— Samantha Subin
Wolfspeed jumps 28% on strong earnings
Shares of Wolfspeed jumped 28% after topping revenue estimates in the latest quarter. The semiconductor company also posted a smaller-than-expected loss per share and shared better-than-expected guidance for the current quarter. Wolfspeed reported a loss of 2 cents a share on revenue of $229 million for its fiscal fourth quarter. Analysts had forecast a loss of 10 cents a share on revenue of $208 million.
JPMorgan’s Marko Kolanovic sticks to the bullish view of the market
Marko Kolanovic Crystal Mercedes | CNBC JPMorgan strategist Marko Kolanovic maintained his bullish stance on the market Thursday, noting that the S&P 500 is now closer to its year-end target of 4,800 than the “more common ‘bearish’ target price” of 3,500 . “While this was a non-consensus view, we are again non-consensus and maintain that inflation will resolve itself as distortions weaken,” Kolanovic said in a note to clients. He also pointed out that the dip market this year “had positive returns and performed better, e.g. suggestions to stay out of the market and start nibbling at 3500 or 3300, unreached levels.” The strategist has been one of the most bullish on the Street this year, even as the Federal Reserve raises interest rates to curb inflationary pressures not seen in years. His latest comments come as the market digests a sharp low since mid-June. In that time, the S&P 500 has gained more than 16%. Certainly, Kolanovic said he recommends “not buying the S&P 500 as a whole, and we remain open to the possibility that the final price of the S&P 500 may slightly undershoot our target.” Instead, he recommends looking at segments of the market with reasonable values, such as energy. — Fred Ebert
Citi: Markets see message from Fed that ‘just doesn’t exist’
The Federal Reserve is more determined to reduce inflation than the market believes, according to Citigroup. As the market digests the minutes released Wednesday from the Fed’s last meeting in July, Citi economist Andrew Hollenhorst believes the popular interpretation that the central bank is preparing to slow policy tightening is wrong. “Risk markets seem determined to read a cryptic message in the Fed’s communications that we believe simply isn’t there,” Hollenhorst wrote on Thursday. “A committee that appreciates its ‘resoluteness’ to fight inflation is unlikely to taper off significantly as long as underlying inflation remains well above target and is not slowing convincingly.” The minutes said members of the Federal Open Market Committee estimated that after a string of rate hikes, “it would probably be appropriate at some point to slow the pace” of the hikes. But there was no detail on when that might happen, and officials have repeatedly stressed the importance of getting inflation down to 2%. Hollenhorst said he understood the market’s confusion, but noted that “there’s really no informational content” in the phrase “at some point.” But summer markets have priced in a more timid Fed on rate hikes, even after back-to-back moves of 0.75 percentage points in June and July. After vacillating earlier in the week, futures pricing on Thursday morning indicated a 66 percent chance of a half-point interest rate hike in September, according to CME Group data. Traders see another similar-sized move in November, then a quarter-point increase in December. Thereafter, rates are expected to remain in the 3.5%-3.75% range, with the first rate cut near the end of 2023. — Jeff Cox
Orange juice futures hit lowest since July 28
Oranges hang from a tree at one of the Peace River Packing Company groves on February 1, 2022 in Fort Meade, Florida. Joe Raedle | Getty Images Orange juice futures hit 167 on Thursday. This is the lowest level since July 28, when OJ futures hit 164. Since the start of the week, OJ has fallen nearly 7% and is on pace for its worst week since July 15. — Samantha Subin, Gina Francolla
Cisco shares soar on low earnings, upbeat outlook
A sign bearing the logo for communications and security technology giant Cisco Systems Inc is seen outside one of its offices in San Jose, California, August 11, 2022. Paresh Dave | Reuters Cisco shares rose more than 6% after the company beat estimates for its fiscal fourth quarter. The networking equipment maker also shared a better-than-expected outlook for fiscal 2023 as supply chain issues ease. Cisco said it expects revenue growth of 4% to 6%. That’s above estimates of 2.3 percent, according to analysts polled by Refinitiv. — Samantha Subin, Jordan Novet
Bed Bath & Beyond tumbles 26%
Shares of Bed Bath & Beyond fell 26% Thursday morning as investors reacted to activist investor Ryan Cohen’s announcement that he plans to sell his entire stake in the meme stock. The filing comes after Bed Bath & Beyond rose in August amid unusually high trading volume. It is unclear whether Cohen has already disposed of his shares. Bed Bath & Beyond said in its own filing Thursday that it is “pleased to have reached a constructive agreement with RC Ventures in March” and is considering potential changes to its financial structure. “We have been working rapidly in recent weeks with external financial advisors and lenders to strengthen our balance sheet and the Company will provide more information in an update later this month,” the filing said. — Jesse Pound
Existing home sales fell 5.9% in July
Existing home sales fell 5.9 percent in July, the National Association of Realtors said Thursday in its monthly report. The decline brought the sales figure to a seasonally adjusted annual rate of 4.81 million units. The findings also mark the sixth consecutive month of declines and the slowest pace of sales since November 2015, barring a small drop when the pandemic began. Sales were also down 20% from the previous year. — Samantha Subin, Diana Olick
Shares of BJ’s Wholesale beat gains
A customer pushes a shopping cart toward the entrance of a BJ’s Wholesale Club Holdings Inc. location. in Miami, Florida. Scott McIntyre | Bloomberg | Getty Images Shares of BJ’s Wholesale jumped more than 8% after the company beat estimates on its top and bottom lines. The retailer posted earnings of $1.06 a share on revenue of $5.01 billion and raised its outlook for the year. Bank of America upgraded the stock to a buy rating.
