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Markets Ride 3-Day Winning Streak; Q3 Numbers for RH, GME & More
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Don’t look now, but major indexes of the stock market are now enjoying a three-day winning streak: the Dow finished Wednesday’s regular session +0.10%, +34.66 points; the Nasdaq gained an even 100 points, +0.64% on the day; and the S&P 500 pulled in gains of +0.31% to close back up over 4700 once again. The small-cap Russell 2000 base best-in-class today, rising +0.80% in regular-session trading.
There was a hint around the opening bell this morning that some profit-taking may have been in the works: indexes were much higher an hour before the open than directly ahead of it, but it was not to take hold. In fact, each of the major indexes, aside from a small glitch on the Russell early this morning, spent considerable time in the red today. That said, the intra-day high for the Dow was +101 points, so the close was off the peak of the daily market. The Nasdaq and S&P closed near daily highs.
We also see a few late Q3 earnings reports hitting the tape in the late session, consisting of 2021 meme-stock GameStop (GME - Free Report) , RH (RH - Free Report) and Rent the Runway (RENT - Free Report) .
Formerly Restoration Hardware, RH shares shot up more than +10% in late trading on its Q3 earnings results Wednesday afternoon. Earnings of $7.03 per share outpaced the $6.68 in the Zacks consensus, as well as the $6.20 posted in the year-ago quarter. Revenues of $1.01 billion beat the $986 million analysts were expecting. The company did mention challenges pertaining to supply-chain issues, but results in the quarter seemed to sweep right past them. RH has not missed an earnings estimate in 4 1/2 years.
Zacks Rank #3 (Hold)-rated GameStop shares are down -5% in the after-market, after tumbling on its Q3 report after the close: -$1.39 per share was well off the Zacks consensus, while $1.3 billion in sales were directly in-line with expectations. It’s technically the third earnings miss in the last four quarters for GameStop, but that’s less important for a meme stock still trading +900% year to date (though -43% in the past six months). Inventories strengthened in the quarter, year over year.
Innovative e-commerce platform Rent the Runway is also trading down -5% following its Q3 report Wednesday afternoon — its initial quarterly release since going public in late October. Results were mixed, posting a deeper-than-expected loss on the bottom line while $59 million in sales topped the $53.4 million anticipated, +66% year over year. Gross Margins and Active Subscribers both spiked compared to the year-ago quarter. Shares are now down more than -40% since the company’s IPO.
Image: Bigstock
Markets Ride 3-Day Winning Streak; Q3 Numbers for RH, GME & More
Don’t look now, but major indexes of the stock market are now enjoying a three-day winning streak: the Dow finished Wednesday’s regular session +0.10%, +34.66 points; the Nasdaq gained an even 100 points, +0.64% on the day; and the S&P 500 pulled in gains of +0.31% to close back up over 4700 once again. The small-cap Russell 2000 base best-in-class today, rising +0.80% in regular-session trading.
There was a hint around the opening bell this morning that some profit-taking may have been in the works: indexes were much higher an hour before the open than directly ahead of it, but it was not to take hold. In fact, each of the major indexes, aside from a small glitch on the Russell early this morning, spent considerable time in the red today. That said, the intra-day high for the Dow was +101 points, so the close was off the peak of the daily market. The Nasdaq and S&P closed near daily highs.
We also see a few late Q3 earnings reports hitting the tape in the late session, consisting of 2021 meme-stock GameStop (GME - Free Report) , RH (RH - Free Report) and Rent the Runway (RENT - Free Report) .
Formerly Restoration Hardware, RH shares shot up more than +10% in late trading on its Q3 earnings results Wednesday afternoon. Earnings of $7.03 per share outpaced the $6.68 in the Zacks consensus, as well as the $6.20 posted in the year-ago quarter. Revenues of $1.01 billion beat the $986 million analysts were expecting. The company did mention challenges pertaining to supply-chain issues, but results in the quarter seemed to sweep right past them. RH has not missed an earnings estimate in 4 1/2 years.
Zacks Rank #3 (Hold)-rated GameStop shares are down -5% in the after-market, after tumbling on its Q3 report after the close: -$1.39 per share was well off the Zacks consensus, while $1.3 billion in sales were directly in-line with expectations. It’s technically the third earnings miss in the last four quarters for GameStop, but that’s less important for a meme stock still trading +900% year to date (though -43% in the past six months). Inventories strengthened in the quarter, year over year.
Innovative e-commerce platform Rent the Runway is also trading down -5% following its Q3 report Wednesday afternoon — its initial quarterly release since going public in late October. Results were mixed, posting a deeper-than-expected loss on the bottom line while $59 million in sales topped the $53.4 million anticipated, +66% year over year. Gross Margins and Active Subscribers both spiked compared to the year-ago quarter. Shares are now down more than -40% since the company’s IPO.
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