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Dow Posts New High Close; DELL, LULU, ADSK and MDB Beat in Q2
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Thursday, August 29th, 2024
Another record high close for the Dow is the quick take on today’s trading session, +243 points (+0.59%) to 41,335. This is off intra-day highs, however, of +480 points. Still, an historic high is an historic high.
Otherwise, we were flat once again on the S&P 500: 0.00%, while the Nasdaq slipped slightly, -0.23% and the small-cap Russell 2000 gained +0.73% on the day. The VIX is at a typically breezeless 16, -6.4% in today’s session. We have Personal Consumption Expenditures (PCE) out in Friday’s pre-market, which is the second-most-important report of the week, after NVIDIA’s (NVDA - Free Report) earnings yesterday.
Q2 Earnings Roundup: LULU, ADSK, DELL, MRVL, MDB
Lululemon Athletica (LULU - Free Report) was mixed in its Q2 report after Thursday’s close, beating on the bottom line while missing on the top. Earnings of $3.15 per share outperformed the $2.92 in the Zacks consensus, though revenues of $21.37 billion came up short of the $2.40 billion estimate. Revenue guidance for both Q3 and the full fiscal year are lower than current projections. The Americas saw comps dip -3% in the quarter, and after initially selling off -7% on the news, LULU shares are now down -4%.
AutoDesk (ADSK - Free Report) put up solid beats on both earnings and sales in its Q2 report after the bell, with earnings of $2.15 per share easily surpassing expectations of $2.00 on revenues of $1.51 billion, ahead of the $1.48 billion anticipated. Total billings for the quarter grew +13%, and next-quarter guidance has been raised for both top and bottom lines. Shares were up +6% on the news.
Dell Technologies (DELL - Free Report) is having an even stronger late-trading session, +7.5%, after reporting nice beats on earnings — $1.89 per share versus $1.74 expected — and sales: $25.03 billion, compared with $24.29 billion in the Zacks consensus. A substantial beat in its record-high Servers and Networking segment — $7.67 billion versus $6.3 billion estimated — was the big surprise mover to the upside.
Marvell Technology (MRVL - Free Report) also outpaced expectations in its Q2 report after hours Thursday, though not by as big of margins: 30 cents per share beat estimates by a penny, while $1.27 billion in quarterly sales bettered the $1.25 billion anticipated. A higher guide on next-quarter revenues is also helping late trading for the digital supplier to data centers and the auto industry.
Having the strongest late-trading session of all today is MongoDB (MDB - Free Report) , up +15% on a huge earnings beat: 70 cents per share versus the expected 48 cents. Revenues of $478 million was well ahead of the $462.9 million analysts had been looking for, and next-quarter guidance on both top and bottom lines are up for generative AI services firm.
Ulta Beauty (ULTA - Free Report) , however, missed estimates on both top and bottom lines this afternoon, with earnings of $5.30 per share beneath the consensus $5.49 (and below the $6.02 per share reported in the year-ago quarter) and sales reaching $2.55 billion, short of the $2.63 billion in the Zacks consensus. Same-store sales swung to a slight negative versus expectations for slightly positive growth. Shares are -7% in after-market trading.
Image: Bigstock
Dow Posts New High Close; DELL, LULU, ADSK and MDB Beat in Q2
Thursday, August 29th, 2024
Another record high close for the Dow is the quick take on today’s trading session, +243 points (+0.59%) to 41,335. This is off intra-day highs, however, of +480 points. Still, an historic high is an historic high.
Otherwise, we were flat once again on the S&P 500: 0.00%, while the Nasdaq slipped slightly, -0.23% and the small-cap Russell 2000 gained +0.73% on the day. The VIX is at a typically breezeless 16, -6.4% in today’s session. We have Personal Consumption Expenditures (PCE) out in Friday’s pre-market, which is the second-most-important report of the week, after NVIDIA’s (NVDA - Free Report) earnings yesterday.
Q2 Earnings Roundup: LULU, ADSK, DELL, MRVL, MDB
Lululemon Athletica (LULU - Free Report) was mixed in its Q2 report after Thursday’s close, beating on the bottom line while missing on the top. Earnings of $3.15 per share outperformed the $2.92 in the Zacks consensus, though revenues of $21.37 billion came up short of the $2.40 billion estimate. Revenue guidance for both Q3 and the full fiscal year are lower than current projections. The Americas saw comps dip -3% in the quarter, and after initially selling off -7% on the news, LULU shares are now down -4%.
AutoDesk (ADSK - Free Report) put up solid beats on both earnings and sales in its Q2 report after the bell, with earnings of $2.15 per share easily surpassing expectations of $2.00 on revenues of $1.51 billion, ahead of the $1.48 billion anticipated. Total billings for the quarter grew +13%, and next-quarter guidance has been raised for both top and bottom lines. Shares were up +6% on the news.
Dell Technologies (DELL - Free Report) is having an even stronger late-trading session, +7.5%, after reporting nice beats on earnings — $1.89 per share versus $1.74 expected — and sales: $25.03 billion, compared with $24.29 billion in the Zacks consensus. A substantial beat in its record-high Servers and Networking segment — $7.67 billion versus $6.3 billion estimated — was the big surprise mover to the upside.
Marvell Technology (MRVL - Free Report) also outpaced expectations in its Q2 report after hours Thursday, though not by as big of margins: 30 cents per share beat estimates by a penny, while $1.27 billion in quarterly sales bettered the $1.25 billion anticipated. A higher guide on next-quarter revenues is also helping late trading for the digital supplier to data centers and the auto industry.
Having the strongest late-trading session of all today is MongoDB (MDB - Free Report) , up +15% on a huge earnings beat: 70 cents per share versus the expected 48 cents. Revenues of $478 million was well ahead of the $462.9 million analysts had been looking for, and next-quarter guidance on both top and bottom lines are up for generative AI services firm.
Ulta Beauty (ULTA - Free Report) , however, missed estimates on both top and bottom lines this afternoon, with earnings of $5.30 per share beneath the consensus $5.49 (and below the $6.02 per share reported in the year-ago quarter) and sales reaching $2.55 billion, short of the $2.63 billion in the Zacks consensus. Same-store sales swung to a slight negative versus expectations for slightly positive growth. Shares are -7% in after-market trading.
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