Stocks open steady
Stocks opened flat on Thursday, with the Dow down 0.05%, or 17 points. The S&P 500 slipped 0.06%, while the Nasdaq Composite fell 0.23%. — Samantha Subin
Verizon shares fall on downgrade
Pedestrians walk past a Verizon 5G sign in New York, April 3, 2021. Scott Mill | CNBC Shares of Verizon fell about 1.7% in premarket trading Thursday after MoffettNathanson downgraded the telecom company. The company moved its rating on Verizon to underperform and cut its price target, citing industry competition weighing on the stock. Read more at CNBC PRO. — Carmen Reinick
Jobless claims fall for the week ended August 13
Initial jobless claims released on Thursday fell by 2,000 to 250,000 for the week ended August 13. Economists polled by Dow Jones had expected 260,000. Estimates were also revised up to 252,000 for two weeks ago. — Samantha Subin
Freshpet Gets Buy Rating at Piper Sandler, Shares Rise
Shares of pet food maker Freshpet rose 2% after Piper Sandler initiated the company with a buy rating and a price target that suggests a 46% upside from Wednesday’s close. “Freshpet sales have been tailing off as pet parents increasingly treat their pets as part of their human family and feed them accordingly,” analyst Michael Lavery wrote in a Thursday note. CNBC Pro subscribers can read the full story here. — Fred Ebert, Carmen Reinick
Wedbush downgrades Bed Bath & Beyond as Cohen plans to sell his stake
Ryan Cohen’s request to sell his entire stake in Bed Bath & Beyond means it’s time for investors to sell, too, according to Wedbush. Analyst Seth Basham downgraded the stock to underperform from neutral and said in a note to clients that Bed Bath & Beyond’s valuation is “disconnected” from fundamentals. Basham cited the company’s high cash flow and possible restructuring in the future as areas of uncertainty. Shares of Bed Bath & Beyond are down 10% in premarket trading, though they have pared their losses since Wednesday afternoon, when Cohen’s filing was officially released. — Jesse Pound
Kohl’s shares sink after guidance cut
People shop at Kohl’s department store amid the coronavirus outbreak on September 5, 2020 in San Francisco, California.
Liu Guanguan | China News Service | Getty Images
Shares of Kohl’s sank more than 8% in the premarket after the retailer cut its outlook for the year. The company beat analysts’ cut expectations on the top and bottom lines, but said inflation was putting pressure on middle-income consumers.
At the same time, Kohl’s said shoppers are spending less money per transaction. The retailer also expects net sales to decline 5% to 6% for the fiscal year.
— Samantha Subin, Lauren Thomas
Jobless claims, Philadelphia Fed readings will draw attention
Investors will take a look Thursday morning at the latest jobs news as well as a reading on manufacturing that could garner more interest than usual. Initial jobless claims for the week ended Aug. 13 are released at 8:30 a.m., with the Dow Jones estimate at 260,000. That would be just a slight drop from last week, but also representative of an upward trend that started in April. The latest Philadelphia Fed Business Outlook Survey will also be released, measuring manufacturing activity in the region for August. This is generally not a big data point for…
title: “Dow Falls As Wall Street Struggles To Revive Summer Rally Klmat” ShowToc: true date: “2022-11-25” author: “Danny Lindquist”
— Samantha Subin
Wolfspeed jumps 28% on strong earnings
Shares of Wolfspeed jumped 28% after topping revenue estimates in the latest quarter. The semiconductor company also posted a smaller-than-expected loss per share and shared better-than-expected guidance for the current quarter. Wolfspeed reported a loss of 2 cents a share on revenue of $229 million for its fiscal fourth quarter. Analysts had forecast a loss of 10 cents a share on revenue of $208 million.
JPMorgan’s Marko Kolanovic sticks to the bullish view of the market
Marko Kolanovic Crystal Mercedes | CNBC JPMorgan strategist Marko Kolanovic maintained his bullish stance on the market Thursday, noting that the S&P 500 is now closer to its year-end target of 4,800 than the “more common ‘bearish’ target price” of 3,500 . “While this was a non-consensus view, we are again non-consensus and maintain that inflation will resolve itself as distortions weaken,” Kolanovic said in a note to clients. He also pointed out that the dip market this year “had positive returns and performed better, e.g. suggestions to stay out of the market and start nibbling at 3500 or 3300, unreached levels.” The strategist has been one of the most bullish on the Street this year, even as the Federal Reserve raises interest rates to curb inflationary pressures not seen in years. His latest comments come as the market digests a sharp low since mid-June. In that time, the S&P 500 has gained more than 16%. Certainly, Kolanovic said he recommends “not buying the S&P 500 as a whole, and we remain open to the possibility that the final price of the S&P 500 may slightly undershoot our target.” Instead, he recommends looking at segments of the market with reasonable values, such as energy. — Fred Ebert
Citi: Markets see message from Fed that ‘just doesn’t exist’
