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Today’s normal stock market trading session was mixed today, with a slight gain on the Nasdaq of +0.25% offset by a -0.30% drop in the S&P 500, -0.54% on the Dow and -0.61% on the small-cap Russell 2000. Things had looked more promising during the morning hours, but couldn’t hold onto gains across the board.
Services Sector Results for August: Better than Expected
Both monthly reports from the overall Services sector — ISM Services and S&P Services PMI — came in ahead of expectations this morning, and both above the 50-mark between growth and decline. ISM came in 10 basis points (bps) higher than the previous month to +51.5%, a half-point higher than projections. S&P PMI came in at +55.7 for August, above the +55.1 estimated and slightly upwardly revised +55.2 from the previous month.
Services came in light ahead of the opening bell today as a segment of private-sector payrolls from ADP (ADP - Free Report) ; at +72K, it doesn’t even account for the remaining Baby Boomers retiring each month. So these August prints on Services from ISM and S&P today are somewhat reassuring.
Quarterly Earnings Roundup: AVGO, DOCU, ZUMZ
Semiconductor giant Broadcom (AVGO - Free Report) outperformed estimates on top and bottom lines this afternoon. Fiscal Q3 earnings of $1.24 per share was 4 cents ahead of the Zacks consensus, and nicely above the $1.05 per share reported in the year-ago quarter. Revenues of $13.07 billion easily swept past the $12.90 billion analysts were looking for, +47% year over year.
Yet the stock is selling the news to the tune of -5.5% in late trading, as flat guidance for next-quarter revenues was a tad disappointing: $14.0 billion versus $14.02 billion currently estimated. This will happen when your shares are up +40.8% year to date. Besides, Broadcom never misses its earnings expectations.
Docusign (DOCU - Free Report) reported better-than-expected results for Q2 Thursday after the close. Earnings of 97 cents per share zoomed beyond the 80 cents projected and 72 cents per share reported in the year-ago quarter. Sales of $736.0 million improve over the $726.15 million analysts were expecting. Gross Margins came in at +82.2%, and full-year revenue guidance was raised. Shares are up +0.7% in after-market trading.
Action-sports retailer Zumiez (ZUMZ - Free Report) joined the quarterly beats parade after today’s close. A bottom-line tally of -$0.04 per share improved over the -33 cents analysts had been looking for, while revenues of $210.18 million easily surpassed the $202.97 million anticipated. Guidance was raised for next-quarter sales and full-year earnings. The stock had been up sharply in late trading after the release, but has since cooled to +1.3%. Questions or comments about this article and/or author? Click here>>
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Mixed Results Ahead of AVGO Beat, Payrolls Friday
Today’s normal stock market trading session was mixed today, with a slight gain on the Nasdaq of +0.25% offset by a -0.30% drop in the S&P 500, -0.54% on the Dow and -0.61% on the small-cap Russell 2000. Things had looked more promising during the morning hours, but couldn’t hold onto gains across the board.
Services Sector Results for August: Better than Expected
Both monthly reports from the overall Services sector — ISM Services and S&P Services PMI — came in ahead of expectations this morning, and both above the 50-mark between growth and decline. ISM came in 10 basis points (bps) higher than the previous month to +51.5%, a half-point higher than projections. S&P PMI came in at +55.7 for August, above the +55.1 estimated and slightly upwardly revised +55.2 from the previous month.
Services came in light ahead of the opening bell today as a segment of private-sector payrolls from ADP (ADP - Free Report) ; at +72K, it doesn’t even account for the remaining Baby Boomers retiring each month. So these August prints on Services from ISM and S&P today are somewhat reassuring.
Quarterly Earnings Roundup: AVGO, DOCU, ZUMZ
Semiconductor giant Broadcom (AVGO - Free Report) outperformed estimates on top and bottom lines this afternoon. Fiscal Q3 earnings of $1.24 per share was 4 cents ahead of the Zacks consensus, and nicely above the $1.05 per share reported in the year-ago quarter. Revenues of $13.07 billion easily swept past the $12.90 billion analysts were looking for, +47% year over year.
Yet the stock is selling the news to the tune of -5.5% in late trading, as flat guidance for next-quarter revenues was a tad disappointing: $14.0 billion versus $14.02 billion currently estimated. This will happen when your shares are up +40.8% year to date. Besides, Broadcom never misses its earnings expectations.
Docusign (DOCU - Free Report) reported better-than-expected results for Q2 Thursday after the close. Earnings of 97 cents per share zoomed beyond the 80 cents projected and 72 cents per share reported in the year-ago quarter. Sales of $736.0 million improve over the $726.15 million analysts were expecting. Gross Margins came in at +82.2%, and full-year revenue guidance was raised. Shares are up +0.7% in after-market trading.
Action-sports retailer Zumiez (ZUMZ - Free Report) joined the quarterly beats parade after today’s close. A bottom-line tally of -$0.04 per share improved over the -33 cents analysts had been looking for, while revenues of $210.18 million easily surpassed the $202.97 million anticipated. Guidance was raised for next-quarter sales and full-year earnings. The stock had been up sharply in late trading after the release, but has since cooled to +1.3%.
Questions or comments about this article and/or author? Click here>>