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Boring Regular Trading, Big After-Market on Q2 Beats: JWN, AMBA, BOX

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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 - Free Report) 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 - Free Report) 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 - Free Report) — 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 - Free Report) 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 - Free Report) , 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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