The Federal Reserve is more determined to reduce inflation than the market believes, according to Citigroup. As the market digests the minutes released Wednesday from the Fed’s last meeting in July, Citi economist Andrew Hollenhorst believes the popular interpretation that the central bank is preparing to slow policy tightening is wrong. “Risk markets seem determined to read a cryptic message in the Fed’s communications that we believe simply isn’t there,” Hollenhorst wrote on Thursday. “A committee that appreciates its ‘resoluteness’ to fight inflation is unlikely to taper off significantly as long as underlying inflation remains well above target and is not slowing convincingly.” The minutes said members of the Federal Open Market Committee estimated that after a string of rate hikes, “it would probably be appropriate at some point to slow the pace” of the hikes. But there was no detail on when that might happen, and officials have repeatedly stressed the importance of getting inflation down to 2%. Hollenhorst said he understood the market’s confusion, but noted that “there’s really no informational content” in the phrase “at some point.” But summer markets have priced in a more timid Fed on rate hikes, even after back-to-back moves of 0.75 percentage points in June and July. After vacillating earlier in the week, futures pricing on Thursday morning indicated a 66 percent chance of a half-point interest rate hike in September, according to CME Group data. Traders see another similar-sized move in November, then a quarter-point increase in December. Thereafter, rates are expected to remain in the 3.5%-3.75% range, with the first rate cut near the end of 2023. — Jeff Cox
Orange juice futures hit lowest since July 28
Oranges hang from a tree at one of the Peace River Packing Company groves on February 1, 2022 in Fort Meade, Florida. Joe Raedle | Getty Images Orange juice futures hit 167 on Thursday. This is the lowest level since July 28, when OJ futures hit 164. Since the start of the week, OJ has fallen nearly 7% and is on pace for its worst week since July 15. — Samantha Subin, Gina Francolla
Cisco shares soar on low earnings, upbeat outlook
A sign bearing the logo for communications and security technology giant Cisco Systems Inc is seen outside one of its offices in San Jose, California, August 11, 2022. Paresh Dave | Reuters Cisco shares rose more than 6% after the company beat estimates for its fiscal fourth quarter. The networking equipment maker also shared a better-than-expected outlook for fiscal 2023 as supply chain issues ease. Cisco said it expects revenue growth of 4% to 6%. That’s above estimates of 2.3 percent, according to analysts polled by Refinitiv. — Samantha Subin, Jordan Novet
Bed Bath & Beyond tumbles 26%
Shares of Bed Bath & Beyond fell 26% Thursday morning as investors reacted to activist investor Ryan Cohen’s announcement that he plans to sell his entire stake in the meme stock. The filing comes after Bed Bath & Beyond rose in August amid unusually high trading volume. It is unclear whether Cohen has already disposed of his shares. Bed Bath & Beyond said in its own filing Thursday that it is “pleased to have reached a constructive agreement with RC Ventures in March” and is considering potential changes to its financial structure. “We have been working rapidly in recent weeks with external financial advisors and lenders to strengthen our balance sheet and the Company will provide more information in an update later this month,” the filing said. — Jesse Pound
Existing home sales fell 5.9% in July
Existing home sales fell 5.9 percent in July, the National Association of Realtors said Thursday in its monthly report. The decline brought the sales figure to a seasonally adjusted annual rate of 4.81 million units. The findings also mark the sixth consecutive month of declines and the slowest pace of sales since November 2015, barring a small drop when the pandemic began. Sales were also down 20% from the previous year. — Samantha Subin, Diana Olick
Shares of BJ’s Wholesale beat gains
A customer pushes a shopping cart toward the entrance of a BJ’s Wholesale Club Holdings Inc. location. in Miami, Florida. Scott McIntyre | Bloomberg | Getty Images Shares of BJ’s Wholesale jumped more than 8% after the company beat estimates on its top and bottom lines. The retailer posted earnings of $1.06 a share on revenue of $5.01 billion and raised its outlook for the year. Bank of America upgraded the stock to a buy rating.
Stocks open steady
Stocks opened flat on Thursday, with the Dow down 0.05%, or 17 points. The S&P 500 slipped 0.06%, while the Nasdaq Composite fell 0.23%. — Samantha Subin
Verizon shares fall on downgrade
Pedestrians walk past a Verizon 5G sign in New York, April 3, 2021. Scott Mill | CNBC Shares of Verizon fell about 1.7% in premarket trading Thursday after MoffettNathanson downgraded the telecom company. The company moved its rating on Verizon to underperform and cut its price target, citing industry competition weighing on the stock. Read more at CNBC PRO. — Carmen Reinick
Jobless claims fall for the week ended August 13
Initial jobless claims released on Thursday fell by 2,000 to 250,000 for the week ended August 13. Economists polled by Dow Jones had expected 260,000. Estimates were also revised up to 252,000 for two weeks ago. — Samantha Subin
Freshpet Gets Buy Rating at Piper Sandler, Shares Rise
Shares of pet food maker Freshpet rose 2% after Piper Sandler initiated the company with a buy rating and a price target that suggests a 46% upside from Wednesday’s close. “Freshpet sales have been tailing off as pet parents increasingly treat their pets as part of their human family and feed them accordingly,” analyst Michael Lavery wrote in a Thursday note. CNBC Pro subscribers can read the full story here. — Fred Ebert, Carmen Reinick
Wedbush downgrades Bed Bath & Beyond as Cohen plans to sell his stake
Ryan Cohen’s request to sell his entire stake in Bed Bath & Beyond means it’s time for investors to sell, too, according to Wedbush. Analyst Seth Basham downgraded the stock to underperform from neutral and said in a note to clients that Bed Bath & Beyond’s valuation is “disconnected” from fundamentals. Basham cited the company’s high cash flow and possible restructuring in the future as areas of uncertainty. Shares of Bed Bath & Beyond are down 10% in premarket trading, though they have pared their losses since Wednesday afternoon, when Cohen’s filing was officially released. — Jesse Pound
Kohl’s shares sink after guidance cut
People shop at Kohl’s department store amid the coronavirus outbreak on September 5, 2020 in San Francisco, California.
