Boring Regular Trading, Big After-Market on Q2 Beats: JWN, AMBA, BOX
Tuesday, August 27th, 2024
Three out of the four major stock market indexes closed Tuesday’s session flat as a pancake. Such is trading life in the last week of August, typically. The Dow set a new record closing high, a mere 18 points above where it closed yesterday, +0.05%. Both the Nasdaq and S&P 500 finished the day up +0.17%. Only the small-cap Russell 2000 came in -0.66% lower on the session.
What’s notably more exciting are the earnings reports after the bell. We’re still a day away from what might be a record-breaking quarter from NVIDIA NVDA tomorrow after the close, but that’s not stopping those July-quarter Q2 closers in Retail and Tech from putting up big numbers in late trading.
Nordstrom Shares Up on Q2 Earnings Beat
Luxury department store Nordstrom JWN surprised to the upside after Tuesday’s close, with Q2 earnings of 96 cents per share shooting past the 74 cents in the Zacks consensus estimate. Revenues of $3.89 billion were ahead of the $3.85 billion anticipated, with same-store sales coming in +1.9% year over year, led by +4% growth from Nordstrom Rack.
Nordstrom shares were trading as high as +12% on the news, but have settled back to +9% — still a solid performance. This adds to the +15% stock gains year to date. It’s also a nice bounce-back from the previous quarter, which posted a negative earnings surprise of -200%.
PVH Beats on Bottom Line, Shares Lower
PVH Corp. PVH — formerly known as Phillips-Van Heusen, the “preppy” apparel company big in the ’80s with its “alligator” Izod polo shirts, also posted a big beat on its Q2 earnings per share today. The company reported $3.01 per share, ahead of the $2.27 per share analysts had been looking for. Revenues in quarter matched the $2.07 billion estimate.
Earnings guidance was raised, though not fully to cover today’s 74-cent earnings beat. This, plus a -4% slide in Tommy Hilfiger for the quarter and -1% for Calvin Klein, has led PVH stock to drop -4% in the late session. Shares were already down -14% year to date.
Box Beats and Raises for Q2 and Full-Year
Box BOX outperformed on both top and bottom lines in its Q2 report this afternoon: earnings of 44 cents per share on $270 million in quarterly sales outpaced the estimates of 40 cents per share and $269.2 million, respectively. This marks the third-straight earnings beat for the cloud-based content management firm.
Guidance was also strong. Next-quarter revenues are now expected to bring in between $274-276 million, beating the Zacks consensus $271 million. Full-year earnings are now anticipated to be between $1.64-1.66 per share, nicely ahead of the $1.57 projected. Shares for BOX are +5% in late trading.
Ambarella Shares Up +18% on Big Q2 Beats
Silicon Valley-based semiconductor developer for image processing, Ambarella AMBA, posted a slimmer-than-expected bottom-line loss of -13 cents per share, compare with the -19 cents analysts had been expecting. Revenues of $63.7 million in the quarter ahead were nicely ahead of the $62.2 million forecast.
But a big revenue guidance upgrade for next quarter is the big news here: Ambarella now expects between $77-81 million for Q3, way past the $69.8 million in the Zacks consensus. Record revenue in its Edge AI offering is driving the stock up +18% in the after-market.
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