We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
It was bound to happen sooner or later. The S&P 500 just ended its eight-session winning streak today, and it did so with a mere whimper: -0.20% on the day. The start of August began the rollercoaster ride down for the major indexes, and the S&P took out that level last week. Due to a lack of wind in our sails at present, it’s not really a surprise to see a flattish trading day.
The Dow was very similar, down -71 points or -0.15% on the session, and the Nasdaq was a tad lower, -36 points or -0.33% today. The Russell 2000 was the biggest mover, and it was notably downward: -1.17%. The small-cap Russell, rather unsurprisingly, has made the biggest swings both up recently and down during that early-month drop.
Toll Brothers Beats Estimates in Fiscal Q3
Nationwide luxury homebuilder Toll Brothers (TOL - Free Report) outperformed expectations in its fiscal Q3 report after the closing bell today. Earnings of $3.60 per share easily surpassed the $3.28 expected (though below the $3.73 per share reported in the year-ago quarter. Revenues narrowly outpaced the Zacks consensus to $2.72 billion in the quarter. The company also repurchased 2.1 million shares in the quarter, on the way to buying back $600 million in shares in fiscal 2024.
Shares are up +2.4% in late trading on the news, adding to its +32% growth year to date. Though it was a softer quarter overall, increased demand in July led to an overall optimistic outlook. The average delivery price for a Toll Brothers home in the quarter was $968K, above the $961K analysts had been expecting.
Retail Earnings Continue Tomorrow: TGT, M, TJX
One of the last “big” days of calendar Q2 earnings season in the Retail space is tomorrow. Before the open, we’ll see results from Zacks Rank #3 (Hold)-rated Target (TGT - Free Report) , Zacks Rank #2 (Buy)-rated TJX Stores (TJX - Free Report) and Zacks Rank #2-rated Macy’s (M - Free Report) . All three are expected to bring earnings growth to the quarter — in Target and Macy’s case (off easier comps), more than +20%. Only Macy’s is expected to post revenues slightly under a year ago.
After tomorrow’s close, apparel retailer Urban Outfitters (URBN - Free Report) joins Montana-based software services company Snowflake (SNOW - Free Report) and pandemic winning stock Zoom Video (ZM - Free Report) . There will be others in Retail and Tech reporting later this week, but the next time we’ll see a marquee name will be next week, when “Magnificent 7” leader NVIDIA (NVDA - Free Report) reports Q2 results.
Image: Bigstock
S&P Breaks Winning Streak on Tepid Trading Day
Tuesday, August 20th, 2024
It was bound to happen sooner or later. The S&P 500 just ended its eight-session winning streak today, and it did so with a mere whimper: -0.20% on the day. The start of August began the rollercoaster ride down for the major indexes, and the S&P took out that level last week. Due to a lack of wind in our sails at present, it’s not really a surprise to see a flattish trading day.
The Dow was very similar, down -71 points or -0.15% on the session, and the Nasdaq was a tad lower, -36 points or -0.33% today. The Russell 2000 was the biggest mover, and it was notably downward: -1.17%. The small-cap Russell, rather unsurprisingly, has made the biggest swings both up recently and down during that early-month drop.
Toll Brothers Beats Estimates in Fiscal Q3
Nationwide luxury homebuilder Toll Brothers (TOL - Free Report) outperformed expectations in its fiscal Q3 report after the closing bell today. Earnings of $3.60 per share easily surpassed the $3.28 expected (though below the $3.73 per share reported in the year-ago quarter. Revenues narrowly outpaced the Zacks consensus to $2.72 billion in the quarter. The company also repurchased 2.1 million shares in the quarter, on the way to buying back $600 million in shares in fiscal 2024.
Shares are up +2.4% in late trading on the news, adding to its +32% growth year to date. Though it was a softer quarter overall, increased demand in July led to an overall optimistic outlook. The average delivery price for a Toll Brothers home in the quarter was $968K, above the $961K analysts had been expecting.
Retail Earnings Continue Tomorrow: TGT, M, TJX
One of the last “big” days of calendar Q2 earnings season in the Retail space is tomorrow. Before the open, we’ll see results from Zacks Rank #3 (Hold)-rated Target (TGT - Free Report) , Zacks Rank #2 (Buy)-rated TJX Stores (TJX - Free Report) and Zacks Rank #2-rated Macy’s (M - Free Report) . All three are expected to bring earnings growth to the quarter — in Target and Macy’s case (off easier comps), more than +20%. Only Macy’s is expected to post revenues slightly under a year ago.
After tomorrow’s close, apparel retailer Urban Outfitters (URBN - Free Report) joins Montana-based software services company Snowflake (SNOW - Free Report) and pandemic winning stock Zoom Video (ZM - Free Report) . There will be others in Retail and Tech reporting later this week, but the next time we’ll see a marquee name will be next week, when “Magnificent 7” leader NVIDIA (NVDA - Free Report) reports Q2 results.
Questions or comments about this article and/or author? Click here>>