Liu Guanguan | China News Service | Getty Images
Shares of Kohl’s sank more than 8% in the premarket after the retailer cut its outlook for the year. The company beat analysts’ cut expectations on the top and bottom lines, but said inflation was putting pressure on middle-income consumers.
At the same time, Kohl’s said shoppers are spending less money per transaction. The retailer also expects net sales to decline 5% to 6% for the fiscal year.
— Samantha Subin, Lauren Thomas
Jobless claims, Philadelphia Fed readings will draw attention
Investors will take a look Thursday morning at the latest jobs news as well as a reading on manufacturing that could garner more interest than usual. Initial jobless claims for the week ended Aug. 13 are released at 8:30 a.m., with the Dow Jones estimate at 260,000. That would be just a slight drop from last week, but also representative of an upward trend that started in April. The latest Philadelphia Fed Business Outlook Survey will also be released, measuring manufacturing activity in the region for August. This is generally not a big data point for…
title: “Dow Falls As Wall Street Struggles To Revive Summer Rally Klmat” ShowToc: true date: “2022-10-29” author: “Carl Bassani”
— Samantha Subin
Wolfspeed jumps 28% on strong earnings
Shares of Wolfspeed jumped 28% after topping revenue estimates in the latest quarter. The semiconductor company also posted a smaller-than-expected loss per share and shared better-than-expected guidance for the current quarter. Wolfspeed reported a loss of 2 cents a share on revenue of $229 million for its fiscal fourth quarter. Analysts had forecast a loss of 10 cents a share on revenue of $208 million.
JPMorgan’s Marko Kolanovic sticks to the bullish view of the market
Marko Kolanovic Crystal Mercedes | CNBC JPMorgan strategist Marko Kolanovic maintained his bullish stance on the market Thursday, noting that the S&P 500 is now closer to its year-end target of 4,800 than the “more common ‘bearish’ target price” of 3,500 . “While this was a non-consensus view, we are again non-consensus and maintain that inflation will resolve itself as distortions weaken,” Kolanovic said in a note to clients. He also pointed out that the dip market this year “had positive returns and performed better, e.g. suggestions to stay out of the market and start nibbling at 3500 or 3300, unreached levels.” The strategist has been one of the most bullish on the Street this year, even as the Federal Reserve raises interest rates to curb inflationary pressures not seen in years. His latest comments come as the market digests a sharp low since mid-June. In that time, the S&P 500 has gained more than 16%. Certainly, Kolanovic said he recommends “not buying the S&P 500 as a whole, and we remain open to the possibility that the final price of the S&P 500 may slightly undershoot our target.” Instead, he recommends looking at segments of the market with reasonable values, such as energy. — Fred Ebert
Citi: Markets see message from Fed that ‘just doesn’t exist’
The Federal Reserve is more determined to reduce inflation than the market believes, according to Citigroup. As the market digests the minutes released Wednesday from the Fed’s last meeting in July, Citi economist Andrew Hollenhorst believes the popular interpretation that the central bank is preparing to slow policy tightening is wrong. “Risk markets seem determined to read a cryptic message in the Fed’s communications that we believe simply isn’t there,” Hollenhorst wrote on Thursday. “A committee that appreciates its ‘resoluteness’ to fight inflation is unlikely to taper off significantly as long as underlying inflation remains well above target and is not slowing convincingly.” The minutes said members of the Federal Open Market Committee estimated that after a string of rate hikes, “it would probably be appropriate at some point to slow the pace” of the hikes. But there was no detail on when that might happen, and officials have repeatedly stressed the importance of getting inflation down to 2%. Hollenhorst said he understood the market’s confusion, but noted that “there’s really no informational content” in the phrase “at some point.” But summer markets have priced in a more timid Fed on rate hikes, even after back-to-back moves of 0.75 percentage points in June and July. After vacillating earlier in the week, futures pricing on Thursday morning indicated a 66 percent chance of a half-point interest rate hike in September, according to CME Group data. Traders see another similar-sized move in November, then a quarter-point increase in December. Thereafter, rates are expected to remain in the 3.5%-3.75% range, with the first rate cut near the end of 2023. — Jeff Cox
Orange juice futures hit lowest since July 28
Oranges hang from a tree at one of the Peace River Packing Company groves on February 1, 2022 in Fort Meade, Florida. Joe Raedle | Getty Images Orange juice futures hit 167 on Thursday. This is the lowest level since July 28, when OJ futures hit 164. Since the start of the week, OJ has fallen nearly 7% and is on pace for its worst week since July 15. — Samantha Subin, Gina Francolla
Cisco shares soar on low earnings, upbeat outlook
A sign bearing the logo for communications and security technology giant Cisco Systems Inc is seen outside one of its offices in San Jose, California, August 11, 2022. Paresh Dave | Reuters Cisco shares rose more than 6% after the company beat estimates for its fiscal fourth quarter. The networking equipment maker also shared a better-than-expected outlook for fiscal 2023 as supply chain issues ease. Cisco said it expects revenue growth of 4% to 6%. That’s above estimates of 2.3 percent, according to analysts polled by Refinitiv. — Samantha Subin, Jordan Novet
Bed Bath & Beyond tumbles 26%
Shares of Bed Bath & Beyond fell 26% Thursday morning as investors reacted to activist investor Ryan Cohen’s announcement that he plans to sell his entire stake in the meme stock. The filing comes after Bed Bath & Beyond rose in August amid unusually high trading volume. It is unclear whether Cohen has already disposed of his shares. Bed Bath & Beyond said in its own filing Thursday that it is “pleased to have reached a constructive agreement with RC Ventures in March” and is considering potential changes to its financial structure. “We have been working rapidly in recent weeks with external financial advisors and lenders to strengthen our balance sheet and the Company will provide more information in an update later this month,” the filing said. — Jesse Pound
Existing home sales fell 5.9% in July
Existing home sales fell 5.9 percent in July, the National Association of Realtors said Thursday in its monthly report. The decline brought the sales figure to a seasonally adjusted annual rate of 4.81 million units. The findings also mark the sixth consecutive month of declines and the slowest pace of sales since November 2015, barring a small drop when the pandemic began. Sales were also down 20% from the previous year. — Samantha Subin, Diana Olick
Shares of BJ’s Wholesale beat gains
A customer pushes a shopping cart toward the entrance of a BJ’s Wholesale Club Holdings Inc. location. in Miami, Florida. Scott McIntyre | Bloomberg | Getty Images Shares of BJ’s Wholesale jumped more than 8% after the company beat estimates on its top and bottom lines. The retailer posted earnings of $1.06 a share on revenue of $5.01 billion and raised its outlook for the year. Bank of America upgraded the stock to a buy rating.
