senate remains in doubt, analysts said, as liberal activists have urged Democrats to oppose the nomination. Goodfriend, an economics professor at Carnegie Mellon University, had a rough confirmation hearing last month, getting flustered as Democrats grilled him for being much too worried about inflation at the expense of unemployed workers.

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Snap Inc. shares are down 8.1% in Thursday morning trading, on track for their 7th-biggest-ever decline, after the stock rose 48% a day earlier on the heels of the company’s better-than-expected earnings release. That rally was more than four times Snap’s prior record gain of 11.4%. The company is hoping to capitalize on the Winter Olympics, which kicked off Wednesday. CFO Andrew Vallero said on Snap’s earnings call that the company was the “biggest mobile partner” for the games and had success at the Summer Olympics two years back. Separately, Twitter Inc. CFO Ned Segal said in response to a question about the Olympics that there were “a number of events coming up this year” that presented opportunities. Snap is planning to present at a Goldman Sachs technology conference on Feb. 15. Shares are up 12% from their IPO price of $17, while the S&P 500 Index has gained 13% since Snap went public last March.

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Amazon.com Inc. has launched two private-label women’s denim brands, which could have a “modest impact” on Gap Inc. and Nordstrom Inc. , according to KeyBanc Capital Markets analysts led by Edward Yruma. The two brands are Hale and Denim Crush. Hale was designed by Adriano Goldschmid, who is behind the AG Jeans, Diesel and Gap 1969 brands. KeyBanc has identified 85 private-label Amazon brands, including 71 apparel brands, with many of them designated as Prime exclusive. “We view the continued push as detrimental to many of the traditional apparel companies under our coverage, and see Amazon’s entrance to premium denim as most negative to Gap (denim focus but lower price points), VFC Corp. (denim, but lower price points), and Nordstrom (strong premium denim assortment),” analysts wrote. Among VFC’s brands are Wrangler and Lee. Amazon shares are up more than 69% for the past year, outpacing Gap (up 36.8%), VFC (up 63.4%) and Nordstrom (up 7.7%) for the period. The S&P 500 index is up 15.3% for the last 12 months.

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Boeing Co. shares are down 2.2% in Thursday morning trading after The Wall Street Journal reported that the company was holding talks to acquire Woodward Inc. , a maker of aerospace parts. The two companies have reportedly been talking for months, the report said, citing someone familiar with the companies’ discussions. Woodward shares have gained 6.6% following the story. A deal could potentially help Boeing keep costs down as it battles for share with Airbus Group , the Journal wrote, noting that the company is also trying to do a deal for Embraer . Boeing shares are up 103% over the past 12 months, while Woodward’s stock is up 19% and the S&P 500 Index has gained 17%. The Dow Jones Industrial Average, of which Boeing is a component, is up 23%.

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The National Retail Federation is forecasting a 3.8% to 4.4% increase in retail sales for 2018. The forecast includes online and other non-store sales, which are expected to grow 10% to 12%. “With consumer confidence high, unemployment low and wages growing, there is every reason to believe that retail sales will be robust throughout the year,” said NRF Chief Executive Matthew Shay in a statement. The SPDR S&P Retail ETF is up 5.6% for the past year while the S&P 500 index is up 15.7% for the period and the Dow Jones Industrial Average climbed 24.1%.

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The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas fell by 119 billion cubic feet for the week ended Feb. 2. Analysts surveyed by S&P Global Platts had forecast a decrease of 109 billion, while the five-year average withdrawal is 151 billion. Total stocks now stand at 2.078 trillion cubic feet, down 503 billion cubic feet from a year ago, and 393 billion below the five-year average, the government said. March natural gas was up 2.3 cents, or 0.9%, at $2.726 per million British thermal units, little changed from before the data.

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House Minority Leader Nancy Pelosi said Thursday she’ll vote against a two-year budget deal that would boost domestic and defense spending. The California Democrat has demanded a vote on protecting Dreamers, but the issue of undocumented immigrants isn’t in the budget measure. The Senate and House are expected to vote later Thursday on the bill, which would also stave off a government shutdown at midnight and suspend the debt limit through March 2019. Read: What’s in the budget deal.

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Shares of Ubiquiti Networks Inc. plunged 14% in Thursday morning trading after the company delivered fiscal second-quarter earnings that missed analysts’ expectations. Ubiquiti reported a net loss of $51.5 million or 66 cents per share, compared with a $60.6 million profit a year ago, or 74 cents on a per-share basis. The company attributed the loss to a $110.7 million tax charge incurred as a result of the new law. Adjusted net income was $59.6 million or 76 cents per share, down from $74.9 million and 92 cents, respectively, a year earlier. Analysts had been expecting adjusted net income of $71.8 million or 89 cents per share, according to FactSet. Revenue rose to $250.8 million from $213.5 million and came in ahead of expectations for $239.9 million. Looking ahead to the fiscal third quarter, Ubiquiti projected revenue of between $245 million and $260 million as well as adjusted EPS of between 92 cents and 99 cents. The midpoints of these ranges are below the FactSet consensus estimates calling for $255 million in revenue and 98 cents in EPS. Ubiquiti shares are up 6.6% over the past 12 months, whereas the S&P 500 Index has gained 17%.

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