Today's Morning Movers and Top Ratings: WMT, M, CSCO, BABA and More
Morning Movers
Gapping up
$Macy's (M.US)$ exceeded analyst expectations in the third quarter, sending its shares nearly 11% higher in early New York trading on Thursday. The company reported adjusted earnings per share of 21 cents, crushing expectations. Revenue came in at $5 billion, again ahead of the expected $4.79 billion. Macy's demonstrated a growth in gross margin from 38.7% to 40.3%.
Looking ahead, Macy's forecasts an EPS for fiscal year 2024 in the range of $2.88 to $3.13, exceeding the consensus estimate of $2.77. It had previously expected EPS in the range of $2.70-3.20.
$Catalent (CTLT.US)$ stock rose 1.7% after Baird upgraded its stance on the pharmaceutical company to 'outperform' from 'neutral', saying its valuation was now attractive.
Gapping down
$Walmart (WMT.US)$ stock fell 6.2% after the retail giant warned about the pressure on consumers heading into the important holiday season, offsetting a profit and sales beat for the third quarter. Total U.S. comparable sales, excluding gasoline, rose by 4.7% in the third quarter, a faster clip than estimates of 3.35%. Walmart improved its outlook for full-year adjusted income per share to between $6.40 to $6.48, up from its prior range of between $6.36 to $6.46. Bloomberg consensus estimates had called for guidance of $6.48.
$Cisco (CSCO.US)$ slashed its annual guidance Wednesday despite reporting better-than-expected fiscal first-quarter results. The company fell by 10.63% in premarket U.S. trading.
The California-based firm reduced its full-year 2024 guidance, forecasting adjusted earnings per share (EPS) of $3.87 to $3.93 on revenue of $53.8B to $55.0B. Its prior outlook had called for per-share income of $4.01 to $4.08 and revenue in a range of $57B to $58.2B.
$Alibaba (BABA.US)$ ADRs dropped 7.5% after the Chinese e-commerce giant decided not to go ahead with a full spin-off of its key cloud unit, citing the impact of enhanced U.S. controls on exports of advanced computing chips and semiconductor manufacturing equipment to China.
$Plug Power (PLUG.US)$ The shares plunged by 7.13% in the premarket trading. Analysts at Citi downgraded Plug Power to a Neutral rating (from Buy) and lowered their Price Target to $5 (from $12.50), noting that PLUG's management's "subpar execution has led the company into liquidity challenges." They note that the company has not been able to execute on its formerly "catalyst rich story," as none of the potentially positive developments - GA commissioning, 45V clarification, H2 hubs, breakeven margins, strong sales growth - have played out.
Source: CNBC; Investing.com
US Top Rating Updates on 11/16
Source: Dow Jones
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102437316 : Alibaba never enter US Market. They are in cloud computing outside US and they are doing big.
Tiggerpepper : I’m buying Macys stock today