Stocks open steady
Stocks opened flat on Thursday, with the Dow down 0.05%, or 17 points. The S&P 500 slipped 0.06%, while the Nasdaq Composite fell 0.23%. — Samantha Subin
Verizon shares fall on downgrade
Pedestrians walk past a Verizon 5G sign in New York, April 3, 2021. Scott Mill | CNBC Shares of Verizon fell about 1.7% in premarket trading Thursday after MoffettNathanson downgraded the telecom company. The company moved its rating on Verizon to underperform and cut its price target, citing industry competition weighing on the stock. Read more at CNBC PRO. — Carmen Reinick
Jobless claims fall for the week ended August 13
Initial jobless claims released on Thursday fell by 2,000 to 250,000 for the week ended August 13. Economists polled by Dow Jones had expected 260,000. Estimates were also revised up to 252,000 for two weeks ago. — Samantha Subin
Freshpet Gets Buy Rating at Piper Sandler, Shares Rise
Shares of pet food maker Freshpet rose 2% after Piper Sandler initiated the company with a buy rating and a price target that suggests a 46% upside from Wednesday’s close. “Freshpet sales have been tailing off as pet parents increasingly treat their pets as part of their human family and feed them accordingly,” analyst Michael Lavery wrote in a Thursday note. CNBC Pro subscribers can read the full story here. — Fred Ebert, Carmen Reinick
Wedbush downgrades Bed Bath & Beyond as Cohen plans to sell his stake
Ryan Cohen’s request to sell his entire stake in Bed Bath & Beyond means it’s time for investors to sell, too, according to Wedbush. Analyst Seth Basham downgraded the stock to underperform from neutral and said in a note to clients that Bed Bath & Beyond’s valuation is “disconnected” from fundamentals. Basham cited the company’s high cash flow and possible restructuring in the future as areas of uncertainty. Shares of Bed Bath & Beyond are down 10% in premarket trading, though they have pared their losses since Wednesday afternoon, when Cohen’s filing was officially released. — Jesse Pound
Kohl’s shares sink after guidance cut
People shop at Kohl’s department store amid the coronavirus outbreak on September 5, 2020 in San Francisco, California.
Liu Guanguan | China News Service | Getty Images
Shares of Kohl’s sank more than 8% in the premarket after the retailer cut its outlook for the year. The company beat analysts’ cut expectations on the top and bottom lines, but said inflation was putting pressure on middle-income consumers.
At the same time, Kohl’s said shoppers are spending less money per transaction. The retailer also expects net sales to decline 5% to 6% for the fiscal year.
— Samantha Subin, Lauren Thomas
Jobless claims, Philadelphia Fed readings will draw attention
Investors will take a look Thursday morning at the latest jobs news as well as a reading on manufacturing that could garner more interest than usual. Initial jobless claims for the week ended Aug. 13 are released at 8:30 a.m., with the Dow Jones estimate at 260,000. That would be just a slight drop from last week, but also representative of an upward trend that started in April. The latest Philadelphia Fed Business Outlook Survey will also be released, measuring manufacturing activity in the region for August. This is generally not a big data point for…
title: “Dow Falls As Wall Street Struggles To Revive Summer Rally Klmat” ShowToc: true date: “2022-12-09” author: “James Findlay”
— Samantha Subin
Wolfspeed jumps 28% on strong earnings
Shares of Wolfspeed jumped 28% after topping revenue estimates in the latest quarter. The semiconductor company also posted a smaller-than-expected loss per share and shared better-than-expected guidance for the current quarter. Wolfspeed reported a loss of 2 cents a share on revenue of $229 million for its fiscal fourth quarter. Analysts had forecast a loss of 10 cents a share on revenue of $208 million.
