• Pelosi hints Democrats might pare stimulus plan
• US-China trade talks postponed
• Cree (CREE.US) stock fell due to disappointing guidance
• US-China trade talks postponed
• Cree (CREE.US) stock fell due to disappointing guidance
US indices opened slightly higher today. The House Speaker Nancy Pelosi said the Democrats might be willing to make more cuts to their stimulus proposal. However, investors remain concerned about the surging US-Sino tensions after President Trump announced that does not want to speak with China right now and postponed trade talks. Today FED will release the minutes from its last meeting. Investors will look out for any news regarding the extent of the economic damage and how central bankers intend to support the recovery. On the corporate front, Target and Lowe's quarterly figures came in above expectations. Nvidia and JCPenney will report their quarterly earnings today after the closing bell.
Yesterday S&P500 (US500) managed to break above the upper limit of the consolidation range at 3383.6 pts. However buyers failed to uphold momentum and price pulled back. Should upbeat moods prevail, then index may test the resistance at 3398 pts. However, if sellers manage to take control, then support at 3355.9 pts may be at risk. Source: xStation5Cree (CREE.US) stock fell over 5% after the closing bell following the release of weak earnings guidance for the current quarter. In the first quarter company reported a loss of 18 cents per share, smaller than 19 cents per share loss expected by analysts'. Revenue also beat estimates.
Cree (CREE.US) stock launched today’s session with a bearish price gap and is approaching support at $64.26 per share. If sellers will manage to break below it, then next support at $56.02 per share may be at risk. Local resistance is located at $70.29 per share. Source: xStation5
Target (TGT.US) reported quarterly earnings of $3.38 per share for, well above analysts' expectations of $1.62 a share. Company’s revenue also came in above market expectations. Comparable-store sales jumped 24.3% compared with Wall Street estimate of a 7.6% increase. Target’s digital sales nearly tripled compared to a year earlier.
Agilent Technologies (A.US) stock dropped 1.5% after market close despite reporting better-than-expected quarterly figures. The healthcare equipment and services company earned 78 cents per share on revenue of $1.26 billion. Analysts polled by Refinitiv expected earnings of 66 cents per share on revenue of $1.21 billion.
Jack Henry & Associates (JKHY.US) stock dropped over 6% in after-hours trading after the company posted disappointing outlook for its full year earnings. The technology company expected earnings between $3.70 and $3.75 per share which came in below market estimates of $4.00 per share. The revenue outlook also fell short of expectations.
Lowe’s (LOW.US) reported quarterly earnings of $3.75 per share, beating the consensus estimate of $2.95 a share. Revenue also came in above forecasts. Comparable-store sales jumped 34.2%, well above market expectations of 16.3% increase. Company's digital sales increased by 135%.
Southwest Airlines (LUV.US) announced its cash burn rate during July was about $17 million per day, compared to previous forecast of $18 million. The company estimates its third-quarter burn rate at $20 million per day compared with a prior $23 million estimate. The airline attributes the smaller cash burn to recent modest improvements in revenue trends.
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