JPMorgan’s Marko Kolanovic sticks to the bullish view of the market
Marko Kolanovic Crystal Mercedes | CNBC JPMorgan strategist Marko Kolanovic maintained his bullish stance on the market Thursday, noting that the S&P 500 is now closer to its year-end target of 4,800 than the “more common ‘bearish’ target price” of 3,500 . “While this was a non-consensus view, we are again non-consensus and maintain that inflation will resolve itself as distortions weaken,” Kolanovic said in a note to clients. He also pointed out that the dip market this year “had positive returns and performed better, e.g. suggestions to stay out of the market and start nibbling at 3500 or 3300, unreached levels.” The strategist has been one of the most bullish on the Street this year, even as the Federal Reserve raises interest rates to curb inflationary pressures not seen in years. His latest comments come as the market digests a sharp low since mid-June. In that time, the S&P 500 has gained more than 16%. Certainly, Kolanovic said he recommends “not buying the S&P 500 as a whole, and we remain open to the possibility that the final price of the S&P 500 may slightly undershoot our target.” Instead, he recommends looking at segments of the market with reasonable values, such as energy. — Fred Ebert
Citi: Markets see message from Fed that ‘just doesn’t exist’
The Federal Reserve is more determined to reduce inflation than the market believes, according to Citigroup. As the market digests the minutes released Wednesday from the Fed’s last meeting in July, Citi economist Andrew Hollenhorst believes the popular interpretation that the central bank is preparing to slow policy tightening is wrong. “Risk markets seem determined to read a cryptic message in the Fed’s communications that we believe simply isn’t there,” Hollenhorst wrote on Thursday. “A committee that appreciates its ‘resoluteness’ to fight inflation is unlikely to taper off significantly as long as underlying inflation remains well above target and is not slowing convincingly.” The minutes said members of the Federal Open Market Committee estimated that after a string of rate hikes, “it would probably be appropriate at some point to slow the pace” of the hikes. But there was no detail on when that might happen, and officials have repeatedly stressed the importance of getting inflation down to 2%. Hollenhorst said he understood the market’s confusion, but noted that “there’s really no informational content” in the phrase “at some point.” But summer markets have priced in a more timid Fed on rate hikes, even after back-to-back moves of 0.75 percentage points in June and July. After vacillating earlier in the week, futures pricing on Thursday morning indicated a 66 percent chance of a half-point interest rate hike in September, according to CME Group data. Traders see another similar-sized move in November, then a quarter-point increase in December. Thereafter, rates are expected to remain in the 3.5%-3.75% range, with the first rate cut near the end of 2023. — Jeff Cox
Orange juice futures hit lowest since July 28
Oranges hang from a tree at one of the Peace River Packing Company groves on February 1, 2022 in Fort Meade, Florida. Joe Raedle | Getty Images Orange juice futures hit 167 on Thursday. This is the lowest level since July 28, when OJ futures hit 164. Since the start of the week, OJ has fallen nearly 7% and is on pace for its worst week since July 15. — Samantha Subin, Gina Francolla
Cisco shares soar on low earnings, upbeat outlook
A sign bearing the logo for communications and security technology giant Cisco Systems Inc is seen outside one of its offices in San Jose, California, August 11, 2022. Paresh Dave | Reuters Cisco shares rose more than 6% after the company beat estimates for its fiscal fourth quarter. The networking equipment maker also shared a better-than-expected outlook for fiscal 2023 as supply chain issues ease. Cisco said it expects revenue growth of 4% to 6%. That’s above estimates of 2.3 percent, according to analysts polled by Refinitiv. — Samantha Subin, Jordan Novet
Bed Bath & Beyond tumbles 26%
Shares of Bed Bath & Beyond fell 26% Thursday morning as investors reacted to activist investor Ryan Cohen’s announcement that he plans to sell his entire stake in the meme stock. The filing comes after Bed Bath & Beyond rose in August amid unusually high trading volume. It is unclear whether Cohen has already disposed of his shares. Bed Bath & Beyond said in its own filing Thursday that it is “pleased to have reached a constructive agreement with RC Ventures in March” and is considering potential changes to its financial structure. “We have been working rapidly in recent weeks with external financial advisors and lenders to strengthen our balance sheet and the Company will provide more information in an update later this month,” the filing said. — Jesse Pound
Existing home sales fell 5.9% in July
Existing home sales fell 5.9 percent in July, the National Association of Realtors said Thursday in its monthly report. The decline brought the sales figure to a seasonally adjusted annual rate of 4.81 million units. The findings also mark the sixth consecutive month of declines and the slowest pace of sales since November 2015, barring a small drop when the pandemic began. Sales were also down 20% from the previous year. — Samantha Subin, Diana Olick
Shares of BJ’s Wholesale beat gains
A customer pushes a shopping cart toward the entrance of a BJ’s Wholesale Club Holdings Inc. location. in Miami, Florida. Scott McIntyre | Bloomberg | Getty Images Shares of BJ’s Wholesale jumped more than 8% after the company beat estimates on its top and bottom lines. The retailer posted earnings of $1.06 a share on revenue of $5.01 billion and raised its outlook for the year. Bank of America upgraded the stock to a buy rating.
Stocks open steady
Stocks opened flat on Thursday, with the Dow down 0.05%, or 17 points. The S&P 500 slipped 0.06%, while the Nasdaq Composite fell 0.23%. — Samantha Subin
Verizon shares fall on downgrade
Pedestrians walk past a Verizon 5G sign in New York, April 3, 2021. Scott Mill | CNBC Shares of Verizon fell about 1.7% in premarket trading Thursday after MoffettNathanson downgraded the telecom company. The company moved its rating on Verizon to underperform and cut its price target, citing industry competition weighing on the stock. Read more at CNBC PRO. — Carmen Reinick
Jobless claims fall for the week ended August 13
Initial jobless claims released on Thursday fell by 2,000 to 250,000 for the week ended August 13. Economists polled by Dow Jones had expected 260,000. Estimates were also revised up to 252,000 for two weeks ago. — Samantha Subin
Freshpet Gets Buy Rating at Piper Sandler, Shares Rise
Shares of pet food maker Freshpet rose 2% after Piper Sandler initiated the company with a buy rating and a price target that suggests a 46% upside from Wednesday’s close. “Freshpet sales have been tailing off as pet parents increasingly treat their pets as part of their human family and feed them accordingly,” analyst Michael Lavery wrote in a Thursday note. CNBC Pro subscribers can read the full story here. — Fred Ebert, Carmen Reinick
Wedbush downgrades Bed Bath & Beyond as Cohen plans to sell his stake
Ryan Cohen’s request to sell his entire stake in Bed Bath & Beyond means it’s time for investors to sell, too, according to Wedbush. Analyst Seth Basham downgraded the stock to underperform from neutral and said in a note to clients that Bed Bath & Beyond’s valuation is “disconnected” from fundamentals. Basham cited the company’s high cash flow and possible restructuring in the future as areas of uncertainty. Shares of Bed Bath & Beyond are down 10% in premarket trading, though they have pared their losses since Wednesday afternoon, when Cohen’s filing was officially released. — Jesse Pound
Kohl’s shares sink after guidance cut
People shop at Kohl’s department store amid the coronavirus outbreak on September 5, 2020 in San Francisco, California.
Liu Guanguan | China News Service | Getty Images
Shares of Kohl’s sank more than 8% in the premarket after the retailer cut its outlook for the year. The company beat analysts’ cut expectations on the top and bottom lines, but said inflation was putting pressure on middle-income consumers.
At the same time, Kohl’s said shoppers are spending less money per transaction. The retailer also expects net sales to decline 5% to 6% for the fiscal year.
— Samantha Subin, Lauren Thomas
Jobless claims, Philadelphia Fed readings will draw attention
Investors will take a look Thursday morning at the latest jobs news as well as a reading on manufacturing that could garner more interest than usual. Initial jobless claims for the week ended Aug. 13 are released at 8:30 a.m., with the Dow Jones estimate at 260,000. That would be just a slight drop from last week, but also representative of an upward trend that started in April. The latest Philadelphia Fed Business Outlook Survey will also be released, measuring manufacturing activity in the region for August. This is generally not a big data point for…
title: “Dow Falls As Wall Street Struggles To Revive Summer Rally Klmat” ShowToc: true date: “2022-11-01” author: “Donald Blanchard”
— Samantha Subin
Wolfspeed jumps 28% on strong earnings
Shares of Wolfspeed jumped 28% after topping revenue estimates in the latest quarter. The semiconductor company also posted a smaller-than-expected loss per share and shared better-than-expected guidance for the current quarter. Wolfspeed reported a loss of 2 cents a share on revenue of $229 million for its fiscal fourth quarter. Analysts had forecast a loss of 10 cents a share on revenue of $208 million.
JPMorgan’s Marko Kolanovic sticks to the bullish view of the market
Marko Kolanovic Crystal Mercedes | CNBC JPMorgan strategist Marko Kolanovic maintained his bullish stance on the market Thursday, noting that the S&P 500 is now closer to its year-end target of 4,800 than the “more common ‘bearish’ target price” of 3,500 . “While this was a non-consensus view, we are again non-consensus and maintain that inflation will resolve itself as distortions weaken,” Kolanovic said in a note to clients. He also pointed out that the dip market this year “had positive returns and performed better, e.g. suggestions to stay out of the market and start nibbling at 3500 or 3300, unreached levels.” The strategist has been one of the most bullish on the Street this year, even as the Federal Reserve raises interest rates to curb inflationary pressures not seen in years. His latest comments come as the market digests a sharp low since mid-June. In that time, the S&P 500 has gained more than 16%. Certainly, Kolanovic said he recommends “not buying the S&P 500 as a whole, and we remain open to the possibility that the final price of the S&P 500 may slightly undershoot our target.” Instead, he recommends looking at segments of the market with reasonable values, such as energy. — Fred Ebert
Citi: Markets see message from Fed that ‘just doesn’t exist’
The Federal Reserve is more determined to reduce inflation than the market believes, according to Citigroup. As the market digests the minutes released Wednesday from the Fed’s last meeting in July, Citi economist Andrew Hollenhorst believes the popular interpretation that the central bank is preparing to slow policy tightening is wrong. “Risk markets seem determined to read a cryptic message in the Fed’s communications that we believe simply isn’t there,” Hollenhorst wrote on Thursday. “A committee that appreciates its ‘resoluteness’ to fight inflation is unlikely to taper off significantly as long as underlying inflation remains well above target and is not slowing convincingly.” The minutes said members of the Federal Open Market Committee estimated that after a string of rate hikes, “it would probably be appropriate at some point to slow the pace” of the hikes. But there was no detail on when that might happen, and officials have repeatedly stressed the importance of getting inflation down to 2%. Hollenhorst said he understood the market’s confusion, but noted that “there’s really no informational content” in the phrase “at some point.” But summer markets have priced in a more timid Fed on rate hikes, even after back-to-back moves of 0.75 percentage points in June and July. After vacillating earlier in the week, futures pricing on Thursday morning indicated a 66 percent chance of a half-point interest rate hike in September, according to CME Group data. Traders see another similar-sized move in November, then a quarter-point increase in December. Thereafter, rates are expected to remain in the 3.5%-3.75% range, with the first rate cut near the end of 2023. — Jeff Cox
Orange juice futures hit lowest since July 28
Oranges hang from a tree at one of the Peace River Packing Company groves on February 1, 2022 in Fort Meade, Florida. Joe Raedle | Getty Images Orange juice futures hit 167 on Thursday. This is the lowest level since July 28, when OJ futures hit 164. Since the start of the week, OJ has fallen nearly 7% and is on pace for its worst week since July 15. — Samantha Subin, Gina Francolla
Cisco shares soar on low earnings, upbeat outlook
A sign bearing the logo for communications and security technology giant Cisco Systems Inc is seen outside one of its offices in San Jose, California, August 11, 2022. Paresh Dave | Reuters Cisco shares rose more than 6% after the company beat estimates for its fiscal fourth quarter. The networking equipment maker also shared a better-than-expected outlook for fiscal 2023 as supply chain issues ease. Cisco said it expects revenue growth of 4% to 6%. That’s above estimates of 2.3 percent, according to analysts polled by Refinitiv. — Samantha Subin, Jordan Novet
Bed Bath & Beyond tumbles 26%
Shares of Bed Bath & Beyond fell 26% Thursday morning as investors reacted to activist investor Ryan Cohen’s announcement that he plans to sell his entire stake in the meme stock. The filing comes after Bed Bath & Beyond rose in August amid unusually high trading volume. It is unclear whether Cohen has already disposed of his shares. Bed Bath & Beyond said in its own filing Thursday that it is “pleased to have reached a constructive agreement with RC Ventures in March” and is considering potential changes to its financial structure. “We have been working rapidly in recent weeks with external financial advisors and lenders to strengthen our balance sheet and the Company will provide more information in an update later this month,” the filing said. — Jesse Pound
Existing home sales fell 5.9% in July
Existing home sales fell 5.9 percent in July, the National Association of Realtors said Thursday in its monthly report. The decline brought the sales figure to a seasonally adjusted annual rate of 4.81 million units. The findings also mark the sixth consecutive month of declines and the slowest pace of sales since November 2015, barring a small drop when the pandemic began. Sales were also down 20% from the previous year. — Samantha Subin, Diana Olick
Shares of BJ’s Wholesale beat gains
A customer pushes a shopping cart toward the entrance of a BJ’s Wholesale Club Holdings Inc. location. in Miami, Florida. Scott McIntyre | Bloomberg | Getty Images Shares of BJ’s Wholesale jumped more than 8% after the company beat estimates on its top and bottom lines. The retailer posted earnings of $1.06 a share on revenue of $5.01 billion and raised its outlook for the year. Bank of America upgraded the stock to a buy rating.
Stocks open steady
Stocks opened flat on Thursday, with the Dow down 0.05%, or 17 points. The S&P 500 slipped 0.06%, while the Nasdaq Composite fell 0.23%. — Samantha Subin
Verizon shares fall on downgrade
Pedestrians walk past a Verizon 5G sign in New York, April 3, 2021. Scott Mill | CNBC Shares of Verizon fell about 1.7% in premarket trading Thursday after MoffettNathanson downgraded the telecom company. The company moved its rating on Verizon to underperform and cut its price target, citing industry competition weighing on the stock. Read more at CNBC PRO. — Carmen Reinick
Jobless claims fall for the week ended August 13
Initial jobless claims released on Thursday fell by 2,000 to 250,000 for the week ended August 13. Economists polled by Dow Jones had expected 260,000. Estimates were also revised up to 252,000 for two weeks ago. — Samantha Subin
Freshpet Gets Buy Rating at Piper Sandler, Shares Rise
Shares of pet food maker Freshpet rose 2% after Piper Sandler initiated the company with a buy rating and a price target that suggests a 46% upside from Wednesday’s close. “Freshpet sales have been tailing off as pet parents increasingly treat their pets as part of their human family and feed them accordingly,” analyst Michael Lavery wrote in a Thursday note. CNBC Pro subscribers can read the full story here. — Fred Ebert, Carmen Reinick
Wedbush downgrades Bed Bath & Beyond as Cohen plans to sell his stake
Ryan Cohen’s request to sell his entire stake in Bed Bath & Beyond means it’s time for investors to sell, too, according to Wedbush. Analyst Seth Basham downgraded the stock to underperform from neutral and said in a note to clients that Bed Bath & Beyond’s valuation is “disconnected” from fundamentals. Basham cited the company’s high cash flow and possible restructuring in the future as areas of uncertainty. Shares of Bed Bath & Beyond are down 10% in premarket trading, though they have pared their losses since Wednesday afternoon, when Cohen’s filing was officially released. — Jesse Pound
Kohl’s shares sink after guidance cut
People shop at Kohl’s department store amid the coronavirus outbreak on September 5, 2020 in San Francisco, California.
Liu Guanguan | China News Service | Getty Images
Shares of Kohl’s sank more than 8% in the premarket after the retailer cut its outlook for the year. The company beat analysts’ cut expectations on the top and bottom lines, but said inflation was putting pressure on middle-income consumers.
At the same time, Kohl’s said shoppers are spending less money per transaction. The retailer also expects net sales to decline 5% to 6% for the fiscal year.
— Samantha Subin, Lauren Thomas
Jobless claims, Philadelphia Fed readings will draw attention
Investors will take a look Thursday morning at the latest jobs news as well as a reading on manufacturing that could garner more interest than usual. Initial jobless claims for the week ended Aug. 13 are released at 8:30 a.m., with the Dow Jones estimate at 260,000. That would be just a slight drop from last week, but also representative of an upward trend that started in April. The latest Philadelphia Fed Business Outlook Survey will also be released, measuring manufacturing activity in the region for August. This is generally not a big data point for…
